Why is market research important? | Day in the life RCD

 

Hello RCD readers,

 

What is market research?

Market research is any set of strategies used to collect information about your business’s target audience, customers and buyer personas to establish how viable your product is or would be among them.

 

  

Why is it important?

Market research is a way for you to get a better understanding of your target customer’s.

 

What can you learn from doing market research?

• Customers problems and desired solutions
• How to reduce potential risks in your potential new project of new changes
• Size of your target market
• Test your demand for your products or services
• How much are people willing to pay for your product or services
• Strength and weaknesses of your competitor’s
• Find out your weaknesses
• Is you marketing strategy effective 
• What are the new trends

 What can I remember of companies in Suriname doing research?

New product!

• People are paid to stand in front of popular store to let customers from the store test their new product. 
• The give a small rehearsed speech and which you taste for example
• The survey begin where you answer some question of what you thought of it. 
• And somebody collect the papers of answered questionnaire

 

Employees satisfaction 

• In a group setting the HR team invited whole departments for a meeting 
• HR discusses what will happen in this meeting
• The employees of each department fill out a survey about their satisfaction within the company
• The survey is almost always anonymously

 Company experience

• Random people that come to the company will be asked if they are loyal customers
• They get a hard copy survey where you answer how you experienced the company services.

 

How is the information processed?

One unlucky person's job is to one by one process the data online. Before coming to an conclusion of what the research has shown.

 

 

Change! New technology?  Covid regulations? Less time, less people but more efficient? Better accessible? Quicker way to process the research?

How does market research look like in 2022?

• online survey 

• different possible links;
• links can be private for a small group of people
• links can be public for a large group

•  more possible mediums;
• survey is easy to share to more groups and social media outlets 
• more people can reach your survey in their most used medium

•  efficient data collecting;
• easier to access the survey, so that means more people
  
• multiple surveys can be answered at the same time, so that means more people in less time 

• smarter way of processing data;
• because everything is online the possibility to process the data cuts the time of data processing in less time.

Have I ever used new way of market research?

Yes, I have I've used it for my content and my client services. Because I wanted to know as a potential architecture studio owner what I was doing right and what I was doing wrong.

 

 

Where can I go if I want to do online research? (in dutch)

M3 Consultancy is een bedrijf dat onderzoek verricht maandelijks, kwartaal en jaarlijks voor bedrijven. Hun diensten zijn:

• Onderzoek
• Training
• Statistiek Ananlyse

Drie soorten onderzoeken worden aangeboden:

• Klanttevredenheidsonderzoek
• Werknemerstevredenheidsonderzoek
• Martkanalyse

Contacten op :

• info.m3consultancy.sur.@gmail.com
  
• +(597)8741671
• +(597)534867

 

 

Thanks for the read!! If you need any of their services contact!!