Market research has become an essential part of every business's business and development strategy. Viindoo will help you understand the concept clearly market research, common types of research, why it is important and how to do it effectively!
What is market research?
Market research is the essential first step in gathering information and data related to customers, competitors and target markets. This process helps businesses determine the right direction and build appropriate strategies towards sustainable and long-term development.
Market research is an important step to take
Each business will choose different research methods depending on its specific goals, such as market penetration, launching new products or services, or launching communication campaigns. However, whatever the purpose, market research is still a necessary operation, ensuring the provision of complete and accurate information so that businesses can plan appropriate strategies and achieve high business efficiency.
Types of market research
To gain an in-depth and comprehensive view of the market, businesses can apply many different types of research. Below are some popular methods that help businesses collect information effectively and make accurate strategic decisions.
Primary market research
Primary market research is the process of collecting data directly from the target market through methods such as observation, survey, and testing. Collected information is often classified into two main groups:
- Exploratory information: Helps identify and clarify issues that were not previously understood.
- Conclusive information: Provides data to confirm and clarify issues identified during the exploration phase.
The result of primary market research is raw data collected from participants. Businesses will then synthesize and analyze this information to gain greater insight through detecting trends and applying comparison methods.
Primary market research helps businesses see more deeply
Secondary market research
Secondary market research is the method of using data that has been previously collected and analyzed by external sources, not owned by the business. This data is often freely available, making it cost-effective compared to primary research.
Secondary research is often conducted as a first step before conducting primary research. However, the information gathered from this method may not be detailed enough to fully explain the results, so it is often used for support and further analysis. To handle this large amount of data, businesses need effective management options, because manual processing can be complicated and expensive.
Secondary market research requires careful selection
Why do businesses need market research?
Understanding the market is a key factor for sustainable development and success. Here are the reasons why businesses cannot ignore market research.
Purpose of market research
The goal of market research is not only to solve problems that arise, but also to help businesses better understand the factors that affect their success. For any business, this process also aims to achieve the following goals:
- Explore market needs: Market research allows businesses to better understand the needs and desires of customers, thereby helping to provide products and services that meet market needs.
- Analyze competitors: Through research, businesses can gain a deeper understanding of their competitors, thereby building effective competitive strategies to create an advantage in the market.
- Brand Positioning: Market research helps businesses determine the brand's position in the hearts of customers and in the market, supporting the building of a strong brand image and attracting customers.
- Make strategic decisions: Information from market research is the foundation for important strategic decisions such as new product development, pricing, distribution channel selection and marketing and advertising planning.
- Evaluate strategic effectiveness: Market research helps businesses evaluate the success of implemented strategies, thereby allowing adjustments and optimization of strategies to maximize profits and strengthen competitive position.
Purpose of market research
The role of market research
Market research brings businesses valuable information to identify opportunities and exploit new business potential. It helps businesses use resources more effectively and adjust development direction appropriately. Besides, market research Supporting risk mitigation and adjusting strategies to cope with market fluctuations, ensuring stable business operations. Information collected from market research is the foundation for building appropriate business, marketing and advertising strategies, and helps businesses adjust to better meet the needs of customers and consumers.
Effective ways to do market research
To take full advantage of the benefits from market research, businesses need to apply effective research methods. Below are approaches that help businesses collect the most accurate and detailed information about the market:
- Observe customer behavior: Track customer behavior and consumption habits in their natural environment.
- Market research through direct interviews: Conduct face-to-face interviews with customers to collect detailed opinions and feedback.
- Group interviews and in-depth interviews: Organize group interviews or in-depth interviews to collect information from many individuals at the same time or go deeper into each individual.
- Market research by phone: Use phone calls to collect information from customers, which can be effective for reaching a broad audience.
- Survey via email: Send email surveys to customers to collect opinions and data quickly and at low cost.
- Market research through online surveys: Use online survey platforms to reach and collect data from a large number of consumers.
- Experiment: Conduct testing of the product or service in a small group before rolling it out on a large scale to evaluate effectiveness and get feedback.
Market research through online surveys
6 steps of market research to achieve high results
To achieve optimal results from market research, it is very important to follow a clear and strict process. Below are 6 basic steps to help businesses ensure efficiency and high accuracy in their market research.
Determine goals
Before starting research, businesses need to clearly determine what the research goal is: Learn about new customers, analyze competitors or evaluate potential markets?
Choose appropriate research methods
Based on determined goals, businesses can choose methods including market surveys, direct interviews, statistics, testing, etc. Depending on the level of suitability, businesses will flexibly choose.
Design survey questionnaire
The design of the survey questionnaire needs to be clear, easy to understand and oriented towards the research objectives. Questions should be designed so that specific and useful information can be gathered.
Questionnaire survey
Perform information collection
Carry out information collection through selected channels such as online surveys, interviews or observations. Ensure data collected is accurate and reliable.
Synthesize and analyze data
Once collected, data needs to be systematically synthesized and analyzed. Use analytical tools to draw important conclusions from data.
Present results and evaluate
Present research results in a detailed, easy-to-understand report with specific assessments and recommendations for businesses.
Viindoo Marketing - Solution to help businesses access the market more easily
Viindoo Marketing software was born to provide a comprehensive marketing solution, helping businesses execute and manage multi-channel campaigns effectively. Below are Viindoo's outstanding features, providing businesses with powerful tools to optimize marketing and customer care activities:
- Manage multi-channel marketing campaigns: Build an accurate and consistent content strategy, increasing customer touch points on multiple platforms.
- Measure and optimize marketing effectiveness: Identify potential customer sources, create customer journey maps to analyze and predict purchasing behavior.
- Store and manage customer data: Automatically record and store interaction history, manage the sales cycle and customer care automatically.
- Multidimensional reporting and analysis: Provide real-time updated reports, analyzing trends, purchasing habits, and campaign effectiveness through intuitive charts.
Viindoo Marketing software
Implementation market research effectively not only helps businesses gain insight into customer needs and trends but also opens up opportunities to optimize marketing strategies. Investing in market research is investing in the successful future of the business. Use the software Viindoo to have a comprehensive view and optimize your market development strategy.