Tuesday, January 22, 2013

Online Market Research Using Search Engines

Online market research has become a viable alternative for businesses looking to avoid the footwork of traditional market research tools, and with surging internet usage and users encroaching on the everyday routines of people throughout the world, online market research just might be the most accurate data pool available. And while there are a variety of ways to research audiences, products, brands and entire databases, all of them utilize computer lingo unique to the structure of the online landscape.

Search engines are the name of the game, and will be your primary tool for online market research. Keyword searches, which are useful for researching popular phraseology and wording, hotlink certain key phrases and words to increase your odds at the other end of the search engine by helping you to narrow down your desired content and then matching it with some approximate correspondence.

Search engines are also useful tools for uncovering the prices and services offered by competitors – a simple and broad search of your competitor's brands or names will result in a plethora of valuable information your competitor is advertising to the public. The public relations of major businesses have never been more transparent than they are today, and linking these searches with the aforementioned keyword searches can help you to discover successful related businesses phrases.

The online market has recently expanded with the popularity of blogs, and since blogs are generally updated with more regularity than 'traditional' web pages, they generate a faster, more frenetic, and possibly more accurate impression of public opinion. Popular news blogs capture the public's initial reactions more efficiently than comparable televised programs, magazines or radio shows. Online market research can also be conducted in the form of online surveys, and thanks to the variety of free and accessible survey companies and their simple user interfaces, it's easier now than ever before to reach thousands of people with a single survey.
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Friday, January 18, 2013

Boom Time In Marketing Research Industry

The market research industry has been booming as more and more businesses seek to evaluate their products before launching them in a competitive market. Performing market research has become an integral part of any company’s product development efforts – and it’s easy to see why. Although it often costs thousands of dollars, a well-developed market research plan will identify potential issues with any product or service well before any additional marketing and sales resources are spent. As such, it can often result in significant savings of both time and money by ensuring that the final product better meets the needs and expectations of the target market.

The purpose of conducting market research is to get answers to key questions that will determine the success or failure of a product: who is the target audience, what do they want, does our product meet their needs, what is the best way to reach our target, what are our competitors doing, and what are the barriers for our target to purchase our product.

Market research can be conducted in a number of different ways, with each format having its unique strengths and weaknesses. Desk research is often the easiest to perform, as it involves nothing more than searching through existing research that has been published online. Questionnaires are the most popular, as they enable a tailored set of questions to be asked to an audience that has been pre-selected to match the company’s target.

The most elaborate, and expensive, form of market research is personal interviews – either one on one or through a focus group. This type of qualitative marketing research is most valuable when the company has a wide range of potential options and creative approaches to the product are needed. They also require the most time and effort to carry out.
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Wednesday, January 16, 2013

Where would business be today without Marketing Research?

Where would business be today without this practice? Since being introduced by Arthur Nielsen with the founding of the ACNielsen Company in 1923, Marketing Research has been a pivotal way in understanding marketing problems and opportunities, monitoring growth, creating new ways to target select groups of consumers, and help to understand what a business really has to offer. Marketing Research gathers data in which companies use to address issues such as above. More so than small, big businesses are notorious for implementing Marketing Research in many different and diverse ways.

For the most part, all the different techniques and causes of Marketing Research funnel into one main goal. That is to determine how the changes of Marketing affect general consumer behavior. Does a certain commercial make buyers want to run to the store and purchase goods, or does it annoy them and kill business? Whatever the outcome, it is extremely important for large businesses to asses what brings in customers, and what drives them away. 

Marketing research is such a key element to successful business that many professionals make a career out of it. A Marketing Manager's job is to make well planned and strategic decisions that will ultimately lead to satisfying consumer needs. Marketing Manager's generally have their hands full as they need to be decisive on potential growth opportunities, creating and carrying out marketing programs, and the need of monitoring marketing performance and overall control. 

In many ways, Market research follows the principles set forth by science and math. Implementing well structured programs requires precision timing, high levels of dedication, and most importantly time spent planning in advance. It uses the practice of hypothesizing, data collection, and large amounts of mathematical calculation. Marketing research fights with controlled variables such as product pricing and product quantities, and battles with uncontrollable variables such as economic state and legal rulings. Regardless of what Marketing research can and can't control, it's a crucial practice and a big reason why many large companies are where they're at today.
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Wednesday, January 9, 2013

Financial Market Research is a Much Needed Element

Financial market research is a much needed element in any successful business. Research plays a keen role in the success of a business idea in the market place. Most people in this field are highly knowledgeable in statistics and psychology. Successful financial market research can determine statistical correlations between the sales of a product from your firm and the sales of similar products offered by other firms. As well as discerning correlations between sales and global economic indicators.

Market research is the study of what customers want and need. Most of this type of work includes designing, administering and interpreting surveys. Most companies have a focus group between a few customers and a trained moderator. To reach high success rates, you must know your customers inside and out. This is the reason for these focus groups. Results of this group include decisive details on what the customer really wants. It also includes details on what specific product sells over another. This helps the company by giving them insight on what is worth to keep in stock or take out. This also allows the company to fix advertising for the needs of the primary target audience. Making sure that all promotion, and advertising funds are spent in the best way possible.

Since the U.S financial crisis started back in 2007, regulators have been frustrated by the difficulty of finding risk exposures at large financial institutions. Market research allows companies to gain data and research on where that break took place. After creating a test model to analyze financial stability under different configurations of risk exposure across banks, businesses could now see which banks have already been hit and the next in line.

You can easily determine the need for your service with effective market research. As well as product selling rates, demographics and best store locations. From research focus group to counting all potential customers there are numerous ways to acquire this type of research. Companies even study their competition to gain competitive intelligence. A business cannot be successful without effective financial market research.
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