Market research is about getting the answers you need to launch a new product or service or open up a new business. The goal of market research is to put yourself in the best position possible to be successful. Making the best decision for your business means doing the best market research, but what sort of information are we talking about here? Further, how important is it to hire the right company to conduct your market research?
There are two kinds of information that are highly important when performing market research. First, there is numbers and stats. In other words; quantitative research. This is where you find out important details like the size of the market you are working in, the overall value of your marketplace, sales volumes, and so on.
If you are a B2B business, quantitative research would include looking at numbers like how many contracts are available for you to bid on, number of customers, number of customers who are likely to purchase your specific products/services. You'll look at numbers like how many enterprises are already competing within your market and their respective market share.
Quantitative research is where you will look at how fast your market is growing. If you find that your market is static or declining, you might decide that it's not the ideal market for you -some of this information from published reports, surveys, and questionnaires. However, if you are not confident your own ability to conduct meaningful and effective market research, then you may want to employ the services of a market research company in Buffalo, such as The Analyst Agency.
The second kind of information is qualitative research. This kind of research is based on feelings and opinions. Qualitative research is conducted to find out what thoughts and attitudes your target customers have about your ideas, products, and services. Qualitative data is best gathered by interviewing people within your target market or by having focus groups.
Here is where you find out the intangibles - how people feel about different aspects of your product. This might include everything from your pricing to your branding and packaging or offer. It's also a good idea here to find out where people are likely to buy and what their reasons are for choosing a product or supplier over the rest.
If you would like to learn more about how to do this sort of research, you can contact the Analyst Agency. The Analyst Agency exists to help companies like yours reach their full potential in their respective markets. Rather than trying to do your own market research, you may look to market research companies in Buffalo. Just remember, if you opt to hire a market research company, you need to make sure you hire one that can conduct comprehensive, fast market research.
Trust the market research companies that your peers trust. Trust The Analyst Agency.Market Research Companies Buffalo