Market Research Services: Understanding the Impact of the Digital Era

The market research services industry is evolving at an enormous growth rate. In the United Kingdom alone, the market research industry is estimated to be more than 3 to 4.5 billion pounds per annum.  This phenomenal growth rate is not only seen in the market research services sector but even in the allied areas such as the technological sectors on which the market research industry relies today for its growth.  

In the decade that has gone by, the U.K. market research industry has witnessed tremendous technological development along with accepting this digital transformation with open arms. Let us see how the market research industry has kept pace with the digital age and succeeded in doing the same for the better:

Conducting online surveys using mobile gadgets

Though in the bygone years, technology was used on and off in the field of market research. The onset of 1990 saw the beginning for the conduct of online surveys in the market research services sector. Since then, there has been no looking back as the technological advancement has aided in speeding up the overall process in different areas of market research.

Overall the technological advancement has helped those companies that adapted well to the technological changes as it has helped them in reducing their cost along with making the market research process very simpler.

Better understanding of consumer needs by using technological gadgets

The technological innovation has come as a boon for consumers. With more and more innovations taking place all the time, even consumers have realized the importance of technological usage in various areas of market research such as methodological practices, data assimilation including enforcing of sustainable rules.

Many software companies in U.K. have entered the foray to leverage their techno ability for gathering quick data and that too at a cheap cost. This is no doubt a good sign, but the only hitch being greater competition making it tough and difficult for the survival of traditional market research companies.

Multiple ways of utilizing technology in market research

There are various ways in which a market research firm can engage technology to its advantage, say for instance –monitoring social media activities to gain better knowledge of likes, dislikes, behaviour and attitude of customers.

With mobile technology having taken over, people are better connected today than at any time before. The market research services sector too has embraced this latest techno change. Consumer behaviour studies conducted through mobile surveys enable consumers to complete the surveys at the place and time of their convenience.

Though digital technological innovation has provided plenty of advantages to the market research industry, it comes with its own disadvantages. Issues about consent and privacy of participants are fresh challenges that need to be addressed at the earliest. 

There are also many clients who still prefer the traditional market research practices such as CATI (Computer assisted telephonic interview). In spite of stiff challenges, the techniques and practices of market research will continue to evolve to keep pace with the latest and tremendous technological advancement with an ultimate goal of making reliable and faster data assimilation to help the market research industry.

iResearch Services is one of those leading market research services providing company in U.K. that uses the technology and digital media platforms to conduct market research for global organizations.

Business Research Services: For Beginners and Everyone Else

One of the vital issues that can make a business grow or break is business research. The factors determining the success of a business include the following:

·         The targeted consumers

·         Market condition

·         Competition in the industry

The above issues give a natural idea about qualitative as well as quantitative evaluation and assessment of the total business zone, the available potential that could be exploited, the advantages as well as disadvantages including other fundamental factors. Business research undertaken logically also helps to get information about other key sub-areas such as industry, the potential market, and the varied sector and sub-sectors and even about the targeted consumers.

Reputed and leading market research companies undertake a systematic business research by prioritizing them and carrying out the functions in varied stages of business. For instance, these market research companies help the clients by providing feedback about the ideal product and services that the company plans to launch. 

At the secondary stage, the business research strategy is more of business market research where the market research scene in totality is considered, the likes and dislikes of the consumers get taken into account, the behavior of competitors gets studied and analyzed including the prevailing challenges that needs tackling.

Once the entire business research process gets completed, the clients become competent enough to face and handle the unexpected and unpredictable demand of the consumers and surface as the leading and profitable organization in comparison with other competitors.  

Most trustworthy and leading market research companies even offer technical knowledge and research intelligence to the clients who want it and approach them. This enables the clients to gain access to the offshore pool of talent along with diversification of their competence including exploration of lucrative prospects and tapping of potential markets.

The benefit that these market research companies get by providing the services of business research to its clients is that the clients to feel benefitted when they associate with such market research companies and approach for their entire professional needs.

The primary services offered by market research companies with respect to business research services include services on information support, the industry as well as market analysis, competitive intelligence services.

