Why Is Market Research Important For Your Small Business- Answers By Megstrat Consulting

MARKET RESEARCH is an organized effort to gather information about the targeted audience or market. It is very important component of any business strategies. It is a key factor in maintaining competitiveness.

For SMALL MEDIUM BUSINESSES it is very much crucial, as it gives a clear business picture of what kind of business strategies, or services will bring profit. By researching the answers to the specific questions, the owners can learn whether they need to change their business strategies or tweak their business practices.

1. What do you mean by Market Research services?

In the most simplistic way, Market Research may be described as the process of ‘listening to the market’.  Viewed in this context of a marketing information system, the process of market research consists of assessing information needs and systematic collection, analysis and reporting of information and insights relevant to a specific marketing situation facing an organization. Market Research thus enables identification of market-driven opportunities and problems.

Typically, the market research process involves following steps:

• Defining research process
• Developing research approach
• Developing research design
• Collecting data/Fieldwork
• Analyzing data/ Information
• Drawing conclusion and reporting

Each of these steps, in turn, requires careful assessment of the research objectives and choosing the most appropriate methodology to achieve the same.

Activities pertaining to aforesaid process steps may be referred to as market research services.

Now, in this age of specialization, organizations may choose to offer one or more of these services. Organizations that offer services for the entire breadth (or at least most) of this process are called full service organizations.

MEGStrat Consulting is a full service market research firm.

2. What is the cost of Market Research services?

The cost of market research assignments depends on a very large variety of factors. These factors include the nature and complexity of information needed, sources of information, methodologies needed to gather information, sample size, geographical spread, nature of analysis required to extract insights among others.

Since MARKET RESEARCH ASSIGNMENTS are custom designed to suit client’s specific requirements, the cost and other commercial consideration are provided on request.

3. Which is a good option, In-house Market Research or Outsourcing the same?

Outsourcing market research services is a cost effective option. Most of the largest global organizations regularly outsource these services for their marketing information needs.

As per the Global Market Research 2014, an ESOMAR industry report, the estimated value of market research services procured by multitude of users exceeded US$ 40 billion in value during 2013.

4. What are the Benefits of Market Research services?

Market Research services allow organizations to gather, analyze, evaluate, and distribute timely and accurate information and insights required to make necessary marketing decisions. Organisations are not required to maintain dedicated team of research professionals for this purpose. They can outsource these services from service providers as and when required.

Furthermore, by virtue of working on a large variety of marketing problems (for different clients) these service providers have knowledge and experience of a large variety of methodologies, tools and techniques and are in a position to provide innovative or out of the box solutions to the market research users.

When hiring a market research agency, a business immediately opens the door to the list of various benefits like:

• Getting an experienced expert advice and recommendations
• Creating a personalized objective plan
• Seamless integration
• Low, yet cost effective cost

5. What to look for when selecting an agency which is into Market Research services?

The best way to assess a market research service provider is to engage them into a dialog about your marketing problem and research needs. Their responses (both technical and otherwise) and responsiveness would reveal a lot about them as a service provider. The service provider should not only be the supplier of information, they must work jointly in solving client’s marketing problems.

Once you have narrowed your MARKET RESEARCH AGENCY to the short list of finalists, choosing the best can be a tough task. It may be tempting to go with the agency that is offering lowest prices, but there are few considerations before you say yes to them:

• Does the firm have a good reputation?
• Is the firm experienced in your area segment?
• Is the price competitive?
• Who specifically, is going to do the work?
• What methods will be recommended for your work?
• How exactly will the proposed approach help you to make the marketing decisions?

About Megstrat Consulting

MEGStrat, as a team of research based consulting experts, participates with its clients to address their most important and most challenging business issues.

The Company’s role is to be your research partner to enable you to align your business as per the changing micro and macro environment, and industry trends. It applies innovative thinking about how to strategize most effectively in an organization, so that the organization experiences measurable growth and we build on the trans formative potential in the best of what people within the organization are doing.

The team is new with fresh industry knowledge and ideas which are continuously tested and applied in terms of client impact, clients’ customers, employees and revenues. Our employees derive our success and enable us to offer (M)easurable (E)ffective (G)rowth strategies to our clients.