Can a Market Research Company Increase Business Opportunities

Research can be used companies of any scale to build a strong foundation, understand their product, know their market segments. A Market research company guarantees them these benefits.

Helping companies with how they conduct business:

A startup is smaller in scale and enters their market with the intention of positioning themselves as a unique name with a unique product or service. So, naturally they want to cater to a niche market. A good amount of research can be used to help build a product and get it out to that market. They can even determine why consumers may not want to purchase that product.

With relevant data, they can identify their target segments in a market. You see, start-ups know that a type of problem or need exists and that they can solve it. They are even aware that the service or products that they have will benefit people, but they aren’t sure who those people are. Research shows them exactly who it is that they need to cater to.

Big companies need to adhere to a product development phase that is much slower. Competitors can easily surpass them in the time that it takes to perfect a product. This reduces the differentiation that the company could have used to get ahead.

Research can help bridge this gap. They can use exclusive market research reports to evaluate where they stand in a market. With this viewpoint, they can understand how fast their product iterations need to be, if any. They can even focus on what’s more important to them and what needs changing, like pricing, derivative product offerings or if the product requires redesign.

Big companies and start-ups benefit from research in this way:

The main reason are the risks of loss. Startups always need to revise their product offering several times. It’s because they launch a product immediately, usually without the prerequisite research to define a particular set of customers. They don’t want to invest in understanding who their customer is, as it’s assumed that they already have buyers.

The general thought is that capital will be better utilized in building or developing the product and not business plans.

Bigger corporations do have plenty of capital, but don’t have the time to gather individual customer feedback, expert opinions – they use market research for that. They’ve also got a much bigger, commercial level market too and research agencies are the feasible approach.

To set long-term goals, prevent cash overspending and actually sell a product in the market, companies need to have plans – detailed plans, which can only be developed once they have the right data.

Unlike start-ups, they are focused on improving a product and price points and not on proving how many consumers they have for their respective products. Only detailed data, collected and assessed using precise parameters, enables them to do that.

Having the right market research partner can prevent costly mistakes or the failure of startups. It’s the tool that’s required for getting that game-changing business strategy that could make all the difference.

Market Research Strategies For Small Businesses

Have you ever done any market research? If not, you may be missing some valuable marketing ideas and information that you could capture by doing some research. Market research is a vital part of the process that most small businesses or start-ups neglect to do. However, it could be the single most important thing a new business does prior to formulating their business plan, location or marketing strategy.

Marketing research is the process of gathering data and opinions from consumers, employees, or a specific subgroup within the public, to improve decision making and reducing the risk associated with those decisions. Individuals/businesses can use information gained from marketing research to assess awareness, attitudes, perceptions, or opinions on products, services, advertising, brands, and/or companies. The two types of research are qualitative (words) and quantitative (numbers).

Qualitative research is an in-depth analysis of relatively few respondents, which provides a holistic insight and understanding of the issue at hand. For example, if a company is interested in testing company logos, qualitative methods would provide rich data.

– Focus Groups are an “informal” gathering of 6-10 people from your “target group” to have an in-depth conversation of opinions on your product, brand, advertising, and other areas of your product and/or service.

– Face-to-face interviews typically involve a one-on-one conversation with your consumers or decision-makers. These methods can be more expensive than a traditional survey, but will provide a more comprehensive evaluation.

Quantitative research seeks to summarize data and typically applies some form of statistical analysis. Using this method, for example, a company could measure their customer’s level of satisfaction and then, in turn, make internal changes to increase that satisfaction.

– Researchers should use surveys or questionnaires when trying to measure an audience’s opinions more accurately.

*Telephone surveys are often the most expensive, but are the most effective at getting respondents to complete the survey.

*Mail surveys can be relatively inexpensive, but the response rate on a mail survey is typically 3-10% and takes more time to conduct. These cannot be used when results are needed quickly.

*Online surveys are relatively new, but growing fast in popularity. With online surveys, you can ask survey questions, but also get feedback on things such as logos (using picture files) or commercials (using streaming video).

*Intercept interviews are a tool a company uses when they do not have a list of their customer base, such as a restaurant or a sports team, but would still like to measure their customer’s satisfaction.

For the small business owner it might be helpful to hire a marketing company or market research firm to help with these types of in-depth research however it’s not to say that you couldn’t ask your current clients or contacts as well on your own. Just remember you do not have to do all of this yourself, it’s always good to consult with experts in areas that you are not familiar or experienced with so it’s the best use of your time and it gets done right.

Now what do you do with all that great qualitative and quantitative information when you receive it? It is imperative that you work it into your marketing materials, Web site, correspondence, sales presentations, advertising and many other areas of your marketing plan. When you find out what your target market wants or likes, it is important NOT to ignore those results.

Importance of Keyword Research in Digital Marketing

Keyword research is the first and for most step towards Digital Marketing. Keyword research is the process of researching and choosing words and phrases that users will search for, that directly relate to your business, product or services. Keywords research helps your viewers to search and find you through the common words. One must keep in mind that your keywords must stand out. Whatever you search online the user as well as the search engine depends on keywords to find the result. The right keyword can fetch high rank for your website. If you’re using the wrong keywords on your website you tend to attract the wrong viewers to your website, this will hamper the reputation or ranking of the website as the viewers will not find what they are exactly looking for and in the end this will hamper the ranking of your website. Until you know what words and phrases are most important for your website you cannot go ahead with the keyword research, for this the most important thing to do is to understand the nature of your business and accordingly find the keywords. If the wrong set of keywords is chosen for your website and you optimize for keywords that don’t directly relate to your business and its offerings, you may very well get traffic to your site but this traffic will be unqualified one.

One must follow certain steps while doing a keyword research:

Step 1- Selecting the Keywords

One must come up with list of ideas of words or phrase by speaking with your business owner or with the one who you are working about the list of keywords keeping in mind their business nature.

Step 2- Competitors.

This may give a clear idea of what your competitors are doing and what trend exists in the market as on that day. Search for all your competitors who are selling the same product or service and begin to take up the words and phrases they are targeting. By checking the website of our competitors will help you to get more information and description where they may provide you with hints on keywords they are targeting.

Step 3- Use keyword planner tool.

Keyword planner helps one to understand the searches that take place and the competition of the selected word. One can easily understand the competition and accordingly fix their Primary, Secondary and Tertiary Keywords.

Step 4- Use Google Trends

This tool will help you to see the worldwide or country wise searches of the word you are looking for. This tool will show the result in the form of graph which makes easy to analyse the result. By this tool one can fix their Primary, Secondary and Tertiary Keywords.

Step 5- Define your list

After analyzing the Keywords, one has a huge list of keywords and from this research. Try to look not to take more than 10-15 keywords.

Step 6- Selection of words

From the data received try to pick out Primary Keyword (most popular search), Secondary Keyword (second most popular search) and Tertiary Keyword (third most popular search). Accordingly one can make his or her title, description and Meta description.

Keyword research really boosts up the title search of your business. A catchy title with well researches keywords can help your website to rank.

Exit mobile version