Tag Archives: Market research

3 Reasons Why Your Insurance Business Needs Market Research

Posted on January 14, 2021

Insurance is a part and parcel of the modern world. People like to ensure what they consider as an asset. There are excellent services provided by an insurance business to avail of such benefits. How can you understand that your business is being trusted by the target audience? The answers lie in market research.

Market research is a mandatory part of an insurance business when something new is to be launched. It helps to find out the current condition of the business. Questions answered by customers and the image pertained to your business can be improved significantly when you directly interact with the consumers.
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How Will AI Transform the Market Research Industry?

Posted on March 19, 2020

Artificial Intelligence or AI as we know it has already revolutionized the entire market with a wide variety of its uses in different fields of our daily lives starting right from our mobile phones to social media, and marketing and commerce. The feedback that we have been getting from the market concerning artificial intelligence has been so far so good, and this invention has democratized into many more fields in the coming years eventually. With a lot of space for expanding the growth as well as making the AI algorithms more ‘intelligent’, we can have a myriad of choices to implement the use of artificial intelligence. Some of the best results in the implementation of this are as follows:

Detection of fake news
The first and foremost thing that destroys market research is fake news or fraudulent news. These lead to incorrect data and mismanagement of indicators which determines the precision with which the data is handled. Many clients want clean and accurate data and this would be a major blow to those.

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Why Use Qualitative Research for your Business?

Posted on January 25, 2015

Have you ever wondered what Qualitative Research is all about and if you should use it for your business? Read on to know more about Qualitative Research and its benefits.

Defining qualitative research

Qualitative research is a popular research method that is used across various sectors, be it in social science or market research. A qualitative researcher primarily aims at gathering a comprehensive understanding of human behaviour and the reasons behind such behaviour.

The science behind this type of research assumes that among individuals, there is a relationship between attitude and behaviour. Qualitative research is an essential tool in data collection and can prove to be extremely useful in market research.

How is data collected for qualitative research?

Data is usually collected through direct interaction with individuals on a one-to-one basis or through direct interaction with individuals in a group setting. Since the data collection process in qualitative research is time-consuming, qualitative research can be expensive. However, the information will be accurate and will also give you a deeper insight into the subject that you are researching.

Popular methods in conducting qualitative data

Focus groups, individual interviews, observations, and action research are some of the popular methods used in qualitative data collection.

Benefits of using qualitative research

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How to Identify, Find & Evaluate Your Target Market?

Posted on July 19, 2014

As a business, trying to satisfy a wide array of different needs at the same time is not an effective strategy. However, by splitting up your customers into different group of similar people can help your business to effectively market your services/products specifically to the customers who will be most profitable to your company.
But how do you identity, find and then evaluate your target market? Here is how you do it…..

Identify your target market

How do you go about identifying your target market? You look for groups with similar characteristics and then identify the different segments among your existing customers. You can segment your consumers by income, age or gender. The location is also a key factor and can help you decide if you are targeting local consumers or international customers. Through segmentation, you can clearly understand what aspects of your business offers appeal to each of the consumer groups and accordingly adapt your product/service to exactly match their requirements.

This may mean modifying your product or making changes to your service, reliability, delivery or any other specific need that is important to a particular market segment. At times, you may also need to adjust the way you market your business offers (Changing your pricing policy or using distribution channels that reach your target audience more effectively). While reaching out to different customer segments, remember to also adapt your promotional media messages accordingly.

Find and evaluate potential customers

When it comes to identifying the right groups of customers that your business should be targeting, knowledge is everything. This is where Market Research can help you. With market research, you can understand the needs, spending habits and tastes of different groups of prospective consumers. This will reveal which customer segments are most likely to buy your products/services and the exact kind of marketing and sales actions that they will respond to.

A SWOT analysis can also help your business evaluate your weaknesses and strengths as a business and identify the threats and opportunities that are looming in your targeted market. This will give you a clear picture if your business is in a position to carry out a strong marketing and sales campaign with your targeted customers. A SWOT analysis can also show you how you measure up against your competitors. Continue reading →

Who, What, When, Where, Why & How – Answer It All with Market Research!

Posted on June 19, 2014

Have you heard and read a lot about the benefits of using market research for your business, but have still not tried it out? With market research, your business can get a deeper insight into your market, products, customers, marketing strategies and competitors. By gaining a better understanding of the key areas of your business, you can make the right decisions at the right time and place your company on the road to success.

Market research can give you answers to the puzzling Who, What, Where, When, Why and How questions of meeting the needs of your customers and marketing your brand. Here are 20 such questions that market research can help you answer.

Answer these top 20 questions with market research

Who is currently purchasing your service or product?
What are the lives of your target audience actually like?
Why are other interested customers not buying your product/service?
Who would be interested in purchasing your product/services in the future?
How many interested customers are there?
What are the common trends that are affecting the lives of your target audience at the present?
Where would customers buy your service/product from?
How, where and when would they consume or use your product/service?
Why would a customer buy your product/service? What need are they trying to satisfy?
Who is your current competition?
What image do customers have of your brand versus the brand of your competitors?
What should be the ideal brand image for your business to market?
What do customers think about the different aspects of your service/product? (Packaging, Pricing, Features, Name, Advertising etc)
What improvements can you make to your product/service in order to meet the needs of your customers even better?
What is the most important benefit that you want your brand to offer and why would customers believe this benefit to be true?
How can you effectively communicate the benefits of your product/service to your target audience?
What is the right price to charge for your product/service?
What are some of the other new services/products that your business can offer to customers?
What is your vision for your company and brand?
What is the best roadmap to follow in order to achieve your goals?

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How to Find Out If a Product Will Succeed through Market Research?

Posted on March 8, 2014

Market research is the first step in the marketing process, after the ideas of a product are conceived. Businesses conduct market research to gain information about the marketplace, solve problems, find out about competitors and evaluate the wants/needs of non-paying customers and consumers. Market researchers then analyze this data and create appropriate marketing strategies.

Is your company on the verge of releasing a new product or service into the market? Do you want to know if the product/service will be a success? If yes, then you can use any of the four types of market research methods to find out.

1. Use focus groups to find out what’s popular in the market

Focus groups (six to ten people) are usually carried out at focus group facilities, with special one-way mirrors, so that your manager can listen to your customer’s feedback about your services/product. The focus group is usually run by a moderator who asks around 5 to 10 questions about your product/service. Questioning your customers about new products, how much they would be willing to pay and if they would buy it can help you customize your product according to the likes of your target audience.

2. Observe consumer usage and likes via one-on-one interviews

These interviews are conducted with one person, instead of a group. Your manager can use such interviews to closely watch how a person actually uses your product. For example, if your product is a new SmartPhone, you can test it out on an individual and observe how they are using it, behind a one-way mirror. Later, you can interview the person and find out what they liked or disliked about your product. Based on such consumer usage, you can tweak your product. Continue reading →