Why is Market Research so Important to businesses?
Today people are more informed than before with the possibility of accessing a large amount of information about the services and products they receive through applications, websites, platforms, etc. The behavior of consumers in both B2B and B2C areas over time has been affected by the changes in technology, economy and other factors, and has undergone significant changes, and it is almost impossible to achieve and improve business goals without considering the new methods of business today that has constructed. Marketing research is an important and necessary process for all organizations regardless of the type of activity of the organization, the relevant industry and the size of the company.
In a general and comprehensible definition, marketing research identifies strengths and weaknesses in the products and services of organizations and helps to improve and correct possible defects, and then the degree of success of the product or service according to the change in the income situation that it leads to for the organization measures Marketing research enables organizations to communicate directly with their customers and measure the success of their products and services by receiving customer feedback. This will eventually lead to an increase in market share and awareness of the organization’s brand, an increase in customer satisfaction, etc.
Marketing research allows organizations to identify problems and shortcomings of their products and services. Marketing research enables organizations to improve products and services. In order to ensure that it’s produces the best possible product or not, every organization must pay special attention to customer feedback and monitor the real views of customers at all stages of receiving the product or service, and also know the status of the organization compared to its competitors.
The most important research solutions that are common in the market research industry includes market share analysis, market segmentation, customer analysis, product and service studies, pricing studies, needs analysis, advertising and its effectiveness analysis, customer behavior analysis, brand research, channels experience surveys, etc.
The methodology of data collection depends on the research objectives, which is generally divided into two categories: qualitative and quantitative.
The most important methods of quantitative research include face-to-face (F2F/CAPI), telephony interviews (CATI) and online interviews/Online self completions through panel or not, and the most important qualitative methods include focus groups (FGDs) and in-depth interviews (IDIs).
We are with you from the moment of formation of the problem to collecting data and analyzing the results and finally making smart and informed decisions and choices based on the needs of the market based on the data. We are with you to be at the top with your brand.
If you haven’t done so already, you need to start doing marketing research as soon as possible to make more professional decisions.
We at Idealween, International Marketing Research Company will be with you to provide the best research method suitable for your business goals and delivering the best business solutions anywhere on this planet, especially in the Middle East.