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We all know that the business environment is dynamic in nature and it keeps changing constantly. While these constant changes can be hard to keep up with, they can also have a significant impact on your business. But, how to deal with it and ensure sustainable growth for your company? Availing of a professional market research consultant can help you deal with the changing business environment and stay updated at all times. Let’s learn more about market research in this article. 

What is Market Research?  

Market research is the process of studying the target market and gathering crucial information about the customers, their preferences, demographic profile, income level, buying behavior, and needs. From testing the viability of launching a new product to asking customers for their feedback, it can be used for various purposes. 

Conducting market research helps the company gather valuable insights into the target market by communicating directly with the target audience. It can also help them improve their products enhance user experience design an effective marketing strategy and increase their sales. 

While you can conduct market research yourself, it is always advisable to take professional help from a market research consultant. Doing a market survey requires manpower, time, effort, and expertise. Moreover, conducting it yourself can lead to additional costs like hiring more people and expert researchers. Aviaan Accounting is one of the best Market study consultants in Dubai, UAE with extensive knowledge and expertise in this area. 

Importance and Benefits of Market Research 

While the list of benefits of carrying out market research is long, we have listed a few of its advantages below –

  • Helps identify threats and opportunities

When you think about expanding your business; determining your threats and opportunities is the most important step. While opportunities help you to work in the right direction, knowing the pitfalls helps you find a way out and prevent you from falling. An in-depth market survey helps you identify your internal strengths and weaknesses that would otherwise have been missed. For example, the possibility of introducing a new product range is an opportunity. On the other hand, the presence of new competition can be a threat to your business. 

  • Minimizes risk of investment

Before you jump in with all your time, money, and effort, it is a good idea to invest in conducting market research. Market research helps you test the waters before committing your valuable resources to the project. It helps you understand the possible challenges you might encounter, and the equipment or resources you might need to be successful. In other words; it helps you minimize your risk by providing you with enough time to prepare for the uncertainty that lies ahead. 

  • Helps analyze the competitor

The market study not only helps you identify your own strengths and weaknesses but also helps you analyze the strengths and weaknesses of your competitors. We all know that knowing our competitors is one of the best ways to get ahead of them. To get an unbiased market study result, you can take the help of Aviaan Accounting, the best market research consultant in Dubai, UAE

  • Facilitates strategic planning

The report of your market study acts as the basis for your business plan. Market research can help you develop an evidence-based business plan and create a winning strategy for expanding your business. In addition to the above, it also gives you newfound confidence in your efforts to achieve your goals. 

  • Helps to keep updated with emerging trends

Doing something unique is the key to a successful business. But it requires you to keep up with the emerging trends in the market and use them for the growth of your business. Doing market research will assist you in staying updated with the latest trends and using them to your advantage. For example, social media marketing is a trending topic these days. If you are well aware of it, you can leverage its power for expanding your business. 

  • Facilitates revenue and cost predictions

One of the most important steps in setting up a successful business is the estimation of costs and revenue. Conducting the cost-benefit analysis helps estimate the potential revenue against the expected costs. For this, you need professional help from a market study consultant in Dubai, UAE. 

  • Helps understand customer’s needs 

The key objective of a market study is to study your target audience. If you want to establish a successful business or venture, it is crucial to understand the needs and requirements of your customers and provide your product/service as a solution to their problems. Studying the market involves conducting deep research about the preferences, buying behavior, needs, and income level of your target audience. This information can be of great help while creating your marketing plan and maximizing customer satisfaction. 

  • Helps measure the success

Market research helps you set goals and benchmarks for your business’s success. Having well-defined goals makes it convenient to measure success. You can evaluate your business performance against the set benchmarks; identify the bottlenecks and remove them. It will also highlight the areas where you can make improvements to achieve faster growth and higher productivity. 

  • Provides a competitive edge

The information you derive from the market research is a goldmine. If you know how to use the information and interpret it; you can gain a significant competitive advantage over your rivals. Conducting a market analysis with the help of a professional market research consultant in Dubai, UAE is a great way to understand your customers, business environment, and competitors.

  • Facilitates better decision-making

Market research helps you get meaningful insights into the business environment and helps you make informed decisions for your business. The data derived from the research can help you gather much more knowledge about your target audience, competitors, and market. 

Types of Market Research  

There are different types of market research based on the objective and the type of methods used. Given below are some of the most popular types of market research –

  • Primary Research

Primary research refers to the research you do on your own by creating your own data set and interpreting it. Primary market research uses first-hand data which is collected from the customers or respondents using tools like surveys, interviews, and observation. Primary research aims at collecting information in a raw form and interpreting it to derive meaningful conclusions. 

This type of research is very authentic as it collects information directly from the customers and provides the most relevant and accurate data. Doing all this on your own can be intimidating. Therefore, it is a good idea to hire a market research consultant in Dubai, UAE

  • Secondary Research

Secondary research refers to the type of research that uses data that has been analyzed, interpreted, and summarized previously and used for some other purposes. In other words, it is based on the data derived from the resources that have already been published. This type of research uses secondary data from online journals, books, and reports rather than collecting it directly from the target audience. While it is faster and more convenient than primary research, the information gathered is not as relevant and accurate as the primary research. 

  • Qualitative Research

Qualitative market research is the type of research that uses both primary as well as secondary data which is not numerical. In other words, it uses the type of information that is difficult to measure and cannot be used to gain specific insights into a matter. Unlike, quantitative research, qualitative research cannot be analyzed using statistical methods. It can be analyzed using observation and analysis. The results of this type of research are used to make inferences from the data collected and summarize it to arrive at a conclusion. Data for qualitative research can be collected using interviews and open-ended surveys.

