In the past few years, many organizations have adopted technologies into their business models in hopes to increase efficiency, become more flexible, and to transform their current business functions. Market research, too, has adopted new techniques and methodologies in order to keep up with the evolving markets and extend its reach. In a recent blog, The Top 20 Emerging Methods in Market Research, industry expert Greenbook Blog uses data from surveys conducted in September 2014 to determine the emerging trends that are expected to be used in the upcoming years by market researchers.

Market research is imperative when it comes to any organization – new or established. You need it to understand your target market and increase sales. Highly effective organizations understand the importance of market research continually taking place. As smallbusiness.gov puts it, organizations conduct market research for numerous reasons throughout various stages of development, all of which are equally important.

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.

Broadline Research Providers Are the Most Valuable Resource Given Today’s Economy and Competitive Environment

Over the course of the last 10 years, the amount of secondary research and the availability of resources to access published industry data has increased substantially. However, researchers often overlook the option of leveraging readily available, reliable industry data; a valuable option that curtails the overall project cost as well as time required in obtaining answers to critical go-to-market questions.

There is a reason why people repeatedly return to the same restaurant. Is it the food? Clearly if the food is sub-par, then any establishment will soon be out of business since no one will return to an eating establishment for a lousy meal. But, given that the food that is served is good, one can then argue that there are probably many other restaurants located in the vicinity of our favorite eating place. Why would we repeatedly return to the same one? It’s the service! It’s the people who serve the food; it’s the manager of the restaurant who comes over and personally greets you. It’s the wait staff that serves you as though you were the most important person in the room. And, most of all, it's the high quality food served at a price we are willing to pay. That’s what brings us back, time and time again. And, those factors are what make you loyal to any business.

The problem many companies face is the issue of having an over saturated market, meaning the amount inventory of a product has been maximized and consumer demand has lessened, either by too much production or too many competitors in the market. There are plenty of ways to get out of such a situation and distinguish oneself from others. But, in order to successfully prosper, companies need to use market research to discover which way would be most beneficial.

They say that you can't judge a book by its cover. Likewise, you can’t always judge what sort of content you are going to get out of a market research report just based on pricing or size. However, there are some general guidelines that you can follow that will give you a good idea of what you can typically expect from a report listed on the website. Here are a few general categorizations of reports, what you can expect to get from them, and why you would typically use them. Please note that all prices are estimates of single user license costs.

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.

When markets in an industry change somehow, either from new ideas or technological changes, successful organizations quickly begin new research projects to develop conclusions on how they should react to the change. Market research allows these organizations new insights on how changes in their own company can benefit from shifts in the market. Different circumstances can arise that lead to organizations being indecisive about how to react, and, therefore, they are essentially unable to benefit from new market movements.

To complete the market research process successfully, we are taught to stick to 6 systematic steps. Each step serves its own importance to ensure organizations are getting the most out of their research and staying on task. But, even with these steps, there are additional details that are considered to be critical aspects of market research.