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MARKET RESEARCH STUDIES

Why Market Research is the key to outplay the game?
 

Without research, companies cannot understand their customers, this applies equally for both B2C and B2B segments. It is more than likely that you might have a general idea of who they are and what they need, but you have to dig deep if you want to win their loyalty.

There are 2 basic ways to get the Insights you need to know or understand in depths your clients:

  1. Secondary Research : it uses already existing data thus is cost effective if compared to Primary Resarch, one of the reasons it is a popular choice among many businesses and organizations. Not all organizations are willing to invest large sums of money to conduct research to collect data. So, this type of method is known also as “desk research”, as data can be retrieved from sitting behind a desk. However it has some disadvantages like many times the sources are not updated, or a membership needs to be paid to get the latest reports, among other weak points when it is not properly handled.

 

  1. Primary Research : this is data which is obtained first-hand and it is owned only by the company , organization or individual who paid or conducted the research . Primary research means going directly to the source, rather than relying on pre-existing data samples.

 

Some of the main methodologies used in PR are :

Qualitative:  In Depth Interviews ( IDIs ), Focus Group Discussions (FGD : not recommendable for first Market Research experiences but for well experienced companies used to process data to avoid bias information ),Mystery Shopping, Track Studies, among others.

Quantitative: Online Surveys, CATI, CAWI and CLTs.

WHAT IS MORE CONVENIENT FOR YOUR PROJECT? It depends on the motif, on what information you want to obtain, the resources your company is willing to invest, the scope of your research, etc.

 

DO YOU WANT TO KNOW MORE OR YOU WOULD LIKE SOME ADVISORY ON WHAT TYPE OF METHODOLOGY SUITS BETTER YOUR PROJECT NEEDS? Feel free to approach us, we will be glad to support you in your expansion process.

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