Ryan Learns Market Research: A Market Research Crash Course from Degreed
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What is Market Research
The definition for Market Research, "is the gathering of information regarding market need, market size, and competition," to simply put it having more information about your market and competition could lead to better business decisions. Learning more about a given industry helps businesses learn more about potential problems. it also gives businesses a chance to create a better business pitch and therefore secure more funding from investors. In this video Ryan learns that Market Research is a huge industry that helps businesses avoid problems while also giving insights to potential business opportunities.
As Ryan highlights in the Degreed video, Statista estimates that market research was a 44 billion dollar industry in 2015 alone. Ibis world estimates that about 20 billion dollars from the industry is due to the United States. When I was working with Texas Monthly I had the opportunity to use Nielsen to gather data, one of the major players in the market research industry. Companies such as Nielsen can conduct market research by using focus groups, in-depth interviews, mystery shopping, online surveys, and through social media. Market research is such a big industry because businesses need market research to access data that helps businesses make decisions. Depending on what the market research data says, market research could lead to new products, tv show renewals, and the particular price of a product or service. Market research is not a science but if conducted in the right manner could lead to valuable business insights.
Why is Market Research Valuable
Ryan interviews three different market research experts to understand how valuable market research really is. Ryan first talks to Jeff Brazel the CEO and co-founder of the market research company the Modellers. In his interview, Brazel claims that market research's main purpose is to "ultimately understand people's needs and how much consumers are willing to pay for a service or product". After understanding consumer needs and an accurate pricing, point companies are able to figure out what there message should be through mining through a vast amount of data. Brazel highlights the most important steps to take to figure out a companies message. These steps include: "identifying the problem and finding the data that you have available" (2.5 Quintillion bytes of data are created daily). Market research produces value because it's helps businesses understand how and why consumers purchase products or services.
Another expert that Ryan decided to interview was Pat Crowley Founder of Chapul. Pat Crowley provided tips for building learning habits, these learning habits included gathering as much free information as possible. Crowley began his business with no prior business experience. His business is very eco-friendly and he wanted to find a way to lower the water usage for agriculture. To find a more water efficient resource, Crowley decided to make food from crickets, Crowley figured if his product was marketed well it could change cultural norms and people could become interested in the product. To figure out interest levels, Crowley conducted market research using surveys and focus groups. Market research can help new companies figure out the interest level for their product or service.
What are the Rules of Market Research
Lastly, Ryan interviewed Kimberly Anderson the VP of clinical operations at PEGUS Research in Salt Lake City. Anderson claims, "qualitative research is primarily exploratory. It is used to gain an understanding of underlying reasons, opinions, and motivations". Anderson also lists out rules for Market Research. The first rule for market research focus groups is to, "keep it simple. Only ask the questions you need answered. The second rule is to ensure the safety, privacy, and the rights of the participants. The third and final rule is to be transparent and document everything." Documenting market research is important for making sure there is data to be analyzed and used to create business value.
Works Cited
"Market Research in the US."IBIS World.IBIS World.
"Ryan Learns Market Research: Ryan Learns Something Episode 4."YouTube, www.youtube.com/watch?v=7Kzgp_mmLuQ.
"Statistics and Facts on the Market Research Industry."Statista.
1. Methodology Developing an accurate methodology is key to the success of any market research effort. Establishing a successful methodology depends on a number of factors including but not limited to data collection, improving response rates, and eliminating privacy and security issues. Data Collection is vital to having a successful market research department. Whether it be for small or large businesses data collection is critical to measuring and analyzing traffic, lead generation, and conversions. Data collection includes data that comes from social media insights and large surveys. The main challenge with data collection is narrowing down the information that is useful and using that to make the most accurate return on investment (ROI) estimate. One of the first steps to tracking useful data is having your insights from all your websites in one place. Using dashboard tools such as Cyfe could help keep all of a businesses information in one place. The next m
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