The continuous flow of information has rapidly changed today’s digital environment and ideation exchange between businesses. This, in turn, has altered economies and technologies, as well as driven companies to expand their research horizons. While market research has proven to be an effective tool, not all businesses are convinced about the accuracy and value that it provides. Companies large and small all require accurate and timely information in order to meet market demands and stay ahead of the game.
The goal of market research is to equip companies with the information needed to conduct business decisions ranging from product development, to product placement, and everything in between. Why, then, is market research not at the forefront of their strategies?
Predicting outcomes is a strong part of any business decision; however, without the right information a company can’t properly prepare nor decide the next step for the business. The biggest misconception in the market research sector is that marketing activities should stay within the marketing department, consequently creating a narrow view and limiting the capabilities of research. Strictly speaking, marketing strategies should be used for marketing decision however, these processes are not solely for marketing activities. Instead, they contribute in the decision-making process company wide.
Market research takes a variety of forms and is generally divided into two categories: primary and secondary research. Primary research answers specific questions whereas secondary research provides broad information. Unfortunately, because some companies question the value and benefits of conducting research, as well as the validity of the information, it fails to meet full potential. In other instances, companies do not have the necessary budget to conduct market research. Because of this, these circumstances have triggered a negative and complicated conception of research.
Looking into specifics, we have primary research tactics, which involve the design and implementation of original research where data is collected to answer specific questions. Why is this so important? The advantage that this creates for business entities is a game changer. It allows them to gather information directly correlated with their operations not general information that applies to the industry or other businesses. An effective way to conduct primary research is by using an online panel provider, which provides a sample of respondents. The respondents used for panels are pre-screened and double opted-in to participate in a wide range of research studies. Surveys are the main tool used to collect the data of a specific sample. Online panels provide accessibility and efficiency when trying to reach specific audiences. The ability to tailor research to a company’s specific needs maximizes the advantages of using online panels. Understanding the impact of the data collection process for business decisions will change the misconception of market research as a secondary tool in the decision-making process.
From developing a strong new product to determining employee satisfaction, market research can be used to obtain a deeper understanding of operational and day-to-day business activities; making it a must have for strong industry players. Integrating market research relies heavily on details such as organizational culture, financial implications and the urgency with which data is required. While these tend to diminish the number of companies implementing market research, businesses must remember that market research is made to accommodate businesses from diverse backgrounds and sizes; it’s tiers working as a well structured unit made to improve companies throughout.
Refusing to use market research as a decision-making tool leads to misconceptions, misleading outcomes and erroneous business transactions that can greatly impact capital. In order to ensure that your business is successful and stay at the forefront of today’s fast paced environment, market research needs to be your go-to tool and you won’t be left behind.
Whether or not is used depends on the culture of the organization, the financial implications and the speed with which a result is required; however, market research has several tiers that are able to accommodate the needs of a business. Neglecting the use of market research as a decision-making tool leads to possible misleading outcomes and erroneous business decisions that can greatly impact a business’s capital. In order for business to be successful and stay current in today’s fast paced environment market research needs to be conducted to aid in the business decision process.
Market research has a myriad of applications. From product development, to determining employee satisfaction, it can be used to obtain a deeper understanding of operational and day-to-day business activities.