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Marketing Research: The Essentials
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For any company, knowing your customers and market base is important. The different demographics of your customer base allow you to create relevant advertisements, tailor your products to serve your unique customers, and help figure out new locations where your product can thrive. This knowledge is something which is also imperative for any government entity to have. If the government doesn't know the it's citizens needs or listens to them, it will surely fail. To prevent this, government entities are looking for professionals to assist in finding needs and trends in the market.
To those that are not familiar with the Market Research process, an article on allbusiness.com posted by their editors listed the 5 most basic methods to perform Market Research. These will be paraphrased below:
“1) Surveys: Quantitative research where you can use a sample group of potential customers to answer questions about your product or service you are considering to release. This allows you to gather large amounts of relevant data in accordance to your pending release.
2) Focus Groups: A moderator asks a series questions to a small group of people to gain qualitative data. Sessions take place at a neutral location and answers are typically kept confidential to those outside of the group and business.
3) Personal Interviews: One-on-one interviews with potential customers. The interviewer asks a series or questions to gain detailed qualitative data, such as stories or advanced reasoning.
4) Observation: Simply watching behavior of others to how they buy or use a product.
5) Field trials: Placing your product in select stores in order to test different prices, locations, or packaging in a real scenario.” (The Five Basic Methods of Market Research)
One thing to note here is that there is a balance of quantitative and qualitative data within these methods. By gaining quantitative data, you have a large amount of simple feedback which displays the general feeling and attitude towards your potential product. Retrieving qualitative data will yield a smaller number people who provide feedback. But that will contain detailed strengths, weaknesses, or other criticisms of your product. Ideally, through successful market research, you already know how well your product will sell and perform before you officially release it.
For any of your Market Research contract needs, come no further than FindRFP to receive any and all relevant contracts.
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