subject: Key Processes Of Internet Market Research by:Maneet Puri [print this page] Internet market research is an indispensable task at the hand of business enterprise. Because unless a company or business has significant knowledge about its target market and audiences, it can never aspire to succeed in the industry.
Market research services accumulates information from varied means through the internet about your target market and audiences. It informs about the tastes and preferences about your audiences in addition to the prevalent trends and certain happenings as well. Based on this information, you can take important business decisions and formulate effective marketing strategies that will communicate more convincingly to your audience and thus be more effective.
Here are the key processes that are followed during the market research process.
Define an Objective for the Research Process
The first and foremost step in the internet market research process is defining a clear objective for the same. Generally the objective of the research process is the reason why it is carried out at the first place. It could be to identify a spot problem, analyze the market condition, study the market condition of a specific location, get a list of potential customers etc. Once specific goals and objectives are established it becomes easier to start off the research process and decide the course of action. First a clear understanding of the market situation and environment is established and then the process is carried forward.
Select an appropriate Research Method
There are three primary modes of market research - Exploratory research, Descriptive research and Casual research. When you define the problems and establish prime goals and objectives for the market research process, you can decide the mode of research that you would adopt. Apart from internet research, there are also other means of acquiring information like surveys, interviews etc.
Acquire Samples
Market research often involves finding information about the various characteristics of population. And one of the efficient ways to do is by obtaining samples
Data Extraction
Extensive research is done on the internet to gather all information related to the particular market. This data extraction is done by a team or in some cases individuals with significant experience in the field. They scan through the internet to extract relevant information that comprises of various facts and figures associated with the industry. These professionals have high analytical ability and are able to extract valuable data from scrapes of information speedily and efficiently.
Data Processing and Management
The information that is collected through the data extraction process is then set forth for processing and analysis. The information is converted into a language that is easily understood by general audiences. Rigorous editing and coding processes are followed and the information is recorded, categorized and interpreted into meaningful form.
Reporting and Conclusions
This is the final stage of the market research processes. According to the accumulated information , various conclusions are made and points reported. The final report of the market research consists of the description and interpretation of the results along with necessary recommendations.
Market research services allow you to have deep insight into the industry and reduce the risk factors.
About the author
Maneet Puri is the managing director of LeXolution IT Services, a professional IT outsourcing company located in India. His company provides an extensive array of KPO services and administrative support services like internet market research, data extraction, virtual assistance and so on.
