Most everyone would agree that market research is extremely important. There are hundreds of ways accurate market research can help a company, and that’s why every company should conduct beneficial research. The thing that tends to give market research a bad reputation is when companies carry out unnecessary research that gives company leaders the impression that market research is not valuable, overpriced and irrelevant. And, that simply isn’t true!

I will never forget the time in high school when my 11th-grade English teacher walked into class on the first day of school and assigned a 15-page research paper on George Orwell’s 1984. I had no clue how I was going to write 15 pages of content, especially on a book that, at the time, was pretty challenging. As it turned out, those 15 pages came pretty easily thanks to the help of some secondary sources. Secondary research is just as important in the data collection process of market research. While market research is definitely not high school English, the same concept applies: external secondary research is a tremendous tool with numerous advantages.

Market Research can be separated into two basic categories: problem-identification research and problem-solving research. Problem-identification research helps marketing teams identify what types of problems they might have, while problem-solving research helps identify ways to solve those problems through marketing mix and segmentation. There are many problem identification and solving methods that can be completed through market research. Take a look at the examples below to see which methods can benefit your company.

Because of the constantly evolving business environment, it can be difficult to keep up with the pace of all the changes. When it comes to market research, the entire concept of marketing has changed due to technological advancements and the emergence of social media. So, as a business leader, you must make sure your marketing teams are using all of their resources efficiently.

When utilizing secondary data to help make important marketing decisions, failing to check the reliability of that data could lead to inaccurate analyses and poor business decisions.

With today’s accessibility to data via the internet, anyone can publish anything from anywhere, so not everything posted online can be trusted. In order to ensure the accuracy and validity of any external secondary data, you should follow an evaluation process.  

With all the big data that can be presented and purchased, marketing teams can easily become overwhelmed with the task of analyzing that data.So, how do we determine what is actually viable information that can be useful for our companies? The best way to ensure you are getting the most out of your marketing data is to define your research objectives and goals. A great way to start your next marketing research project is to use the following steps of the Marketing Research Process.

When it comes to market research, people automatically think of how it can serve the needs of the behemoth corporations or the hopeful start-ups. But, there are numerous market research customers that aren't quite the first to mind but are certainly extremely interested users of research. The role of an industry investor may seem simple to the average person: invest in a profitable company, market segment, industry, etc. and make loads of money. However, nothing is ever quite that simple, and investing is certainly no different. So, let's take a look at insights from leading market research publisher in the stem cell industry, BioInformant Worldwide, L.L.C., to see an example of how industry investors can best use market research to make quick and educated decisions for increased profit.

On a recent swing through London to visit some of our Profound customers, we heard a concern voiced that we’d not heard before. People seemed to be concerned about the state of research in general; that as we emerge from a time of vast and rapid transformation, the research community needs to take stock globally to make sure that we haven’t lost something. Or, at least, we must ensure that if we have lost something, we get it back.

Looking toward the future of any industry is like watching a race, each company attempting to leverage the latest trends to gain an advantage over the competition. Thus, adaptability and economic mobility are key. In a recent blog post published on GreenBook Blog, author Kristof De Wulf, CEO of InSites Consulting, analyzes how the market research industry is adjusting to the ever-changing economic climate. In doing so, De Wulf determined "4 possible strategic directions" market research may take over the coming years. Understanding these projected market research trends will be critical in allowing your company to fully leverage its business intelligence resources.

Market Research is a large, but critical, investment for a business, and, as with any substantial purchase, you will probably want to ensure that you fully understand exactly what you're buying. Because there are many intricacies to finding and buying the right market research report or solution for your needs, you're going to have questions. So, we have compiled a list of some of the most frequently asked questions customers have when purchasing market research. With these common questions answered, you will be well on your way to landing the perfect report.