Every business, whether it is into selling products or providing services, needs to make profits to keep it going. But the process of marketing and then selling is not that simple and there are different variables that play an important role in determining why a certain person buys the products of brand A and another buys brand B while still other one may go for a different brand altogether. Devising a powerful strategy for driving sales must be backed by hardcore facts, acquired by extensive as well as intensive market research.
So what exactly does a Market Research Agency do for your Business?
A market research agency works wonders for your business by providing crucial information on what exactly your customers want. Through tactical research you can get the much needed idea about new business opportunities, how to create new marketing segments and improvising on your current product line/services to serve the consumers better. Helping you to know where you stand in the market vis-vis your competitors, a market research can even help you in evaluating you marketing strategy in the best way.
Who does the Research work?
Market Research can be carried out by an organization itself and if the need arises, then it needs to be outsourced to a Marketing Research Firm that does all the work on your behalf. To have a good agency working for you can be very beneficial as you are assured of qualitative results in minimum time, enabling you to take fast track and accurate decisions.
I am interested.but how does it work?
Market Research agencies need to have data regarding a customer's likes, dislikes and buying patterns in order to let you know what the customers actually want. Information like this is usually gathered through a number of surveys and interviews, where drafted questionnaires are used to track buyer behavior.
Other tools employed by market research firms include testing of a new concept through Free Sample Distribution, Copy Testing, Customer Satisfaction Research, Marketing Analytics, Mystery Consumer, Segmentation research the list is endless. The data thus accumulated is thoroughly analyzed to come up with facts that support the decision-making process in multifarious ways.
The objective here is to get you closer to the consumer's mindset and help in determining what actually prompts them to buy a certain product or opt for a service from a particular company. Having this priceless information by your side can work wonders for your business.
Getting a good agency that understands the basic objective of your company and the premise of your product-line or services is very important. A good research should focus more on quality and agencies that specialize in this while using the correct tool tailored to your needs are the ones you should rely on. Interestingly you will have to do some research of your own to zero in on the Market Research Agency that makes the difference and seals the deal for your business in the B2B or B2C marketplace.
Interesting post! thank you for sharing this information. blogs.exportersindia.com really got under my skin, I bookmarked... Keep up the good site...