  • Quantitative Research

Quantitative research refers to the type of research that uses numerical data to conduct the research. The data collected can be both secondary and primary. The quantitative data is based on historical facts, figures and evidence. It can be collected easily using surveys, polls, focus groups, and historical reports. This data can be measured in numbers and can provide a foundation for the researchers for qualitative analysis. The results of the quantitative research can further be analyzed using qualitative methods. 

  • Branding Research

Branding research revolves around the study of brand awareness and brand loyalty of customers. Its main purpose is to help the company establish its brand image and maintain it effectively. It involves researching the brand tone, values, and image of the company. Surveys and interviews can be focused on testing the level of brand awareness and asking them questions about their interest in buying the product or service of the brand. This helps get deeper insights into the customer’s perception of the brand. 

  • Customer Research

Customer satisfaction is the key to the success of any business. Customer research involves researching the consumer’s preferences, needs, buying behaviors, and brand awareness. By conducting customer research, you can identify the factors that influence your target audience’s decision and develop an effective marketing plan to sell your products and services. Customer research can help you collect crucial information about your customers and use it to your advantage for growing your business. 

  • Competitor Research

Never underestimate your competitor. You must have heard this phrase numerous times. Beating the competition is one of the major goals for any business. In order to stay ahead, it is important to know your competitor’s weaknesses and strengths and make your strategy accordingly. Competitor research lets you collect this data about your competitors. It involves Collecting data about your competitors and evaluating your strengths and weaknesses against theirs. This information can help you improve your marketing and sales strategy to get better results. 

  • Product Research

Product market research is conducted to determine the potential demand for your product or service offering. It involves carrying out surveys and polls to determine the demand for a product and the customer perception of it. It can help you decide if your product is ready to launch in the market or make improvements if needed. 

Common Market Research Tools – Data Collection

Data collection is an important activity in market research. There are various tools that a researcher can use to collect data from the customers. Mentioned below are the most widely used data collection methods – 

  • Surveys

Surveys are the most commonly used data collection tools. They are forms that consist of a questionnaire that is developed based on the research objective. Surveys are conducted through forms that can be circulated either online or offline. The questions can be both ‘yes’ or ‘no’ type and descriptive type. Surveys are cost-effective and less time-consuming hence it is easy to conduct research using this method. 

Interviews

  • Focus Groups

Another method of collecting data is through focus groups. Focus groups are groups of people selected by the company on the basis of its target audience. The researchers try to converse with these people to understand their buying patterns, preferences, and requirements. Focus groups are expensive and can sometimes lead to problems if you cut corners in selecting your focus group. 

  • Interviews 

Interviews include one-to-one conversations with the representatives of the sample population to get an overview of their perceptions. It is a great way to understand your target audience and it allows you to ask detailed questions based on the direction of the conversation to gather more relevant data. 

  • Observation

Observation involves observing the customer’s actions while engaging with the company’s product. It is a good alternative to focus groups as it is more cost-effective. But, you still need to use surveys and interviews to understand the thought process of your customers. 

Process of Conducting Market Research in 7 Simple Steps 

Step 1. Identify your Problem

The first step of conducting a market study is identifying the research problem. It involves determining the problem that you want to solve by conducting the research. Market research helps you understand the problem, find the cause and develop a solution for it. For example, what the target audience thinks about the product is a research problem that can help you decide if you should launch your product in the market. 

Step 2. Develop a research plan

Once you have identified the research problem, the next step is to lay out a plan for conducting the research. Write down all the steps that will be performed and the expected timeline for completion. This will help lead the research in the right direction and keep it on track for timely completion. 

Step 3. Define your buyer persona and choose a sample 

The next step involves understanding your customer and creating an artificial persona that represents your target customers. Doing this will help you filter out the type of people who can buy your product and choose a sample from among the huge population to understand your needs. 

Step 4. Gather data

Once you have chosen your sample population, the next step is to collect data about them, their preferences, problems faced, buying behavior, demographic profile, financial profile, etc. This data can be collected through surveys, interviews, focus groups, and observation. 

Step 5. Analysis and interpretation

The data collected in the previous step is in raw form and is not conclusive on its own. So the next step involves converting the data into meaningful form by analyzing and interpreting it. Using statistical methods to analyze the data can help you get insights into the factors that are affecting the business and which factor is more significant than the others. 

Step 6. Market research report

Once you have interpreted the data and drawn meaningful conclusions from it, the next step is to present it in the form of a report to the top management. The report should consist of the details about the research and its results.  It will help the reader understand the evidence behind the conclusions and make decisions based on them. 

Step 7. Take Action

Now that you are done with your market study, you can make well-informed decisions about your business and increase your efficiency and productivity. 

Wrapping Up

Market study plays a significant role in the success and growth of any business. It helps the business understand its customers, their problems, needs preferences, behavior, and demographic profile, and create a winning marketing strategy based on that. It is a great idea to understand your business environment, target customers, and competitors before making important decisions. Doing a market study can be intimidating as it requires a lot of time, money, effort, and expertise. But, you need not worry as you can always take professional help. Aviaan Accounting is the top market research consultant in Dubai, UAE.

Why Us – Aviaan Accounting?

We are a team of highly experienced professionals who are determined to deliver quality, no matter what. Having assisted numerous organizations in conducting market research, we have an extensive experience of the same. Our market research reports are detailed, accurate, and comprehensive. We make sure that you do not miss out on any information that is important for your business and are always on time. 

To avail of our services, visit us at Aviaan Accounting and get your market study done now! 

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