By Zhuo CHEN (James) -- Jetek Staff
What Is Market Research in Business? Market research involves gathering data to learn more about target demographics and consumers so a business can market itself more effectively and, ultimately, succeed in the market. Market research is a vital part of any business strategy, whether that business is B2B or B2C, big or small, new or old. It provides the answers companies need to make decisions that will move them forward instead of the back by empowering them to base decisions on data.
Brand Research:
Brand research helps with creating and managing a company’s brand, or identity. A company’s brand is the images, narratives, and characteristics people associate with it.
An important element to brand research is that it is always done compared to the competition. Your brand is only as good as what it’s being compared to: e.g. You may love Mcdonald's more than Burger King because you think it’s more for music fans given their latest promotions featuring musician celebrities.
Campaign Effectiveness:
This type of market research is designed to evaluate whether your advertising messages are reaching the right people and delivering the desired results. Successful campaign effectiveness research can help you sell more and reduce customer acquisition costs.
Consumer Insights:
Consumer insights research does more than tell you about who your customers are and what they do. It reveals why customers behave in specific ways and helps you leverage that to meet your business goals.
Customer Satisfaction Research:
Customer satisfaction research is a type of market research that measures customers’ experiences with products or services, specifically looking at how those meet, exceed, or fail to live up to their expectations.
Always try to keep your clients satisfied to prevent them from churning. Meet their needs, solve their problems, and nurture them. This doesn’t only concern your customer service: your clients need positive interactions with your product, website, store, and anything else you provide.
Product Development:
Market research for product development involves using customer knowledge to inform the entire process of creating or improving a product, service, or app, and bringing it to market.
Reference:
<Why Market Research Is Important>
https://www.cint.com/blog/why-market-research-is-important
Marta Szyndlar,<Customer Satisfaction: Why It’s Important in 2023>
https://survicate.com/customer-satisfaction/importance-customer-satisfaction/
<The 8 types of market research: Definitions, uses and examples>
https://www.qualtrics.com/experience-management/research/market-research-types/