The reason for the success of most market research companies involved in business research is primarily due to a set of skilled people attached to them. These companies use top university professionals having sound theatrical as well as on-field knowledge about business analytics and research concepts of business.  

The renowned market research companies often undertake thorough research analysis to gain in-depth knowledge about the demands of the consumers. This not only helps in developing of improved products but also in the better upgrading of the services and products thus leading to better consumer satisfaction. As a result, most service firms, professionals, consultants, business firms, research institutions and target oriented industrial firms approach the renowned market research companies for business research services offered by them.

Before blindly plunging into any type of solemn business activity, the undertaking of business research always helps as it directly affects the crucial stakes of a business namely consumers, target market, products as well as services. By understanding this and implementing the same, a business cannot only create fresh but even the best business research. 

4 Market Entry Strategies Successful Companies Secretly Follow

Developing an effective marketing strategy is the key to success in the growth of a business. A strategically formulated marketing strategy helps in the drafting of a well defined plan that aids in the overall development of a business. For both launch of a new product in the market or making a fresh entry into the market with an already existing product, a solid and well defined market strategy is very essential.

A business needs to make constant evaluation of various factors which restrict its entry in the market such as the total cost involved, the legal aspects, regulations pertaining to the specific industry and even the prevailing competition in the market.  With least market entry restrictions, a business can not only make a smooth entry in the market but also launch its products effectively in the market along with better designing and implementation of its market strategies such as the listed below.

1. Identification of the market needs

Choosing a product or service which bridges the market gap always help. Say for instance launch of a product or service which has not made its entry into the market or launch of a product or service which caters to selected group of consumers or a specific niche helps to bridge the gap.

Similarly, choosing a product better than others to launch or introducing a cheaper version of the already existing product in the market is one way of identification of the market need and better positioning of a specific product or service.

2. Adoption of either price or quality

For majority of businesses making an entry into the market with an existing product or service, it always pays to choose between the two main strategies of price and quality. Introducing your product in the market with price strategy as the primary goal helps in the introduction of the specific product at a lower cost. This way you can reduce the competition and capture a major share of the market.

The second option of adopting quality strategy enables to launch your product as a luxury good in the market at a higher price.

3. Evaluation of entry

When and how a business makes an entry into the market also needs to be worked out strategically. A quick and sudden entry into the market is likely to end in overestimation of demand and over production leading to heavy capital investment, slashing of the product prices and increase in the operational management costs.

On the contrary, a slow market entry involves the risk of losing a major share of the market to competitors or to products which are substitutes of your product. The market entry strategy of any organization is solely based on the product to be launched, its position in the market and the evaluation strategy adopted by the business.

 4. Foreign market entry

The entry into the foreign market requires an in depth study of the following four major strategies-licensing, exporting, direct investments and joint venture.

For making an entry into the foreign market, a company can adopt the indirect ways of licensing and exporting. For this the company has to rely on the company based in the foreign market. The advantage of making such an entry is that it requires minimal investment and it is also a lower risk option. The profit sharing in this venture is comparatively lower.

On the other hand, the market entry strategy through direct investment or joint venture is more profitable involving higher investment and is comparatively riskier.

Making a breakthrough in the market can be quite tricky and this is the sole reason why many companies fail every day. Through proper planning a company can attain success in the first attempt and for this choosing the best market strategy is of prime importance. Taking help of an experienced competitive intelligence services provider is always beneficial.

Opt for Optimum Results for the Business with CATI Services

In accordance with a recent employment survey, CATI is recognized to be one of the most popular methodologies which are used for the purpose of collecting data. The Computer aided telephonic interview or CATI is in the market for a longer time but it has gained high prominence in the recent days. Hence, it is not very surprising to find a wide array of companies offering CATI services. CATI has become very popular in delivering optimum results for the business.

Telephonic interview

It is very true that any type of anonymous search is the best type of market research. CATI is include telephonic procedure with different respondents. The surveys are conducted with the aid of a computer. CATI is essentially computer software which enables the user in making and receiving calls for conducting market research.

