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A Concise Guide to Market Research

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A Concise Guide to Market Research

By Unimrkt 25/05/2022

Market research helps organizations to gather relevant data, which can then be analyzed and interpreted to derive key insights and information about a given market. To conduct primary research, market research firms take into account a number of aspects, including demographic, geographic, and psychographic data about past, current, and future customers. The right market research helps organizations get hold of valuable data that enables a thorough competitive analysis to evaluate the viability of product or service offerings. It all boils down to understanding the target market and its sentiments so you can better position your products or services through a seamless marketing strategy. Continue reading as we present a concise guide to market research.

When to conduct market research?

Here are the three common situations when organizations might think of carrying out a market research program:

  • To set clear goals: Market research can help you determine various metrics, such as the size of your potential market. Having such numbers can help you set accurate and realistic sales goals.
  • To solve problems: Market research can help you understand the root cause of your corporate problems, like a low-quality product that customers don’t want or getting beaten by aggressive competition.
  • To support company growth: Market research can help you understand why and how consumers decide which products to buy. This helps you to figure out the type of products you may introduce to the market for higher profitability.

In short, the more important your marketing issue is, the more crucial it is to conduct market research with the help of a reputable market research firm.

Different types of market research

Here are the two most common types of market research:

Primary research: During a research program, the methods used to generate data that helps solve a given problem, are called primary market research. The best market research companies like Unimrkt Research help clients conduct primary research. Here are some examples:

  • Focus groups
  • Surveys
  • Interviews

Secondary research: After getting access to the crucial data obtained through primary research, the next step is to conduct secondary market research to gather key market insights. Examples:

  • Whitepapers
  • Industry statistics
  • Reports

Paid market research continues to grow popular as more organizations are realizing the importance of data visualization. In today’s hyper-competitive world, only players that constantly monitor their markets closely rule their respective industries. If you don’t know where to start, hiring one of the leading market research firms is the best way forward.

Final Word

To make your overall market research program successful, it must adopt an approach that is designed to gather relevant response data. Without actionable data, it is impossible to derive accurate insights. The best way to get your hands on high-quality research data is to seek help from a leading market research company like Unimrkt Research. We offer top-notch market research services by employing the best scientific research techniques and leveraging a wealth of experience. To learn more about offerings like B2C market research and quantitative market research services, call +91-124-424-5210 or fill out our contact form.

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