To succeed requires an understanding of the current market, based on research and not on unsupported guesses. This can be carried out on any scale, and good market research is the key to successful business start up or expansion. It is not unusual for investors and financial backers to want to see a demonstrable understanding of the market and customer requirements before they will invest.  This is usually factual research and is labelled ‘Quantitative’ research.

Consumer research is the study of the relationship between the consumer and the product. It investigates the consumer's motives - which may be subconscious - but which still affect his or her choice of products. Techniques such as in-depth interviews can be used to find out what consumers are really thinking and is a less tangible type of research.  This is referred to as ‘Qualitative’ research.

Using market research can not only quantify the total market and define customer attitudes, but it can also help you to define target markets.

There are two methods for collecting this research information:

Primary Research: involving the collection of new information by conducting surveys, telephone interviews, questionnaires and focus group interviews. This information is gathered by directly contacting the customers. This research is customised according to the research requirements of the company and companies can gain insight to the target markets by means of focus groups, surveys, interviews or observation. Primary research is usually based on sampling techniques and requires statistical methodologies. The sample sizes can be small but the information and results gathered are highly accurate.

This is generally the most expensive type of research to carry out as it is very labour intensive.

Secondary Research: Secondary research involves processing data that has already been collected by previous researchers.  It can be a more cost effective way of obtaining information as it refers to previous studies and findings such as reports, press articles and previous market research projects by government agencies, trade associations, and other organizations in order to come to a conclusion. This type of research is less expensive than primary research as it does not require new research methods. However, due to the age of the information results may not be as accurate.

æ marketing solutions can recruit the services of outside researchers for primary research as this is a highly skilled and time consuming method of collating information.  Contact us now.