Recording the responses

CATI services involve saving different responses which are procured by respondents in CATI software at the time of speaking. There is lesser room for mistakes in these cases as the software is programmed for being accurate in the work. CATI services are inclusive of recording different types of data and saving the same in storage for dispatching it at a later off stage.

Scheduling and managing appointments

Suppose you are busy in an important work and you procure a call from companies offering CATI services. Suppose they ask you for a survey in which you are really interested as you are willing to share your opinion. Don't miss it. CATI companies enable researchers to schedule appointments and thus you will be capable of managing time in accordance with the availability. Thus, the interview and interviewer will be capable of enjoying benefits of the features.

Affordable option

It is known to all that market research involves a huge cut off from the pocket. However, CATI procedures are an exception to the rule as you will be capable of conducting the survey without burning a hole in your pocket. All you require is a computer along with CATI software. The surveys can be conducted anytime anywhere.

Ample amount of work in no time

Another reason why CATI is believed to deliver optimum results for the business is owing to the fact that they consume a lesser amount of time. As the job is delivering more in less amount of time, they are capable of checking different data which are stored in the software. They confirm the details that are provided by respondents after which it is provided to the business. CATI happens to be automated software and thus there are reduced chances of mistakes. Thus, higher accuracy is ensured.

Lesser geographical limitation

It does not matter what is your location. Services providers of CATI can reach you anytime anywhere. Geographical location will never be a constraint to opt for these services. You will not encounter any restriction in the CATI, no matter where you are located.

CATI procedure is highly reliable and you will be capable of procuring optimum results for your business with the aid these services. 

Save Costs by Outsourcing Business Research Services

Business research services are considered to be a crucial aspect of finding, creating and promoting new products for the company. If you think that a new niche has come into being and all the amazing ideas are depleted, you require opting for business research services for opening new doors to goals and opportunities. Having the right tools and right people for conducting business research is recognized to be the key to success.

Save on the expenses

Outsourcing business research service to a company who have their own equipment, resources and training are recognized to be the perfect solution for accomplishing tasks related to business research. By spending as less as $5 for every hour, you can have few virtual assistants which may not be sufficient for your business. You do not require hiring new employees as you outsource the process. You are sure to save on the additional expenses with the aid of this decision. Thus, outsourcing this process is certainly a great option in order to get jobs done at the least cut off from the pocket. You need to save money in this striving economy and outsourcing business research helps you in accomplishing the same.

Handle number of tasks at ease

Business research services are crucial for businesses on different types for several reasons. You need to locate the best prices for materials, packaging, and training and you require someone to do these things for you. However, this can burn a huge hole in your pocket and you will be racking up higher labor costs in shorter order with this process, as you outsource business research, you will be capable of handling a plethora of tasks at ease. You will also be freeing up the cash flow in addition to other sources of growth. The internet contributes to being an inexpensive place in order to seek information. Sorting through a number of resources certainly, needs a lot of undertaking. You should never catch settling with the very first resource of information you are going to find.

As you outsource the business research services, it will be beneficial in solving several issues on a daily basis. You will be able to know how much you exactly need to run the business with the aid of these services. You are definitely going to save a handsome amount of money as you opt for this business research service. A number of tasks may get unfulfilled if you do not have the adequate amount of money for affording the resource. As you make an ample amount of money, you will be able to use the same in other aspects of the business. In addition to this, as you will be saving the right amount of money, you do not need to cut back on the development of products and services. It is a must that every resource should be in the right place. You are sure to get relieved from a lot of burden with the outsourcing of these services. You will be able to take your business to a whole different level.

How CATI Research Companies are Driving Change?

CATI research companies are replacing traditional and telephone interviews. They count to be the most leading data collection tools in the present days. In the stiff competition, it is becoming challenging for customers to stand out of the clutter. Market research has become a strategic tool which is used by the companies for boosting the objectives of the business.

Benefits of effective market research study

Careful and effective studies count to be the main reasons why startups are getting considerable success in these days in no time. It takes careful market research study which monitors the consumer patterns in a close way over a period of time which assists the companies in rolling out full-fledged educational and branding campaigns for driving behavioral change.

