How can you get answers to solve business challenges more quickly and accurately? A new report from cutting-edge research firm Arizton Advisory and Intelligence affirms how market research can deliver—and why it’s a critical imperative today.
It has become impossible to sell or develop a product or service without any kind of market research. Even more so after the COVID-19 pandemic, which was accompanied by a tremendous amount of demand and supply chain disruptions. The period of self-isolation, lockdown, and contagion may be temporary but has had some permanent effects on consumer behavior. These new consumer behaviors effect all areas of customer’s life, from how they work to how they shop and entertain themselves. These shifts in behavior affects all kinds of goods and services market in some way.
Syndicated research reports paint a picture of what kind of innovations or trends a particular product can possess to be profitable for a course of time. For already flourishing products or companies, they provide an insight on what consumer behavior is like and recent changes in policies and regulations by government that can affect product demand.
Here are examples of some companies that benefitted by using market research
Lego had always been about boy pop toys previously, until an in-house team of researchers conducted a 4-year study to come up with a product for girls. The percentage of sales of female pop toys at that time was 9 percent. This market research studied girls’ playing habits & patterns and included extensive questioning that would make Legos more interesting for girls. After the research, Lego came up with a new product line called ‘Friends’. The colors of bricks used in this line were more diverse and vibrant. The product also had more appealing packaging for girls. They also increased the size of the figures so that they can accommodate accessories such as hairbrushes and makeup. The Danish toymakers were a hit amongst girls after product’s release in 2012. Not just this, Lego Friends also became the reason why revenue in girl construction toys in U.S. and European countries tripled to $900 million in 2014 from $300 million in 2011.
Apple is one of the largest names in technology products for years. This isn’t just because of their innovations. Instead, it is because of their in-house market research team ‘Apple Customer Pulse,’ which finds out what customers exactly wants from Apple devices by conducting studies and surveys. These surveys have led to several design modifications and innovations in Apple products. One of these innovations was for phones to have bigger screens to view videos and games clearly.
Outsource market research?
We get it! All companies cannot be ‘Apple’ or ‘Lego’, at least at the start. Your business also may not have a bandwidth to have a full-time research team. Consider outsourcing market search to the pioneers in the domain if your team doesn’t have someone with research capabilities or it’s too mammoth a task to take up at the moment for your businesses. You would be surprised about the changes in your business operations when you opt for outsourcing market research. Additionally, having less work for yourself, you could also gain the following benefits:
Get expert advice
Analysts who specialize in a particular industry will be able to give accurate insights in a given time. They are dedicated to the industry and have witnessed the demand and supply chain disruptions though the years closely. These analysts can give insights to propel your small business.
Market research companies are reliable enough and will help you get insights to your industry within a deadline. This will give you more time to meet your suppliers or clients as a major task of market research is not your stress anymore. Market research is a tedious job which requires time and dedication, but the market research analysts would complete this task fast as they have an experience of conducting a research in particular industry.
Get a holistic view of the market
By purchasing secondary research reports, you will be able to stay up to date on the market as a whole. These reports will provide you a holistic view of the market and allow you to benchmark all the companies in the industry, not just the ones you consider as your competition.
Unbiased objective data is all you need
Another important benefit of investing in secondary research reports is their impartiality and credibility. Any third-party report will be more unbiased, and thus, will provide a better picture of what’s really happening in the market. Along with all the forecasted data produced by reliable research methods, you’ll have a clear understanding of the market landscape, market restraints in the industry, and how to position your brand in the market to drive business growth.