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All that you should know about a Market research

Market research and competitive intelligence analysis is one of the most important elements of running a business. The basic purpose of such a survey and analysis is to understand your competition in the market enables you to improve your nature of the business and lessen any chances of failure.

Therefore, with the advent of time, it is becoming quite an important part of all the important and effective businesses.
If a company starts on a new business without conducting a proper market research, it is bound to get stagnated at some point of time in near future. There have been so many cases which prove that a business could not do well because of poor market survey and inability to understand the competition nicely.

Market research is important for both kinds of businessmen, ones who have recently started with a new business of theirs and the ones who are already established in the business.  If you already have a business that is doing well, you have got all the reasons to conduct an efficient competitive analysis and a research on the market so that you maintain your position and not lose your position. It is responsible for reducing a lot of risk because it offers chances of identifying many threats and opportunities.

A market research will basically help you to identify and know about the latest products and services that are popular in the market. Therefore, it plays a very important role in estimating the latest market trends and also if the clients are happy with the changes happening in the market. This is a perfect way for you to remain updated on all the details of the market inside out.
Some big brands are unable to communicate themselves as effectively as they should to the audiences. This might happen if you do not know what advertising or marketing medium is the right one for your brand which one targets your audiences in the most effective way. A good and an extensive competition and market research will also help you identify what are the perfect and the ideal advertising  mediums for company.

Also, you can get a clear idea whether the new idea that you have been working upon will be liked by the audience or not.
So what are the different ways and means of conducting a research? How does one assimilate and conclude a research that has been conducted? Broadly speaking, there are two types of market research, known as primary research and secondary market research.

The primary research is said to be done when you talk to the customers or your competitors directly. This usually provides the most qualitative information possible and is therefore the most essential component of a research. The information that it yields from the research proves to be highly beneficial for your business.

Once the primary research is conducted, it is time for secondary research. To be specific, secondary research is that what is done by the other organisations or other people on behalf of your company. This type is probably not as specific and as accurate as the primary research but is nonetheless one of the most cost effective ways of gathering lots of information. This research will also give you a clear idea about the recent market trends.

Some of the opt sources that can be used while conducting a competitive intelligence survey (Secondary research) are the libraries, yellow pages, internet, chambers of commerce, media, private research companies to name a few.  

Now that you know the basics of a market research survey and what are two main types of it, it is important you know what is the objective of your survey and what do you expect to find at the end of it. Having a specific goal in the mind makes it very easy to focus on the right things.  

Gavin Bird

If you wish to conduct a competitive intelligence analysis, contact Avian Competitive Intelligence. They have an extensive experience in…

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March 3, 2015 - Posted by | Uncategorized | , , ,

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