Golden rules of Market Research
Market
research is paving the way for new businesses and companies. It is vital to
evaluate the dynamics of the market as well as your competitors to achieve
sustained and long-term success. No matter which sector your business falls
into or the core strategic objectives might be for example driving growth,
entering new markets or sustaining a competitive advantage, effective market
research will help you deliver.
This
is what drives companies from diverse markets to take up the services of
Truecode in order to attain valuable insights into what is happening in their
markets. But how can you be so certain that you are putting that information to
the best use possible? In this article, Truecode aims to show you some golden
rules to ensure you are getting the best possible return on your market
research investment.
Firstly
insights delivered by market research can take you in all sorts of different
directions. For example, they can prove or disprove a hypothesis, can alert you
to something that wasn’t on your radar or help you plan for controlled and
profitable growth. That means ensuing some basic rules that might sound
obvious but are easy to overlook: One important aspect is to ensure marketing
intelligence insights find their way to those in the operation who will really
benefit from them. Make sure to use of
all the market research products and services that are at your disposal. It is
all too easy to only act on those findings that support your or the company’s
preconceptions, and to ignore those that don’t.
Secondly,
in the brave new world of the 2020s, there is more data around than we know
what to do with. But unless it is framed in the correct context, it becomes
meaningless. You can prove practically anything with an internet search engine
and a set of statistical data. That’s great if you want 10 minutes of
entertainment reading a blog post about spurious correlations, but it won’t
help you achieve any of those strategic objectives we mentioned earlier. Good
quality research comes from expert analysts who
understand both the power and the limitations of all that data out there – and
can convert it into relevant insights. For example, anyone can pull some trends
from census data. But an experienced analyst will factor in those hidden
factors such as error rates and changes to category definitions. Today, we live
in a world where we tend to think Google has the answer to everything. For
sure, you can get hold of a market research report right there for nothing with
a quick internet search. Market research is all about asking questions – don’t
stop asking when you have the data set out in front of you.
At
Truecode, we take pride in paving the way of market research, and in order to
excel in your business equal cooperation from the client is required. By
getting involved and having inputs every step of the way from defining the
scope of the survey to analysing the survey, you will be handling utmost
knowledge of every sector, region, and trend of your business industry. This
makes you capable of discussing and even challenging the findings of the survey
with our market research analysts at Truecode.
This enables you to achieve an added confidence in the conclusions and
drawings made from the survey, enabling you to make better and accurate
business decisions.As well as helping you get the best use out of the data, it
makes life so much more comfortable when discussing the project with
stakeholders within the organisation.
Truecode operates across industries such as
financial services, charities, healthcare and utilities, we are fully aware of
the impact that market shocks can have on a business or sector. It’s something
that was seen by everyone on a global level just four years ago when two of the
biggest political shocks in world history hit within a short period of time. We
mean, of course, the results of the EU referendum in the UK and of the
presidential election in the US. Here is when the possibilities of these events
are tracked in order to reduce the impact of such events on your business
proves the importance of market research and analysis.
Finally,
don’t get too hung up on the “crystal ball gazing” aspect of market research.
There’s a common fallacy that it is all about formulating for future events. Of
course, it is important to do so, but don’t get so blinkered in your focus on
what might happen in five years time that you miss the market insight that
reflects changes happening right under your nose.
Whichever
market you operate in, you’ll have noticed that it is evolving, and at a faster
rate than ever before. Use the insights from market research to help you drive
that change, not simply to prepare to let it drive you.
