How to Conduct Market Research?
For large organizations as well as small start-up businesses, market research is a critical component of the decision making process before launching a new product or service. Exhaustive market research data is used to explore multiple options for launching a new product or entering new markets as well as help companies zero-in on suitable sales and promotional techniques.
The goal of doing market research is to important to equip yourself with the information you need to make informed business decisions about start-up, innovation, growth and the 4 P’s:
Product — Improve your product or service offerings based on research about what your customers really want and need. Focus on things like product function, appearance and customer service or warranties.
Price — Set a price based on popular profit margins, competitors’ pricing, financing options or the price a customer is most willing to pay.
Placement — Be selective about where to set up and how to distribute a product. Compare the advantages of different spots and the value of points of sale (retail, wholesale, online).
Promotion — Choose how to best reach particular market segments (teens, families, students, professionals, etc.) in areas of advertising and publicity, social media, and branding.
Market research should be done in a regular basis for better understanding of different market opportunities, change in customer preferences and update according to the customer demands. Here are some points that explains the need and importance of market research to a company to sustain and grow in the market.
- Identifying problems and opportunities in the market
- Develop market strategies
- Check on consumer needs and wants
- For an effective communication mix
- For sales forecasting
- To revive the brand image
- Managerial decision-making
- To facilitate smooth launch of new products
- Better Customer Management
- Increased Sales
- Keep a tab on your competitors
- Minimize loss in your business
Who Needs Primary Market Research and Why?
Primary market research is most useful in the following cases –
- When, as a start-up business, you want to understand your target market and the types of products which have the potential to be popular.
- When there is no readily available market research data, or when you are working on a completely new product launch.
- When you need a large quantity of targeted research data based on variables which change over time such as customer perception, cultural preferences, etc.
- When you require usability tests, taste tests / sensory tests, etc., which are especially common in the FMCG and healthcare industry.
The Market Research Process
GigIndia is able to help business with Primary Research. This research is also known as field research since it is research done from scratch, without using any information that is already available through other sources. Primary market research is the most frequently used market research method and is also the most valuable type. It is a method that only answers specific questions and not irrelevant issues.
The following are some Primary Market research techniques that are used frequently and applied:
- Focus groups
One of the main insightful techniques used to conduct primary market research is through focus groups. This method involves getting a set of people in a room or a place and asking them insightful questions regarding the product, its development, their preferences, feedback, etc. These types of focus groups can be run or conducted at any location feasible for the company or business or it can also be done with virtual conferencing. An important factor here is that the group of people brought together have something in common – for example, they should belong to the same age group, the same gender, the same campus and so on. This division of the group or the selection process should depend on the audience targeted or the product of service of the company. Participants in such focus groups are then compensated by vouchers, free coupons, gifts or money, etc. Focus groups are classified under the qualitative research method and help businesses know much about customer or market trends.
- Surveys and Questionnaires
This is a highly effective way to conduct primary market research. The term ‘surveys’ is a broad term that covers a lot of things such as survey questionnaires, survey interviews, survey forms, customer satisfaction cards, etc. A popular practice of this research method is the feedback form given to customers. It is a straightforward method of knowing whether or not the customer is satisfied with the business’s existing services and products or what kind of changes or improvements would the consumer like to see. A business can utilise the student network of GigIndia to collect feedback from its customers.
The two major research methods used in primary market research are observation through interaction and communication with the subject and observation through no interaction and communication with the subject. These techniques are especially helpful if you are a small business owner and do not want to make a capital investment to conduct a focus group or interview study. A business can choose to hire students to record individual actions and watch how subjects respond to your products. In this way, a business can gain critical research data.Generally, this sort of market research can either be done anonymously or in a public setting such as supermarkets. It can also be done with the knowledge of the customer in a controlled setting, for e.g. handling a new unreleased electronic device and observe the customer navigate the software and UI.
- Trials and Experimentation
This technique of primary research involves scientific tests where hypotheses and variables, etc. are used. This type of market research may either be conducted out in the field or within controlled environments. In order to understand this form of research, here is an example that you can refer to: A product company created 3 different packaging styles and then it analyzed the feedback about the preferred packaging style or design from students on a particular campus.
