The United States and Europe dominate the market research industry with global revenues exceeding $40 billion. These research firms make up almost 5,000 companies in the US and generate over $15 billion in revenue here in the states.

Within this multi-billion dollar industry, there have been credibility concerns over the years. For example, back in 2013, The Globe and Mail, a leading Canadian online news source, pointed to botched political polls from a British Columbian campaign in their article entitled, “When pollsters get it wrong: The high cost of lost credibility.”

Organization's views on market research vary from company to company. Factors, such as the corporate culture, sales revenue, and overall marketing strategy, can determine the budget allocated for market research. For most companies, market research is known to play an important role in pivotal business decisions; yet, for some companies, the need doesn't always match the budget available.

“Big Data” has been quite a buzzword in recent years, but it does have some real world implications for those in the market research industry. As technology evolves, it bleeds into market research and creates both new challenges as well as opportunities. Internet and mobile research have blended with new tools, such as survey applications, and many brands are taking advantage. What does this mean for market research and the professionals that perform it? Will they be pushed to the side, or is there a way for market researchers to adapt and strengthen themselves through these new technologies?

The exact statistics may vary, but most people that have ever worked in or around sales will tell you that it is significantly harder, more time consuming, and more costly to acquire a new client than it is to retain and grow an existing customer. However, those same people will also tell you how important it is to constantly be growing your account base. With that in mind, anything that can help with client acquisition has to be a good thing. There are many best practices in this area, but market research is probably not the first thing you would think to use. Yet, it can be one of the most powerful.

Customer loyalty programs are one of the fastest growing marketing techniques among various different industries. American Airlines was one of the first companies to launch a successful loyalty program in 1981, and since then, loyalty programs have only increased in popularity and diversity. Because such programs are so common, not to mention the number of types of loyalty programs to choose from, it is important that you use market research to help you understand which program works best for your organization.

Deciding on a price for a product or service is one of the most important decisions for any organization. Because companies need to cover their costs, it is vital that the price of an item is high enough to cover expenses, but not so high that customers won’t be willing to pay for the product. There are many market research techniques that are important to determine the best price point for any given product.

Market research, while critical to the overall success of an organization, is viewed by many as a big-ticket item when it comes to budget. But, although quality research doesn't always come cheap, its importance, not just for your marketing department, but for your entire organization is paramount. The benefits far outweigh the cost. You have to look at it from the mindset of an "investment" versus simply money spent. Most organizations understand that a complete lack of market research, or even just an inadequate amount, can put your organization at risk, yet some still struggle to jump the hurdle in allocating the resources necessary to their market research efforts. If we look at it from this perspective, perhaps it is most effective to consider the value market research holds across multiple departments within an organization. In doing so, you can more easily understand the value you are getting for your dollar.

It can be very difficult to establish a criteria for measuring and judging brand awareness and, therefore, judging the efficacy of a marketing campaign. Unlike other measurements, such as website traffic, organic searches, or conversion, awareness is a much more intangible measurement, difficult to quantify and evaluate in a meaningful and objective way. Nevertheless, it can be done. One important tool for doing this can be market research.

In each stage of the market research process, there are common mistakes that can be made. It is when we make mistakes that our reactions are most important. How researchers choose to handle their mistakes will determine whether there will be a successful outcome in a market research project.

Before launching any business, it’s imperative you do your research. According to Bloomberg, 8 out of 10 entrepreneurs who start small businesses fail within the first 18 months, a vast 80% don’t succeed. So, if you want to be a part of that successful 20%, you have to put together your SWOT (strengths, weaknesses, opportunities and threats) analysis, business plan, and marketing plan – none of which can be done without reliable and professional market research.