On the Other Side of Market Research – Why Market Research Companies do what they do

Market Research
Market Research

How many times have you answered a call expectedly only to have someone ask you what your thoughts on a certain kind of printer are? Or what coolant you prefer for your car? Or how many times in the past year you have vacationed?

We have all received those calls, deleted those emails, smiled politely and declined a market researcher’s request for a few minutes of your time at the mall and have, with much irritation, clicked on the ‘no thanks’ button while browsing for a recipe only to have the website request you to take part in an online survey.

Keeping the annoyances aside for a minute, have you ever given thought to why this business of market research is so robust? It is simple – the desire for any business to find that edge, however slim, that will help it stay ahead of its competitors.

An insight into the market as well as into the consumption or spending habits of a customer can help businesses accurately target and focus their energies on the right customers with the right product.

A business that surveys its customer base for their feedback regarding its product will gather a goldmine of information which, if properly analyzed, can help them not only provide better service for their customers but also improve the product.

Using tools such as secondary research – printed information and primary research – face to face interviews, focus groups, telephone and mail surveys, market research companies have found a niche where they are able to collect, assimilate and analyze information pertaining to their customer’s needs.

Be it a new product launch, or a benchmarking process, finding new opportunities or simply taking stock of themselves, businesses are increasingly approaching market research companies to help gauge the market and the customer for themselves.