Market research gives a business an idea of what products and services in the market can give a profit. If the product is already available in the market, the research can show if the company’s product is meeting the consumer’s demands or not. When a person knows how to conduct market research, then he can effectively utilise it to help the business grow. Doing business without doing a market research is like driving a car without knowing which side path to take. A market research can help create a new business or measure the success of the current plan. To do a proper market research, it is very important to ask the right questions to the right people in the right way.
Market Research has been categorised into Primary research and Secondary research. Primary research aims at gathering information about the effectiveness of the current practices by analyzing the current sales and taking surveys and interviews. The goal of the Secondary Research is to analyze the data that has been gathered and categorise customers on basis of lifestyle, geographical patterns and customers falling into a predetermined age group. No business can succeed without collecting data and understanding customers. Collection of data has also been categorised into Quantitative data collection and Qualitative data collection. Quantitative data collection requires a mathematical analysis of a large sample size and the qualitative methods help in fine-tuning the quantitative research methods.
While knowing how to conduct market research helps in growing the business, there are some common marketing research mistakes people do. Most people depend upon other resources for information on the market. This can give outdates results most of the times and one may miss out upon important factors relating to the business. Some people also tend to survey the people they know. To get the most accurate information, one should go out and conduct research on real customers talking about their needs and expectations. Avoiding these pit holes may help the business grow in multiple scales.