Small businesses face many challenges. They don’t have the financial muscle of big corporations. Many of them don’t have specialized research and analysis wings either. Since the success of a business depends on launching the right product in the right market, it is important for them to work with a market research company.
A small business owner will have numerous questions before launching a product. Unless she can find reliable answers for them, she won’t be able to make a sound business decision.
If you are a small business owner, you are likely to have the following questions:
- How will the market trends impact my business?
- How does my target audience make buying decisions?
- How can I increase my market share?
- How do my products and services score against my competition in terms of customer satisfaction?
- How will my new product/service be received by my customers?
- How can I acquire new customers?
- Which marketing strategies will produce best results?
- The only way to find answers to these questions is to conduct market research.
Small businesses can advantage by hiring a competent market research company specializing in their industry. There are many market research companies in Chicago that use several different methods to conduct market research.
Market Research Trends
If you are looking for a competent market research company, take a moment to check out market research companies in Chicago listed on Credibase.
Market research companies are always at the cutting edge of research and analysis. When it comes to market research, the trend never remains the same for a long time. The most popular trends as of today are given below.
This is a popular trend in market research. Market researchers often talk about their target audience as Gen X and millennials. Such segmentation may have some drawbacks – nonetheless, it is still possible to attribute certain characteristics and preferences to customers belonging to a particular generation. The preferences of millennials are not necessarily the same as members of Gen X. However, new research is beginning to show that generational differences aren’t all that important. Even if they are, this trend is going to stay.
Mobile purchasing trends
Mobile market research has taken off and how! If you are serious about your business, you can no longer ignore mobile. The growing popularity of mobile devices has also presented a fresh challenge for marketers. They are now trying to find out how mobile research methods can be used to gain valuable insight into mobile purchasing patterns. Online purchases are usually followed by an email, a pop-up, or a survey. They allow marketers to find out if the buyer was happy with the overall experience. Mobile presents a unique challenge. Because of their small form factor, post-purchase surveys or pop-ups do not really work on them. As a result, many marketers are now trying to ask questions at various stages during the customer’s path to purchase.
Integration of Big and Little Data
Big Data has been making a lot of waves for a while. At some point, it seemed that it would make skilled researchers redundant. That is not how it developed. Big data is now being seen as a tool to complement market research, and not as a replacement.
User data and privacy protection
Passive data collection is another emerging trend. Knowingly or unknowingly, customers are leaving behind a trail of data wherever they go. This data is a goldmine for businesses. However, it should be remembered that most customers are also aware that their information is being gathered. Interestingly, some studies have found that about 65 percent of people are ready to share their personal data with businesses for a product or service in return for material incentives.
Studies have also found that while 56% of customers feel that brands are collecting their data, only 41% feel that they are actively sharing it. If your customers suspect that you are collecting their data without their consent or knowledge, it can cause strain in their relationship with you. While hiring a market research company, it is important to hire one that understands the importance of data regulations and privacy. Indeed, specialised market research such as those related to healthcare have to take care of additional regulations.
Types of Market Research
Market research companies conduct research in different ways. Primary research and secondary research are the most popular of these methods.
At times, all businesses will need to ask some questions to their customers and prospects. This requires them to conduct primary market research. While this can be expensive, it gives unbiased and helpful information that you can’t find elsewhere. Small businesses operating on a small budget will not be able to earmark millions of dollars for conducting market research. However, this is not an excuse for skipping this important step. You can find a number of market research companies across various cities, that can conduct this research at affordable charges.
This involves gaining information from research already conducted and published. A company that wants to discover more about the demographic areas where they already operate or where they want to operate can look at demographics and statistics. Demographics and statistics will also help you find out where you can find more customers like your current customers. Before launching a product into a new market, you will want to know whether the market is big enough to create adequate demand.
Market research benefits companies in many ways. It will help them assess the demand for a product or service before launching it in a market. This way, businesses can avoid costly mistakes.
The market research process has six main stages.
1st stage – At this stage, the researcher defines the purpose of the research.
2nd stage – Collecting of data from the target market.
3rd stage – Evaluation of data that has been collected.
4th stage – Analysis of data that has already been collected and evaluated
5th stage – interpretation of the analyzed data
6th stage – Inform the findings of the research to decision makers in the organization.
Irrespective of its size, every business needs to conduct market research before launching a product. Small budgets are never an excuse for skipping this important step. By working with a trusted market research company, you can develop better strategies that will position your business for success. Market research companies listed on Credibase have helped several businesses carve a niche for themselves in already crowded markets, and they can help you too.