- In-depth Interviews
This research that takes into consideration the kinds of choices and preferences a customer base has. Interviews, unlike focus groups, involve interaction between one moderator and one respondent. Several types of modes and methods may be used to conduct these interviews. Interviews may not always be limited by a set pattern of questions but can also be in the form of a conversation with the target customer base or audience. This kind of a research method helps to get a deeper understanding into what the customer wants, and the answers can later be analyzed to come to a conclusion for the final product delivery.
Why Outsource Primary Market Research to GigIndia?
Primary market research techniques often require a lot of resources, as well as need to be scalable to generate large amounts of research data. In certain cases, especially if you are a small business owner, you might not have access to the funds or the infrastructure to set up a field market research team. It is in such cases that process outsourcing can come to your assistance. Some advantages of primary research outsourcing include –
- GigIndia offers an unbiased, third-party perspective which reflects in the way market research data is collected.
- On field resources at every geography in India who ensure all primary research data is accurate.
- Increased cost benefits by hiring students as compared to hiring full time researchers and building an in-house market research team, especially for small businesses.
- Updated database of hundreds of people split by demographics, geographic location and other segmentation in order to select the initial sample size.
- Quick turnaround time for research other collected data.
Primary Market Research - Give Your Brand the Competitive Edge
Regardless of whether you are a start up or expanding your organization, market research is essential in understanding the market you want to target, as well as see an increase in sales volume. A well – compiled market research can not only help you identify potential customers, but also assist you set realistic targets and develop effective pricing strategies.
At GigIndia, our data collection services can help your businesses to leap ahead of your competitors and our market research services are ideally suited to a business owner looking to deal with dynamic, ever-changing market demands.
While our process depends on the channels and our clients goals that we are managing, our workstyle focuses on:
We specialize in the student network and we don’t oversell ourselves or try to manage marketing efforts that we don’t have a solid reach in. In this way, we ensure our clients have a positive experience by working with us.
While our partners contract us for specific requirements, we often contribute additional recommendations as we identify them, such as user feedback collection or suggestions on brand promotion.
We don’t hide performance from partners, even when we are encountering challenges. We share them as they arise and figure out how to overcome them, either enlisting our partners to help or at the least keeping them informed.
How to Sign Up and Start a Campaign?
GigIndia works in a very transparent way with you. Our process normally encompasses these general components:
Stage 1. Initial consultation
The first touch point is the contact form. After you share details about your requirement, we follow up with an an informal, open session where partners can pick our brains on mobile app promotion, our experience and our recommendations. We, in turn, ask questions to understand what our client’s needs and goals are and whether we are a good fit.
Stage 2. Setting up goals
What is the KPI that matters most to your business? We use these KPIs to inform our operations team, technical team and to define our criteria for success – whether it’s maximizing installs, in-app engagement events or another KPI.
Stage 3. Developing the proposal
After the initial consultation and once we learn our partner’s goals, we create a specific set of recommendations and an execution plan designed to accomplish those goals, and then review the proposal with our partners stakeholders, answering any questions they have along the way.
Stage 4. Strategy buildout
We perform the research, set up the creatives, build the targeting and campaigns and start the A/B tests as called for from the agreed-upon plan.
Stage 5. Execution!
When we turn the app promotion live, we constantly review to make sure things are working well and if not we make adjustments.
Stage 7. Developing the reporting rhythm
We create transparent documents for our clients to see what changes we are making and to analyze our performance, with our client’s KPI as the focus.
And of course, meetings with clients
We recommend a weekly or bi-weekly catch up, though for some partners we hold email or Slack-based digital check-ins. We mold to our partner’s communication style and preferences; we have driven to local clients for in-person meetings, and we have blocked out several hours availability for busy clients.
Who works on partners’ projects?
The operations team based from Pune works on all the projects. They are supported by teams based out of various cities and regions in India. The operations team is also supported by the evaluation team which ensures that only correct submissions are approved and shared with the partners. Also, we have a strong technical team which helps with automation of the process and setting up the gigs on the app.
The main point of contact (POC) for the partners is the Business Development team which had made the initial contact and presented the solution to the partner team.