Market research
surveys can help a company identify market conditions and align
itself to market needs, with potential for success and profitability.
Market research is almost compulsory for a company seeking to roll
out products and services in any markets.
A good market
research survey will help a company determine if there is enough
demand for its services. For it to achieve its purpose, below are
components of a good market research analysis:
1. Stakeholder
in-depth interviews: Starting to talk with strategic stakeholders
is a very strategic thing for market research surveys. The
stakeholders will range from key personnel in the organization to
those people outside the organization, who will affect the flow of
the organization.
2. Demographic
assessment and trend analysis: Analyzing demography includes
analyzing the market and doing secondary research about the same. The
data is then used in demand modeling and estimates.
For instance,
survey administration companies helping with market research
surveys collect information relating to trends, age, consumer
expenditures and education as well as other demographic statistics
that will impact the project.
The survey should
help discover market trends, market projections, market focus,
product focus, measurable specifics, accountability, evaluation of
competition, perception by the customer, and description of the
customer.
3.
Quantitative survey: This is where the primary data is collected
among end-users. Market research surveys capitalize on current usage
and predicted usage and the impact the new business idea will have on
the market.
4. Competitive
assessment: This assesses the impact of the like-competitors and
their actions on the business in the target market area. Each of the
competitors is profiled using a variety of the information.
Calls can be made
to avail non-public information absent on websites. The team doing
market research surveys should use a combination of
information sources to generate useful data.
5. Demand
model or estimates with recommendations: A demand model is the
result of each of the four things above. The demand model estimates
the likelihood and habits of end-users for the target business under
testing.
Predictive
modeling is used with the known factors to come up with a rough
figure.