Sectors that use CATI for the collection of data

Like other areas, the market research sector has undergone several transformations in the past few years. Gone are the days when market research was limited to just face to face interviews. At a point of time, the sector in these days makes use of a wide array of tools for the collection of data that range from email, telephone, video conferencing, to name a few. Healthcare, pharma, education, entertainment, finance and almost all other industries are resorting to CATI research.

Prominence of CATI research

CATI research contributes to being the most well-renowned formats in these days owing to a wide number of reasons. This has resulted in an online telephonic interview as the replacement of traditional or telephone interviews as the primary data collection tool. In the procedure, a pool of different respondents is pre-recruited for the conduction of online telephonic interviews or surveys.

The interviewee’s  who are present in different parts of the globe in larger numbers are known to be identified and signed up for sharing feedback on any service or product on any business procedure along with a quick turnaround time. The technology backbone of the company makes sure that the appropriate respondents are chosen for the everyday survey.

Profiling respondents

The online panel is segregated into industry-wise panels such as healthcare, consumer panel, patient panel, HNIs panel, IT Decision Makers. The respondents are profiled in accordance with the history in order to ensure that most of the relevant surveys are sent to them. For instance, a medical professional is recruited for healthcare panel and will be interviewed according to the profession. This may be reviews of an OTC medicine, a pharmaceutical company, etc.

Benefits of CATI Research

The pools of respondents in data collection process are considered to be an indispensable part to ensure research quality. As the research is conducted via online telephonic interviews, it assists in gaining access to profiled respondents who count to be the right target for a specific research. In addition to this, a computer-assisted telephonic interview is useful as it lets someone talk and collect information of supreme quality.

Some of the other benefits of hiring CATI research companies are quick turn-around time, reliable data for making decisions, boost in the return on investment, the capability of reaching hard-to-reach respondents, no geographic or language barriers.

5 Easy Tips for Preparing an Online Market Research Survey

Online market research surveys have taken the research industry by storm as they are able to make market research effortless. Although it has many users, not all follow the rules for making the perfect survey and hence, end up getting a low response. Read on to know the dos and don’ts while preparing an online market research survey for gaining optimum results.

      1. Determine the Tone

The first and foremost thing that you are required to do, as the writer of the survey, is to decide upon the kind of language to be used for writing the survey. The tone of the survey is determined on the basis of the targeted audience.

The tone depends directly on certain aspects such as the age of the respondents, gender, and social backgrounds. For example, if the target respondents belong to an age group of 18 to 30 then the tone of the survey can be informal. It can be formal when addressing people belonging to an older group. 

 

     2.  Control the Length of the Questions

Unless your customers are unemployed or do nothing at all and have too much time to spare, your surveys won’t be correctly read before getting answered. It is because the world has less time and so much more to do that they won’t care about helping your company to improve. So, keep the length of your questions appropriate enough for everyone to understand and answer. Unnecessarily long sentences may repel the respondents before they even start answering.

      3.  Eliminate Biases in Questions

The worst thing you can do is praise your business in an online survey. Avoid using words like ‘perfect,’ ‘smart’ and ‘great’ for yourself. These words tell the respondents that the business has no motivation to improve as it is a “self-declared perfect organization.” Always employ questions that justify both sides and remain neutral in their approach. Questions like “Were we able to satisfy you with our products?” work great in surveys.

      4.  Form Simple Sentence Structures

Online market research surveys serve greater purpose than any other type of market research because it has the potential of reaching people across the globe in one click. You would never know whom your survey is accessible to thus, keeping the sentence structures simple is smart.

Beginner’s level language should be used for everyone’s understanding because it is possible for people who are experts in your field to not understand your language. In such cases, they may avoid taking the survey and you may end up losing worthy insights.

  

      5. Employ Both Open and Close-ended Questions

Open-ended questions are those questions that give the respondents room to express their views about the business’ work in detail. They do not come with options. Close-ended questions, on the other hand, are questions that have to be answered using only the answer choices given below them. They come with multiple choices. Both are important in online market research surveys as they allow the respondents to flexibly respond to the surveys.