Increasing Value of Market Research in today's market scenario

Increasing Value of Market Research in today's market scenario

Market Research in increasingly finding its true value in today's economic conditions especially when the going gets extremely difficult. More and more companies are opting for in depth study of market in a systematic manner ensuring the results so attained will aid them in shaping their future marketing strategies.

At times companies become so much involve in pushing increasing their sales that they do not have the time nor the resources to study competitive market behaviour over and above the fact that the competitors are enjoying increasing sales. Before things go out of hand, it would be best for them to employ the services of a market research company.

A Market Research Company will begin with understanding your business and your requirements and offer to study your competitors with reference to the following key areas

Nature of products and services sold by the competitor

Promotion and marketing channels and set ups

Emphasis on key product features

Prices, Special offers and Discounts

Target Customers and their social economic background

Reputation of the Competitor in the market

Customer support and service offered

Prospects of the customer in relation to the market scenario

For ascertaining this type of information, the market research company undertakes data collection processes through their time tried tested tools such as market surveys, customer surveys, online surveys, e-mail surveys, online and many other formats. Most market research companies analyze the data in form of reports, graphs and even trends revealing tables. The data so collected is then analyzed with the intention of getting some viable results and findings which would benefit the company in setting up its next level of marketing strategy.

The result so obtained goes a long way in highlighting the strong and weak areas of the competitor and the client's company. By throwing light on these core points and features, the client company can focus on its own weak areas which could require a boost and extra efforts to turn them around. By highlighting the competitor's weak areas, the client could concentrate on these areas and enter these segments by introduction of new products and services or redesigning the product or putting for a new promotional offer and so on.

These days, market research has gained tremendous response as more and more companies wish to maintain their existing sales figures. At the same time companies wish to check out new avenues of increasing sales and revenues. They are even willing to check out some low key competing areas where there is scope of improvement if at all there could be one. Market research is the only logical and methodical approach most companies can approach as a means of availing analytical and statistical information of their company performance with respect to the market as well as the competitors.

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