Unlock Actionable insights to Catalyze Your Business Decisions

By actively performing market research on a routine basis, several teams and organizational leaders across departments will have access to data insights they can leverage when making a closing decision. 

Picture a CEO that is considering making an acquisition of a new company in order to enter a different market. This CEO would certainly want to do their due diligence by carrying out market research with the help of a market research firm that will inform him or her of the current state of the target market. 

Another great example, when market research is vitally important to business success is when launching a new product. Product creators must examine researched data rigorously to ensure that the investments required to develop and promote a new product are worth it. As markets constantly shift and evolve, these product developers must examine trends to decide how they can best impact the market. 

Global market research can also act as an internal beneficiary for an organization. By digging into research data, a marketing team can develop specific and unique buyer identities, on which the business’ marketing strategy can be built. Performing market research to understand the typical personas that naturally purchase a product and then allows companies to market directly to their true audience, which improves the efficacy of their promotional communications.

Individual biases and motivations should always be considered as part of the general decision making process. While people will always get their emotions tangled in decision making, and that is not always a bad thing, it is absolutely mandatory to perform thorough market research so that the resulting data can either support your plan, or suggest that you find another strategical opportunity. 

Once research has been completed, the research conclusions are used to help the firm make decisions. Different types of research help form marketing decisions. They are as follows:

Strategic Research

This form of research looks at the marketing mix and supports the organization in adapting their product, price, place and promotion strategies.

Technical Research

This form of research looks at if there are more efficient ways to carry out a business which means exactly how the firm can increase business performance by taking right decisions? For example the firm may inspect the impact of promotion and if there are ways to improve their promotion.

Databank Research

A firm may have lots of data it has collected over the years, this may include buying pattern, gender and age information, geographical location. This data if analyzed correctly could help improve the product offering or target promotional material at consumers to help increase sales.

Continuous Research

A firm may monitor certain phases of their strategy over a long period. For example the pricing of a product may be examined and the consumers over a period may be asked on the impact of changing prices on their purchase patterns. Prices may modify because of environmental issues e.g. weather, continuous research will help isolate these issues.

Ad Hoc Research

This is one specifically designed research, and is used for unique and special conditions or without any intention of repeating the research.

In situations like these where making a decision is very important at that point of time, our robust, transparent, and intellectually sound decision making techniques give you confidence that the right decision has been reached, along with the proof and arguments to support the decision and to withstand challenges. But how does this work?

First off we start by understanding the context of the decision to be taken

• We help you create and define your options
• We collect relevant raw data, and start building a model
• We engage the appropriate market leaders that have gone through this position of yours.
• Lastly, a solution is developed and refined, until it supports a clear decision which can be supported at any level.

Not only this but there are a dozen more techniques and methodologies that are taken into use when research professionals in research firms are working on a project, it varies upon the nature and requirement of the project and the client. But making market research activities as an integral part of your decision making body is highly crucial in order to accelerate this process and make your business grow accordingly on all levels of involvement.