Market research provides insights that can be extremely beneficial for many businesses, helping them reach their goals and make better decisions. Below is information about market research, how it can help businesses, and how businesses can start using it. There is also information about the products and services that NetBase Quid, a consumer and market intelligence platform, offers.
What is Market Research?
Market research encompasses any and all activities that involve the collection and analysis of information about a specific industry, its consumers, and its pool of competitors. Market researchers may examine a particular market, gathering information pertaining to sociographics, market demographics, marketing channels, market size, market trends, and business regulations.
They may also conduct research on a consumer base, looking closely at its demographics, lifestyle trends, needs, preferences, expectations, and attitudes. Additionally, they may investigate a pool of competitors, studying each competitor’s turnover, market share, products, services, brand strategy, and pricing structure.
How Can Market Research Benefit a Business?
There are many ways market intelligence can help a business. It can shed light on the economic, sociocultural, legal, and political factors that play a role in how a business can promote and sell its products and services. It can also help a business identify gaps in a market, new market trends, and new market opportunities, allowing the business to gain a better understanding of its target market. Moreover, it can help a business monitor the buying habits of its current and potential consumers and determine existing attitudes towards its products and services. Furthermore, it can help a business pinpoint its competitors’ strengths, weaknesses, and marketing strategies.
How Can a Business Get Started?
A business can begin engaging in market research by gathering information from various sources. There is a plethora of information about specific industries and companies available online and in print media. Some of this information can be accessed for free while some of it requires a paid membership or subscription. If there is too much information for a business to sift through, it should consider hiring a market intelligence expert or paying for market intelligence services.
Here is a list of some of the sources a business can use to obtain market intelligence:
- Focus Groups
- Trade Journals
- Search Engines
- Blogs & Forums
- Consumer Surveys
- Competitor Price Lists
- Business Review Sites
- Point-of-Sale Feedback
- Manufacturers & Suppliers
- Print, Social & Visual Media
- Phone & In-Person Interviews
- Private & Public Statistical Data
NetBase Quid is a consumer and market intelligence platform that offers high-quality social media analytics solutions for businesses. The platform is equipped with Natural Language Processing technology, which breaks down complicated language, helping a business make decisions quickly and effectively. NetBase Quid can help a business reach its goals by providing them with insights about trends as well as detailed information about competitors. It can also help a business improve consumer engagement and streghten brand loyalty. Click here to access more information about NetBase Quid and its products and services.