5 Factors for Successful Market Research

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 major step is finding the best data is utilizing tools that quantify what used to be strictly qualitative data. Some useful tools include google analytics which can track button clicks and help quantify how many consumers reach your website and where the majority of your consumers come from. The final step is ensuring that data is utilized for improving ROI. Having researchers find the best data and making reasonable calculations takes time and training but could help improve ROI.

Improving response rates is important to developing a more accurate methodology. Increasing consumer engagement is important through creating interactive surveys, improving response rates which could enable better data collection. Having enticing options for surveys could improve upon response rates times which could further improve focus groups, survey data, and overall market research endeavors. In addition, eliminating privacy and security issues is important for consumer trust and for data collection. It is incredibly easy to access a vast amount of data about buyer's behavior but it is still important to ensure privacy and security for these consumers. Developing better methodologies for gathering data, improving response rates, and ensuring consumer trust are important to creating a successful, efficient, and effective marketing research department and methodology. 

2. Clear Outcomes

Having clear outcomes is essential to improving market research outcomes. Developing actionable insights and improving timeliness are two steps that could improve outcomes. Creating better surveys, data collection, and response times could improve the quality of data used to develop insights. Using a strong research methodology could bring forth the most valuable and actionable insights. Having clear data could help companies better understand their consumers and create better call to actions for their consumers. In an ever changing technological society keeping up with consumers is often difficult. Market research is important to finding out buyer personas and changing consumer behavior. Analyzing data effectively and efficiently helps meet the demand from consumers and helps businesses better meet their wanted outcomes. Developing clear outcomes depends on the amount of accurate consumer data businesses have and the timeliness of businesses response times to consumer needs and wants. 

To create clear market research outcomes it is important to define clear market research goals. The first step is defining the problem or opportunity that presents itself. The second step for defining clear market research outcomes is establishing market research objectives such as defining what a product or services performance could be in a particular market. After collecting information about a businesses objectives than a company can go ahead and analyze this data and develop clear outcomes for their business. After analyzing a market and finding areas where competitive advantages may hide companies could change their outcomes to strive for competitive advantages when compared to competitors within the industry. 

3. Communication

Enabling strong and reliable communication between consumers and businesses is a huge challenge that if responded to successfully could lead to many opportunities. Using market research insights and data collection to best find the main concerns and questions from consumers is important. This process of communicating with consumers on a consistent basis is essential for sustaining a good brand image and improving sales. Eliminating problems with products and services could improve quality and attract more consumers. Companies need to communicate with their consumers to troubleshoot issues that good improve their service or product. Strong communication could improve a businesses understanding of their competition. Successful communication could also increase engagement and a positive brand image could further provide opportunities in the future. Having good communication allows for businesses to test for success, ensure relevancy, and could help grow a business or company. effective and timely communication could increase sales which could increase ROI. Lastly, having a strong market research department that provides valuable data insights could enable successful communication. 

4. Technologies

Having a successful market research department depends on how businesses utilize big data and how well they understand the internet of things. Having more data could help businesses more accurately find their target market. There is so much data now that is hard for businesses to keep when using traditional market research methods. Creating more research roles is one-way businesses should adapt to improvements and changes with technology. Connecting with consumers on new technological platforms is vital for businesses if they want to remain relevant, profitable, and overall successful. 

Being able to track an increase of data information on new technologies is tough and one problem that comes with big data. However, successful market research departments who use effective methodologies could find trends and accurate buyer personas through analyzing large quantities of data. In addition, to big data, there is a rise in the use of mobile technologies meaning companies need to adapt their market research efforts and outcomes to match changes in the use of technology. 

In order to adapt companies need to utilize traditional marketing methods that are useful but also introduce more innovative methods that better keep track of data that comes from mobile technology. Having more innovative methodologies could better help meet clients needs but also need to be tested and monitored as they are new and unproven. Utilizing both methodologies is the answer for adapting to the use of new technologies. The influence of social media on businesses is important to note as it drives online sales. Understanding new technological advancements and changes are important when trying to develop better market research methods. 

5. Differentiation 

Differentiating one's product or service from competitors is difficult but possible if market research is utilized correctly. using market research methods and analyzing consumer's businesses could better develop a plan for how to demonstrate their unique value when compared to competitors in their industry. The main challenge is that there is so much information out there that finding unique value is incredibly difficult. However, finding gaps in the market and areas where consumers lack a competitive advantage is possible through market research. This data collection could provide enough valuable information for any business to develop a competitive advantage that will allow it to be profitable and financially successful. Staying relevant during this technological age is critical to establishing competitive advantages. Keeping up with trends and changes in consumer behavior could allow a business to find an opportunity to develop a competitive edge. Accurate market research is essential to finding ways to become more profitable and flexible in a changing business environment. Utilizing technology, communication, and clear methodologies are essential elements when trying to differentiate and remain relative.