Market research involves collecting and analyzing data for evaluation. The information can show significant changes, or lack of change, in certain variables that a business hopes to influence. Analyzing data and interpreting the information helps to reveal whether an intervention had achieved the desired results.
Not every organization, particularly smaller community based and non governmental organizations, have the necessary and extensive resources required to conduct a formal market research evaluation. These smaller businesses are often content with evaluations that are less formal but could still be extremely valuable in providing direction and guidance for an intervention or programme.
The importance of timing
Market research should be conducted no later than the start of a project in order to establish a starting point, or baseline, for continuity throughout. Data collection started before an intervention will help determine whether there are obvious trends. To gauge the program’s long term effects, follow-up data should be collected for a period after the conclusion of the project.
Who should conduct the market research?
This question could be quite complex as it depends on many different factors that have to be taken into consideration Formal market research requires extensive knowledge of statistics and statistical procedures and involves a considerable amount of time, money and personnel.
If a business is reasonably familiar with statistics and the market research process, an informal study can be undertaken, or the services of a professional market research company can be employed. There are market segmentation companies who analyse all the data and demographics in the country and in certain industries.
Market Research Sydney
Creative data mining companies in Sydney can provide you with an executive summary, made easy to read with appropriate graphs and tables, and often includes a video as well. The results include a guide on what to do and suggests successful strategies to put into practical use immediately. Based on creative research methodologies and often many years of experience with cutting edge technology and theory, the insights provided help clients to make informed decisions regarding the launching of a product. Most of the research is conducted locally unless otherwise requested, when other research databases are used to cater for international projects.
What can market research do for your business?
– Help improve current service or products
– Understanding the strengths and weaknesses in the company compared to competitors
– Gauge how the target market feels and reacts to certain types of services and products
– Identify new opportunities and markets
– Understand likely impacts of proposed changes
What methods are used?
– Quantitative and Qualitative methodologies to collect data
– Interactive focus groups
– Mobile and video based applications
– Online surveys
– Eye tracking
Market research provides information regarding the intervention or program you are analyzing and evaluating the results in order to find out what it tells you regarding the effectiveness of your marketing strategy, and how you can improve and maintain it. Once the knowledge has been obtained from the information, the process has to be started again. Using what has been learnt, the process can be continued by evaluating your current program, collecting and analyzing new information,and continually trying to improve your results.