Are you an entrepreneur or a manager? Then you know how exciting and crucial it is to make the right choice for your company.
Effectively investing resources it’s important not to lose market share and to take the lead with competitors.
So, how to reduce errors and make good decisions?
Using market research.
Definition: what is market research
Market research is the systematic collection of data related to marketing issues.
But, what market research is useful for?
- Getting to know your consumer’s behavior better
- Getting to know the structure of a new market where you’d like to distribute your product
- Analyze the market where your company works
- Analyze your customer satisfaction
- Monitor any “hidden request” in the market and develop a product/service to answer that
Market research can be your friend to develop a prosperous business and to keep it that way over time. But how can you get significant data to make better marketing decisions for your company?
Quantitive and qualitative data: what they are and why you need them
Once goals are set, researchers have different options to collect data. In fact, data can be divided in two different categories: quantitative and qualitative.
Quantitative data are often numerical and they require a lot of work both during collection and analysis. To be significant the sample needs to be numerous and questions have to be structured in the same way for all users.
An example: Sky wants to analyze satisfaction of Sport pack users surveying its customer. Respondents can express their satisfaction through adjectives like Very Satisfied, Satisfied, Dissatisfied, Very Dissatisfied. Once the data are collected, they need to be statistically analyzed to know the level of satisfaction of the users.
Qualitative data are useful to know how or why something happens in your company. Questions are de-structured and give to the researcher the possibility to range from one topic to the other.
An example: Procter & Gamble has just designed a new beauty product for women. Researchers organize a focus-group with people who tested the prototype to see how the target consumer reacts to the product.
Understanding data and taking the right decision
Qualitative and quantitative data are really important but they’re not enough. So, once you collected them, it’s their analysis that makes them useful for the company.