What Is Market Research and Why It Is So Important?

Regardless of the field of business in question, it is so important to do the essential preliminary research before starting a new study.

What Is Market Research and Why It Is So Important?

Regardless of the field of business in question, it is so important to do the essential preliminary research before starting a new study. This also applies to the preparation stages of the products and services to be launched before they are put on the market. Information stands out as the most valuable element at this point. This accurate and detailed information embodies the feasibility the entrepreneur or company management needs before the fundraising initiatives.

What Is market research ?

What needs it will meet, what its advantages may be, cost calculation, defining customer profiles, detailed analysis of competitors in the market, possible market share, and results; gives concrete clues about the future of that product or service. This whole process is called market research. Market research is also one of the main factors that specify how the product can positively differentiate from its competitors in the same category and designs the brand strategy to overcome possible marketing difficulties.

How is market research done?

The first step of successful market research starts with asking the right questions. The main questions to be asked during market research can be summarized as follows:

• What problem has not defined yet the product or service bring a solution?

• In the potential customer base, which segments would be positive and which would be not?

• Is the product or service sustainable for both the customer and the company?

• The parameters such as logistics, distribution, dealer network, etc. were taken into account?

• Is the product's benefit-cost ratio attractive or not?

In addition to these goods and service-oriented questions, the questions about the typical features of the market, and the customer profiles are equally important. Questions such as the market volume in the country, its expected growth in the future, the state of being affected by technological developments, and changes in social consumption habits are related to market characteristics.

In market research where you will finally get useful results, customers who are the final destination of the sales and marketing process should never be ignored. The social structures of your targeted potential customers, their economic strength, under which conditions they display consumer behavior, and their lifestyles are really important. Because all of this depends on how to address them, in short, which marketing messages should be chosen; it also forms the core of the communication strategy, including promotion and advertising work.

Competitor analysis and strategy determination

In marketing research, after the questions in terms of product and service, market situation, and customer, competitor analysis comes. The competitors in the market should be listed. If these researches focus on direct and indirect competitors, the analysis work more smoothly.

Afterward, the strengths and weaknesses of the competitors were analyzed in the light of these data. The exchange of seminal ideas and the acquisition of qualitative and quantitative information about pricing policies, customer reviews about these products and services, the reasons why they prefer them, etc. are essentials for a collective feasibility.

Following these steps, preliminary preparations begin to determine the marketing strategy. A wide range of strategic decisions is made, ranging from product packaging to after-sales customer support, what kind of campaigns will be organized the distribution network, the direction of the advertisements, and promotional activities.

What are the methods to be used for marketing research? 

Although market research varies depending on the nature of the product or service, the market volume in the country to be marketed, and the consumer needs it meets, it is based on two methods. 

Quantitative research : In this research method, which is based on statistical results are obtained from the information through face-to-face meetings, phone calls, and online interviews about the product or service to be marketed. Computer-assisted phone calls and personal calls made in this way are also considered under this category.

Qualitative research : Qualitative research, conducted on a more limited group scale and based on deep observations, provides the insight needed directly from people. Focus group studies are the most popular example of these studies. the interviews for marketing research have their own positive and negative sides. For example; although telephone calls are quick and low-cost, it is not a communication method that can be performed along the day, because of the usual routine of the people to whom the questions are directed.

Group surveys consist of the impressions that large manufacturers or service providers get from focus group discussions. Inferences from collective interviews and the exchange of ideas about the purchasing decisions of potential customers from different segments with different consumption habits are important steps in this process. In-depth interviews conducted under more specific and specific conditions develop on questions prepared before the interview and aim to reach as much information as possible about the product or service with the least questions.

Typeform

Asks visually aided questions to users who visit the website of manufacturers and service providers, Typeform is a useful marketing research tool in measuring customer habits.

Google Forms

The most important advantage of Google Forms offered within the scope of Google office applications is that it can direct the questions determined to all customers, regardless of current and potential. With this marketing research method, which can be used in both quantitative and qualitative studies, the answers can be brought together and new inferences can be made from it.

Google Insight

The digital world, which is the essential and largest source of information in today's world, also plays an important role in the marketing research process. In this context, one of the most well-known tools is the Google Insight database. Especially e-commerce, online sales, etc. If it is desired to sell in different forms such as e-commerce or social commerce; it is possible to reach a lot of stimulating information thanks to the data collected by Google from different sources.

SurveyMonkey

SurveyMonkey, one of the most frequently used marketing research methods on the Internet, is a practical and functional survey application when the right questions are asked. It has both paid and free versions, and the customers can be known closer, deep analysis can be done, consumer behaviors can be defined clearly, and the current situation of the market can be more understandable.

Corporate meetings are a part of the implementation phase of marketing research methods. Especially, large-scale fairs, corporate summits, and seminars, conferences, etc. promotional and sales activities are one of the first application areas of marketing research. Usually, the outputs of one-to-one interviews with customers at such events where products appear for the first time can be converted into quantitative or qualitative data.

It is very important to choose a strong infrastructure provider for these events that are rapidly moving from physical areas to the digital environment due to the Covid-19 pandemic. Endless Fairs is a solution partner that makes your virtual events more efficient and offers so many design ideas for the digital event spaces. It guides you in many different digital activities such as webinars, virtual fairs, sectoral meetings, etc. Thanks to its experience and provides tailored professional services.