Monday, November 19, 2018

Why Market Research is Crucial for Your Company – and How You Can Do It Better.

November 22, 2017 by  
Filed under Business, Opinion, Weekly Columns

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( Any business, big or small, can certainly benefit from market research. When you do market research for your company and brand, you can gather crucial knowledge and information about your customers – and you can gain knowledge about your competitors as well. Let’s take a look at the top reasons why market research is essential for your company – and how you can do it in a better way.

Know what your clients need

When you carry out market research on your clients, you can have a better understanding of what it is they really need. You can find out which products or services of yours your clients like (or, alternatively, dislike). You can determine why they chose to do business with you, and you can find out what they think about prospective new services or products – all without having to spend an exorbitant sum.

Learn more about your competitors

Competition is fierce, no matter what industry you are in. It’s therefore in your best interest to find out more about your competitors – what they offer, what their prices are, and more. You can learn the most important answers to the questions of who, what, when, and where, in relation to your competitors.

The methods of conducting market research interviews

Market research is most commonly done through interviews, although there are different ways you can conduct such interviews. The most typical type of market research interview is the one-on-one interview, where there is a single interviewer asking questions to a single interviewee. This can be carried out personally or by telephone.

A group interview, on the other hand, is done by a single interviewer asking questions to a group of people, usually two or three. There is also what is known as a focus group interview, where there may be one interviewer and an assistant interviewer along with a larger group of interviewees, around 10 or more.

How to do it better

Regardless of what type of interview you choose to do, there are ways to make it better. One particular way is to have the interview(s) recorded and then transcribed. When interviews are recorded, you have a permanent file or document which you can refer to whenever the need arises. If the interview is transcribed, you can do even more – you can easily refer to a particular point in the interview when necessary.

Recording and then transcribing market research interviews, especially when the transcription is done using high-quality transcription services UK firms offer, will also allow you to analyse the data which has been gathered in a much easier way. Rather than going through an entire audio file, all you have to do is go through the transcript – and this same transcript can be quickly and confidentially distributed to the relevant departments for a more thorough analysis.

Staff Writer; Craig Adams

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