Conducting Early Market Research
It is important for a company to get a firm hold on the market irrespective of the product sold by it in the market. It is not easy task to study the market. It requires great skills and understanding on the part of the researcher. There are three methods that are commonly used by market research companies, to carry out the market research.
It is very important to understand the consumer needs. This step comes prior to establishing a product concept and, post to establishing a target market for the product. It is often seen that companies launch new product even before conducting a market research or gathering information about the consumers and the market. This is a wrong approach to marketing. Unless you don’t know what the consumers require, you will not be able to develop a product that will satisfy their needs. Market research companies help you in understanding and knowing your customers. They also help you introduce new and innovative products in the market.
The first qualitative market research tool is to step into the shoes of the customers. This will help you understand the requirements and demands of the consumer better. This is a very important market research tool and is frequently used by market research companies. Answer all the questions that arise in your mind while you are thinking like a customer. For instance answer questions like which product do you want, why would you use it, how would it fit with what you are already doing, what would you do with it, and other similar questions.
The second qualitative market research tool is, critically observing and analyzing your consumers. This step involves identifying the prospective customers, then identifying the questions that need to be asked from them. These questions involve gathering information about the needs and taste of the consumers.
The third qualitative market research tool is the Voice of the Customer (VOC). VOC is often used to collect information on the customer requirements as an input to product concept and not to justify a product idea.
Qualitative market research techniques are unbiased. The way you raise a question can impact the meaning in the same way as the question itself. Out of the above-mentioned techniques, there is not a single result produced from the research that is agreeable to statistical significance or can be put into practice without the need for further consultancy. To avail more information on how to conduct market research log on to the website: http://www.rncos.com.
RNCOS E-Services Pvt. Ltd. is an industry leader in the field of online business research. We specialize in industry research on various business verticals. To read our market research reports, visit us at our website: - http://www.rncos.com or email us at info@rncos.com.
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