Research is the first step towards creating even a remotely successful strategy for a brand. Insights bust a lot of myths one may have about a brand. So, our team of professionals works hard on understanding your product or service, competitors, point-of-differentiation, target market, audience, and then creates a potential customer persona. Brands are like humans, they could be from the same family or industry, but they are seldom alike. So, we don't offer a one-size-fits-all solution. We take our time to build customised solutions for every project we take.
Advantages of conducting business market research include:
- Identify changing market trends and associated business opportunities as well as new areas for expansion.
- Understand the existing customer's needs and comparative analysis of services offered to customers vis-à-vis competitors.
- Develop effective strategies and make well-informed decisions about the services.
There are two types of market research: Qualitative research and Quantitative research.
- Qualitative research usually involves questioning consumers about their product or service consumption experiences or observing them in a marketing setting. The data collection methods used in this case include in-depth interviews, focus groups, bulletin boards, uninterrupted observation, and ethnographic participation/observation.
- Quantitative research is the one that looks to quantify a problem which often involves statistical analysis since it requires significant attention to the measurement of market phenomena. It collects data through audits, points of purchase (purchase transactions), surveys in different modalities (online, phone, paper), and click-streams.
The two ways through which data is collected include Primary Data and Secondary Data.
- Primary data is the original data that is collected first hand by the researcher. The most common primary research tools are surveys, focus groups, in-depth interviews, and observation.
- Secondary data is the data that has already been collected and is readily available. This data is pre-existing public information, for instance, the data shared in public sources like magazines and newspapers, government statistics; commercial sources like paid industry reports; and internal sources.
The procedures that are used to analyse the data collected include (but not limited to) product testing, market segmentation, advertising testing, usability testing, key driver analysis for loyalty and satisfaction, awareness and usage research, and pricing research (using techniques such as conjoint analysis).