What is market research?

Market research refers to a series of activities in order to form a specific marketing decision, using scientific methods, with an objective attitude to the marketing-related issues required information, to systematically collect, record, organize and analyze, in order to understand the current situation of market activities and future development trends. Market research can be divided into exploratory research, descriptive research and causal research. Exploratory research is research conducted in an informal way without a specific structure and is usually used to understand and define problems or to track and seek market opportunities. Descriptive research refers to the research conducted for the purpose of describing the characteristics, functions and attributes of the research object, and the scope of research includes: the attitude, behavior, evaluation of the enterprise, and some basic information of competitors. Causality research refers to research conducted through the study of multiple factors to determine the cause of the problem, and the researcher needs to examine whether one variable affects another variable and whether there is some correlation between the variables.

Why do we need market research?

In today's highly competitive and rapidly changing market environment, enterprises must understand their own market and formulate reasonable and effective strategies and strategies according to market conditions if they want to survive and develop. To do this, we need to conduct systematic and in-depth market research. Market research is important in the following areas:

Reduce risk. Through market research, companies can discover and predict various risk factors that exist or may appear in the market in a timely manner, such as changes in demand, intensified competition, policy changes, etc., and take corresponding countermeasures to avoid or reduce losses.

Improve efficiency. Through market research, enterprises can more accurately understand the needs, preferences, purchasing behavior of target customers, and optimize product design, price strategy, channel selection, promotion methods, etc. according to this information, improve marketing effectiveness and efficiency.

Creating value. Through market research, enterprises can find and seize the existing or potential opportunities in the market, such as new market segmentation, new product innovation, new partners, etc., and make use of their own advantages and resources to create more value and enhance their competitiveness and brand influence.

What can market research companies do?

A market research company is a professional service organization that provides market information and decision support for enterprises. It can design and implement various types and scales of market research projects according to customer needs and goals, and provide comprehensive, in-depth, objective and professional Market research reports and consulting recommendations. Market research companies can provide the following services for enterprises:

Industry research. Industry research refers to a comprehensive and systematic analysis of a particular industry or field, including industry overview, development history, scale and structure, market characteristics, competitive landscape, development trends, policy environment, risk factors, etc., as well as the evaluation and comparison of major companies and products in the industry. Industry research can help enterprises understand the current situation and future development direction of their own industry, determine their own advantages and disadvantages, and formulate appropriate industry strategies and competitive strategies.

Market segmentation and user behavior research. Market segmentation and user behavior research refers to the identification, division and analysis of potential or existing customers of different types or groups in the market, including customer needs, preferences, purchase motivation, purchase process, purchase frequency, purchase volume, satisfaction, etc., as well as various factors that affect customer behavior, such as social culture, psychological emotion, personal characteristics, etc. Market segmentation and user behavior research can help companies determine the most valuable and most potential target customer groups, understand the real needs and psychological state of customers, and develop products and services that are more in line with customer expectations and needs.

channel model study. Channel model research refers to the analysis of the circulation of products or services from producers to consumers, including channel type, channel level, channel members, channel function, channel management and so on. Channel model research can help companies choose the most suitable channel model for their products or services and market environment, optimize channel structure and operational efficiency, improve channel coverage and profit margins.

Competitor investigations. Competitor survey refers to the collection, collation, analysis and evaluation of other enterprises that have a competitive relationship with the enterprise in the same market or field, including the basic situation of competitors, strategic objectives, core competitiveness, product characteristics, price strategy, marketing strategy, financial situation, etc. Competitor surveys can help companies understand their relative position and strengths and weaknesses in the market, predict the movements and reactions of competitors, and formulate effective countermeasures.

Market entry studies. Market entry research refers to the evaluation and planning of new markets or fields that enterprises plan to enter or have entered, including potential opportunities and challenges, market size and growth rate, market segmentation and characteristics, market demand and preference, market competition and risk, etc., and put forward reasonable market entry strategies and action plans. Market entry research can help companies assess the attractiveness and feasibility of new markets or areas, determine the best market positioning and target customers, and develop effective market penetration and expansion strategies.

How to choose a suitable market research company?

For many companies, it is a wise choice to entrust a professional market research company to conduct market research, because market research companies have the following advantages:

Professionalism. The market research company has a professional market research team, including experienced project managers, senior industry analysts, skilled data analysts, professional report writers, etc., who can design and implement appropriate market research programs according to the needs and objectives of customers, and use scientific methods and tools to collect and process a large number of first-hand and second-hand data, provide comprehensive, in-depth, objective and professional market research reports and advice.

Objectivity. As a third-party service organization, the market research company is not affected by the interests or prejudice of the customer's internal enterprise, and can maintain an objective and neutral position, reflect the market situation truthfully and accurately, and avoid or reduce subjective assumptions or misleading.

Efficiency. Market research companies have a wealth of market research resources and channels, including various types and sizes of databases, sample libraries, network platforms, partners, etc., can quickly obtain and integrate various sources and forms of data, shorten the project cycle, improve project quality.

Economy. Market research companies can provide flexible and reasonable charging methods according to the customer's budget and needs, such as charging by project, charging by time, charging by effect, etc., and can save customers a lot of manpower, material resources, financial resources and other costs, improve the input-output ratio.

However, not all market research companies can meet the expectations and requirements of customers. Therefore, when choosing a suitable market research company, the following aspects need to be considered:

Qualification and credibility. When choosing a suitable market research company, you must first understand its qualifications and reputation, including whether it has a legal business license, tax registration certificate and other relevant documents, whether it has professional qualifications or certifications in related industries or fields, and whether it has a good reputation. And reputation, whether there have been successful or failed cases or evaluations. This information can be obtained through websites, social media, industry associations, peer recommend and other channels.

Scope and level of service. When choosing a suitable market research company, it is necessary to understand the scope and level of its services, including whether it can provide the type and scale of market research projects required by customers, whether it can cover the industries or areas of concern to customers, and whether it can provide high-quality And efficient service process and results. This information can be obtained through consultation, communication, trial and so on.

Prices and contracts. When choosing a suitable market research company, it is necessary to understand its price and contract, including whether it can provide reasonable and transparent charging methods and standards, whether it can provide flexible and preferential payment methods and conditions, and whether it can provide perfect and guaranteed contract terms and conditions. This information can be obtained through comparison, negotiation, signing, etc.

Summary

Market research is a professional service that provides market information and decision support for enterprises, which can help enterprises understand market demand, competitive situation, consumer behavior, industry trends, etc., so as to formulate effective market strategy and marketing strategy. The importance of market research is that it can help enterprises reduce risks, improve efficiency and create value. However, market research is not an easy task. It requires professional knowledge, skills, methods and tools, as well as a lot of time and resources. Therefore, for many enterprises, it is a wise choice to entrust a professional market research company to conduct market research. Market research companies can provide enterprises with comprehensive, in-depth, objective and professional market research reports and advice to help enterprises solve various market problems and challenges. When choosing a suitable market research company, you need to consider its qualifications and reputation, service scope and level, price and contract.