Market Research
At Elm, we are wholeheartedly committed to bolstering the values of community partnerships with entrepreneurs in times of emergencies. In line with that, we hosted at our Elm 10th virtual seminar Mr. Waleed Alsulaiman to shed light on “Market Research during Crisis”. Alsulaiman gave a comprehensive look on market research trends, purpose and methodology, its impact on companies’ success, an overview global-best practices, and the stages of conducting market research.
What do we mean by market research and?
Market research is a group of researchers conducted to gather information about the market or consumers behavior as per a specific methodology which can help decision-makers to from accurate and precise understanding. Market research when conducted by a well-rounded methodology, it will drive revenue up. Market research aims to rationalize marketing decisions to mitigate perceived risks. Those researches do not only aim to increase profits, but also uncover on the positive impact on society by understanding a negative social phenomenon and help resolving it.
The impact of market research on company’s success
Market research provides the necessary information that enables the company to adopt a well-rounded marketing approach which in turn will help profits increase and avoid potential losses. Also, researches help establish a resilient customer database which to fill the gaps and boost marketing revenue.
Marketing research globally
Conducting successful market research doesn’t need the help of specialized companies. If entrepreneurs or owners of a small and medium startup have a comprehensive understanding of market research; they will avoid many issues. The global research market in 2018 was estimated at $60 billion, and the US has the largest share with about 45% of the market size, followed by Europe with a market share of 35%, while the Middle East and North Africa shares did not exceed 5%. On the local level; the market research industry has been estimated at approximately $500 million.
Who conducts market research studies? And what are the most famous trends?
Some top-tier companies have in their organizational structure a Market Research Department where to conduct their researches. While some companies reach to specialized companies with experts’ team.
Market research is comprised of:
Initial research which focuses on qualitative and quantitative, and observational research.
Published researches.
Market research phases
The researcher must conduct professional and efficient research to achieve the best outcomes. We can summarize the stages as follows:
Define the research objectives: What is the purpose of the research? What are the problems you want to solve?
Design research methodology: is it a qualitative or quantitative study?
Define the study tools: will it be through face-to-face interviews, phone interviews, or focus groups?
Specify the study sample: for the quantitative research only.
Data gathering: according to the research methodology.
Data analysis.
Develop the findings, reports and recommendations.