At Norstat, we understand that effective market research is the cornerstone of informed decision-making for businesses. Our commitment to providing you with the highest quality data sets us apart. We meticulously gather, and curate data through suitable methods to ensure its accuracy and relevance. Through the following guide, we will explore what market research is, and how to do it effectively.
At its core, market research is about gaining a deeper understanding of the world in which your business operates.
The definition of market research can be explained as the process of systematically collecting data about your target market and customers. These data are invaluable for validating the success of a new product, refining an existing product, or gaining insights into brand perception to ensure your team communicates your company’s value effectively.
Market research is not merely a collection of data points and statistics; it’s the key that unlocks invaluable insights into consumer behaviour, industry trends, and the competitive landscape.
Conducting market research is crucial to understand every part of the market your business operates in. As consumers demand to be seen and have their needs fulfilled, market research proves invaluable. A successful business relies on having a deep understanding of their consumers in terms of what they like or dislike, their needs, and what messaging appeals to them.
As decision-makers, you face an ever-ending stream of decisions around target markers, pricing, promotion, distribution channels, as well as product development. They must account for all the factors involved, and there are methodologies and market research studies strategically designed to capture meaningful data to inform every decision.
Ultimately, market research allows companies to make data-driven decisions to drive growth and innovation.
Market research provides valuable insights into a variety of aspects that influence your performance, including:
In the realm of market research, there are different methodologies and types of market research, meticulously tailored to serve specific objectives and unlock insights. You need to evaluate what type will best help you fulfill your research objective. Explore the different types below.
Explore the key differences and advantages for conducting primary and secondary market researchRead more
Learn about the differences between quantitative and qualitative research, and the advantage of combining different typesRead more
Get an overview of the different methods we are using for our data collection. We are using a wide range of methods.Read More
In order to help you get started with your market research, we have defined the following four steps as a starting point for your research.
Defining a clear objective for you research provides focus, relevance, and clarity to your study. It lays the foundation for a successful outcome.
Identifying the right people to engage ensures that your research efforts are focused, efficient, and capable of delivering actionable insights that benefit both your organisation and the target audience
Preparing the right questions is essential for obtaining relevant, accurate, focused, and actionable insights from your market research. Make sure you cover every aspect needed to answer your research objective.
To effectively summarize your findings, use clear and concise language, consider visual aids such as charts and graphs, and a structured format that organizes the information logically. Make the findings accessible for the decision-makers.
Market research helps you avoid mistakes, stay on message and predict customer needs. Doing market research usually focuses on understanding the following four categories.
Consumer research enables you to grasp the needs and behaviours of current customers, past customers, and even non-customers. Understanding your customers is key to delivering your service more effectively, and improving your offerings for both existing and potential customers.
In company market research, you investigate various aspects to enhance business success, such as product/service design, promotion strategies, pricing, distribution, and more. This helps you find the right balance between profitability and customer satisfaction.
Competitor research is vital for staying ahead in a dynamic market. It helps you understand your industry’s dynamics by studying your rivals’ offerings, revealing their strengths, weaknesses, and potential opportunities or threats for your strategy.
The industry overall
Industry research is about exploring current trends, growth trajectories and dynamics, to gain insight into the direction the industry is headed. With industry research, you can adapt, innovate and position your business to thrive in a changing environment. In essence, it is about knowing your world.
Together, these four focus areas form the foundation of informed decision-making, enabling your business to thrive in a dynamic market.
Our comprehensive data collection solution supports you at every stage, from defining your target audience to survey scripting and result delivery. Managed with expertise, flexibility, and your specific needs in mind.
Our experience in the field of data collection with a variety of different clients in different industries, gives us an advantage. We will gladly help you get started!