Market Research is a cornerstone to understanding your customers and potential prospects. Good market research provides facts as opposed to anecdotal comments from staff that may not reflect customer attitudes, needs, wants and desires.
The purpose of market research is to provide relevant data to help solve marketing problems a business faces. Conducting quantitative and qualitative market research is the foundation for any successful business. In fact, strategies such as market segmentation and product differentiation would be impossible to develop without market research.
There are two types market research that gather data. The first is primary research information that you compile yourself or hire a market research vendor to gather. The other type of market research is referred to as secondary research data that has already been compiled and organized for you. Market Research Reports and studies done by government agencies, trade associations, or other businesses within your industry are examples of secondary research.
Primary research is basically done four ways:
When considering which type of survey to use, keep the following costs versus benefits in the back of your mind when making a decision:
Market Research should be integrated within your overall business and marketing plan for your organization.
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