The importance of market research is that it is a guide for your business decisions, providing you with information about your market, competitors, products, marketing and your customers. Proper market research helps you developing effective marketing strategies, as you have the ability to make detailed decisions. Market research helps reduce risk by allowing you to determine products, prices, and promotions from the start. Market research also favors your resources where they will be most effective.
Do you have what it takes to be a market researcher?
Two types of market research
There are two main types of market research – quantitative and qualitative research.
The quantitative research is focused on generating numbers. It is collected using surveys and questionnaires. More detailed quantitative research can be used to identify markets and understand customer profiles. The qualitative research is based on facts and figures to find out what people think and feel about the products and what factors affect their purchasing decisions. Market researchers use surveys and focus groups to collect this information, while interpreting the results is a skill-intensive job.
The importance of market research
It is an essential step in identifying new market segments. Market research also helps you plan your strategy. Even if it is an established company, it needs to keep in touch with the needs of its customers, as well as market trends and competitors. Remember: Without market research there is no marketing.
Effective market research begins with knowing what you are trying to achieve and what information you need. Above all, only a professional market research analyst can bring you the effective result. Ask the right questions and interpret the results in detail, so you will have objective results that will help you act with confidence.
Principal function of a market analyst
Those who are applying for market research jobs must know the primary and essential function of a professional market research analyst. Here, we bring you the common responsibilities –
- Monitor the activities and results of marketing of the competition,
- Analyze market strategies and examine trends,
- Communicate with consumers, observe the competition, and consult with distributors,
- Collect consumer impressions,
- Collect information from social networks, traffic and web positioning,
- Segment the target audience and determine the most suitable market,
- Assist the sales team gathering details of the market to consider in the development,
- Prepare monthly, quarterly and annual reports on the aspects described above,
- Gather information from industry reports to delineate trends,
- Collect and analyze sales information, market trends and even accounting balance sheets,
- Evaluate return on investment and performance metrics,
- Make recommendations regarding the design,
- Design questionnaires and conduct surveys to segment the target audience,
- Develop strategies for setting prices according to the goals of the company,
- Seek customer satisfaction in order to ensure competitiveness,
- Work together with the different areas to design strategies to attract new clients.
- Manage the distribution channels of the products according to the target audience,
- Identify the competition and the potential market,
- Present detailed marketing strategies to marketing managers and other areas.
However, in order to make robust business decisions, you will need a more comprehensive approach. For example, if you conduct a market research survey, you will need to plan how best to do it and how to interpret the results. What your clients tell you in person may not be the truth, while your ability to interpret the results is likely to be compromised by your own feelings.
So, if you think that you have all the qualities and experience of becoming a professional market research analyst, there are countless opportunities waiting for you.