Why conduct market research?
plays an important part in the success of many businesses. Just guessing
what customers are thinking or how they perceive the strengths and
weaknesses of your company and your competitors can lead to missed
opportunities and costly mistakes. Research from a professional, impartial
company translates customer opinions and market realities into actionable
data for your business.
Is talking with customers
Depending only on casual contact with customers can be misleading.
Most often, the customers who contact your company are polarized -
either they love or hate something about your products or services.
In reality, most customer's opinions are somewhere between these two
extremes. Rather than the skewed perspective that casual customer
contact can provide, market research accurately reveals the thoughts
and motivations of your target consumers on neutral ground, where
you set the agenda. Conducting research leads to better understanding
of customer [or potential customer] behavior and perceptions. Research
helps eliminate risk, increases the likelihood of success, and identifies
actionable opportunities that may otherwise have gone uncovered.
How do you get started
on a research project?
basic step in the research process is deciding what you need to
know. This is sometimes not as easy as it sounds. Market Trends
Research recommends beginning with individual and/or group brainstorming
sessions. Suspending judgment for a moment, write down everything,
no matter how large and small, that would help in achieving your objectives.
Sometimes this is easier to do in several sessions a few days apart.
If your company finds that an outside facilitator would be helpful
in this process, Market Trends Research is available to lead these
individual and group brainstorming activities.
The second step is selecting
the target audience(s) for the research. Depending on the topic
and methodology, the target could be defined by gender, age, geography,
product usage, occupation, decision-making capacity within a business,
or any number of other factors.
Market Trends Research
will be pleased to discuss the various options in selecting the target
audience(s) for your research project.
Deciding on the
The most direct way to determine the appropriate research methods
is to first think about the conclusion of the study. When the research
has been completed, will it be imperative to have:
[i.e. "67% of current customers and 41% of non-customers can recall
the theme of our recent advertising campaign."], that are statistically
Is in-depth knowledge
about how and why customers and prospects believe and behave as they
do equally or more important [i.e. "The main reason that customers
did not recall the theme of our recent advertising campaign was that
they confused it with a message from a competitor?"].
ARE BOTH EQUALLY IMPORTANT?
If numerical results
are critical, a survey is the recommended research method. Surveys
are quantitative research, excellent at determining how many and what
percentage of persons feel a certain way. They are not as adept at
determining why those attitudes, feelings, and behaviors exist, and
how to change them.
If a deep understanding
of attitudes, feelings, and behavior is crucial, qualitative
research [such as focus groups or individual interviews] is recommended.
It highlights the human dimension or beliefs and decision-making.
While surveys more accurately reflect the rational mind, focus groups
bring out the emotions and the thought process involved in forming
attitudes, beliefs, and behaviors.
companies find that they benefit from both types of information and
choose to include both quantitative and qualitative research in their
Of course it is not
necessary for your company to select the kind of research it requires.
Market Trends will work closely with you to help determine your objectives
and select the research methods that are most appropriate for your
Trends Research Incorporated
303-823-5811 / 727-421-6214
© 2000-2007 Market Trends Research Inc.