Market research is one of the main factors used in maintaining competitiveness over competitors. Market research provides important information which helps to identify and analyze the needs of the market, the market size and the competition. Market-research techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys, and analysis of secondary data.
The size of the global market research industry has grown by 6% to $76 billion in 2017. While the US remains the globe’s largest sector for market research services, followed by the UK, the Middle East and Asia Pacific are the fastest growing regions.
According to data sourced from ESOMAR and professional services firm BDO (‘Global Market Research Report 2018’), spending on the traditional market research sector grew by just 1% to $46 billion last year, up from $44.5 billion in 2016. However, the newer and emerging segments of the industry, such as data analytics and AI-driven consumer research, boomed in 2017, adding $3 billion to the industry’s roster.
Factors that can be investigated through market research include:
Market information: Through market information one can know the prices of different commodities in the market, as well as the supply and demand situation. Market researchers have a wider role than previously recognized by helping their clients to understand social, technical, and even legal aspects of markets.
Market segmentation: Market segmentation is the division of the market or population into subgroups with similar motivations. It is widely used for segmenting on geographic differences, demographic differences (age, gender, ethnicity, etc.), technographic differences, psychographic differences, and differences in product use. For B2B segmentation firmographics is commonly used.
Market trends: Market trends are the upward or downward movement of a market, during a period of time. Determining the market size may be more difficult if one is starting with a new innovation. In this case, you will have to derive the figures from the number of potential customers, or customer segments.
SWOT analysis: SWOT is a written analysis of the Strengths, Weaknesses, Opportunities and Threats to a business entity. A SWOT may also be written up for the competition to understand how to develop the marketing and product mixes. SWOT method helps to determine and also reassess strategies and analyze business process
PEST analysis: PEST is an analysis about external environment . It includes a complete examine of a firm's Political, Economical, Social and Technological external factors. which may impact firms objective or profitability. They may become a benefit for the firm or harm its productivity.
Brand health tracker: Brand tracking is way of continuously measuring the health of a brand, both in terms of consumers’ usage of it (i.e. Brand Funnel) and what they think about it. Brand health can be measured in a number of ways, such as brand awareness, brand equity, brand usage and brand loyalty.
Another factor that can be measured is marketing effectiveness. This includes:
Customer analysis (Segmentation of target customers)
Marketing mix modeling
Simulated test marketing
Market Research Companies For Identify And Analyze The Needs Of The Market Images