How would you react if you come to know that a mere 3% of consumer packaged goods go beyond the sales goal benchmark of a successful product launch?
You may "think" that your product will be successful in the market. But, conducting a market research establishes the fact that there will be demand for your product once you launch it.
Having a great product or service idea is just the first step, it's vital to know if there is a sustainable market for it before you delve any further into the logistics. Market research is a great way to collect information about the market where you will launch your product or service. It helps you understand the customer preferences, their buying patterns and exact requirements, and make your product / service market ready.
There are several business owners and companies which fail to undertake the major step of conducting market research before launching their product or service in the market. One of the reasons could be that they do not like to receive negative feedback right at the beginning. Most of the time they are convinced about their product idea and do not want to waste time on market research to assess the marketability of their idea.
Some companies skip the market research route because it could prove to be time consuming and expensive. Nonetheless, not conducting research for your business could ring the death knell for your business, sooner or later - it is like not doing your homework before appearing for the final exam!
Read our article on "Why is Market Research Important for your Business?" to know more.
One of the major components of research design is to determine the type of market research that will best suit one's requirement at hand. The process of market research can be classified into three buckets, based upon the objectives of the research.
Essentially, there are two types of data that you will come across when conducting market research -primary data and secondary data. Primary data is the one which originates from the source giving you first-hand information, such as the data obtained from the respondents to a survey who could be potential customers of your product or service.
Secondary data refers to the available data already from sources like trade journals, and statistic reports, surveys, studies conducted by the authorized bodies, etc. Reference libraries and the Internet are great sources of secondary research data. Publications rolled out by trade associations, chambers of commerce and trade, and Government agencies usually provide information related to key upcoming trends in the market, which can help businessmen make informed decisions.
If you do not have time to read trade magazines or surf the Internet for secondary research, you can consider hiring an information broker who can provide all the data that you are looking for, at a nominal fee.
There are many ways in which you can conduct market research. However, it is always good to have some market research tools at your disposal to conduct research efficiently, such as -
Market research cannot guarantee success; you must do it correctly to see results. Following methods can assure the outcomes you are expecting from your market research exercise. Steps you should follow to ensure success in your market research campaigns -
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