What Everyone Should Know About Market Research

by Alexander Griffin
What Everyone Should Know About Market Research

Sydney is a city that lies on the beautiful coastline of Australia and home to around 5 million residents. This tourist destination is known for amazing things like the Harbour Bridge and the Opera House.

More than a tourist destination, Sydney is one of the top cities globally that contributes well to the global economy. In 2020, the city recorded 73 934 businesses, where you can find most of the top 500 companies in Australia. 

With so much competition, running a company in this city requires a great marketing strategy to stay at the top. Market research is a crucial part of marketing strategy development, and if you want great results, you need the help of the best market research companies in Sydney.

What Is Market Research?

Market research is the act of collecting, analyzing and understanding information to solve marketing challenges. For instance, it can help you make decisions by seeing how people react to your new product before launching it.

If done right, market research can enlighten your marketing activities, like understanding the customer’s requirements, helping you understand the key messages you should relay and how to relay them to your target market.

Market research should be a continuous activity as it allows you to become aware of your business environment, clients or customers, their preferences and needs. This environment keeps changing, and keeping up with these changes is crucial. Understanding what causes these changes could help your marketing plans. Without it, your business will rely on instinct and anecdotal information, which is usually not accurate.

Types Of Market Research

To help you gain deep insights on your market research, you need to conduct multiple types of research to get the best results, based on what you need to know. Below are the most common types of market research:

  • Brand Research
  • Consumer Research
  • Product Development
  • Customer Segmentation research
  • Usability testing
  • Campaign Effectiveness
  • Competitor Research

Market research involves two major types:

  • Primary research: This is also known as “field” research and requires gathering new data. This data is first-hand and has never been collected before.
  • Secondary research: Sometimes called “desk” research, requires collecting data that has been organized and compiled for you. This includes government-funded studies, reports, historical records, textbooks, and statistical databases.

Within these research methods, few different data collection methods can be used, like:

  • Qualitative research: This is an experimental method and uses in-depth interviews, focus groups, and Ethnographic research – that involve observation from participants as part of the field research.
  • Quantitative research: Uses numerical analysis and objective measurement of data gathered using research methods like polls, questionnaires, and surveys.

There are tons of products and businesses that have failed due to a lack of market research. Launching a new product or exporting to a new market without getting help from Sydney’s best Market Research Companies is a failure. You must understand the competitors, especially your customers, before making huge moves.

Market research is a tool that can minimize the risks that come with making major business decisions. However, you have to ensure that you are using it correctly. With that in mind, always seek the help of a professional to conduct market research for your business.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More