Perspective on Market Research 


STRATEGY

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Market research services

An investment, not an expense. Why market research and market analysis are essential for a company’s success?

Market research is often underestimated in business companies. 
But without independent market data, is there really room for development?

PR and marketing departments in companies operating in the private sector are focused on building company and brand image, expanding the company’s offer, constructing a development strategy and generating sales. They’re active in all the key areas, but can any company reach its full potential without independent outside information? A mere 30% of companies use benchmarking, and over two thirds of the companies don’t measure their effectiveness at all.

According to a 2016 report, the total revenue generated by the market research industry globally is around $45 billion. The United States of America contributes nearly $15 billion to this figure. Therefore, it is not wrong to say that the United States dominates the market research industry. This billion-dollar industry houses some of the most complicated functional structures and undoubtedly there are various categories in this industry. Here are the types of market research done by market research services as well as the types of market research services.


We understand  Research Marketing as a "science" used by leaders to succesful operate and dominate local & international markets. Business-wise, this strategy takes the form of an appropriate and intelligible corporate vision that clearly defines the paths chosen by each organization to maximize the expectations of its clients, employees and shareholders.  

The market research services have showcased great scope globally. They are used to acquire information on different market sectors pertaining to various topographical regions. They have made obtaining data on public opinion truly effortless.


Market research

Businesses about to make strategic decisions need adequate support in the form of market intelligence or confirmation of their own analyses. Considerations for embarking on new ventures – from macroeconomic conditions to the immediate competitive environment – are the centrepiece of market research aimed at capturing a market’s potential.


In a fast changing world, it is extremely important to thoroughly research a market before taking any business steps. Information on new players, products and advertising campaigns is key to planning a corporate development strategy. Market research involves a comprehensive overview of the market, making it possible to identify market niches and determine growth prospects, including potential barriers and formal restrictions to entry.


What is the size of the market?

Who are the major players on the market?

What market entry strategy to adopt?


Our offering

The end product of market research is a report containing an overview of market conditions with the agreed level of detail, as well as an assessment of the market’s value and description of entry barriers. Usually, as part of a research project we prepare an entry strategy analysis under several different scenarios (best case, worst case and moderate). By employing complementary data collection techniques and a cross-verification model, we arrive at the most complete and accurate picture of the market.

 

Descriptive Research

Descriptive research is the best way of finding answers to questions like the total number of people using the product, the popularity of the goods and services, its upcoming demand, as well as the list of competitors. Since the answers required should be honest and accurate, the questionnaires are rigid in nature. They cannot be altered according to the responses.

How do we deliver

We begin each market research project with a desk research exercise. Subsequent steps depend on the research area. It may be consumer research – product concept testing, price testing or expert interviews etc.




Natax e- logistics Marketing Research Statement:

Marketing research and market analysis can support the managing of a business, boost the level of services and, crucially, allow the company to be more aware of their position in the market, and therefore to manage risk more effectively and enter new markets with full confidence.



How Artificial Intelligence and Big Data are Integrating with Traditional Market Research?

There has been a lot of talk recently about how market research is going to change with the advent of growing use of artificial intelligence (AI) and big data analytics.

Modern businesses are generating way more data than they used to 10 years ago. For a mid to large size organization the data generated from operating in diverse geographies with multiple product/service verticals is such that they have to employ big data to manage such large volume. Using machine learning technologies, AI is able to offer features like Natural Language Processing (NLP) and Natural Language Generation (NLG) and facial recognition & eye tracking technology to provide deeper insights into what stimulated the target audience. AI is also improving its ability to understand different qualitative and quantitative data fed to it. AI can also churn out big data analytics faster that what humans are capable of alone.

This can be mission critical for some organizations, specially those relying on faster data inputs to win and retain their customers, for example e-commerce stores like Amazon. Using predictive analytics AI can offer solutions to upsell customers, recommend them related products, influence buying behaviour by offering dynamic pricing and real-time offers etc.

Thus, it comes as no surprise that most market leading organizations are pushing for developing AI related solutions.

According to an PwC study, 63% of consumers believe AI will help solve complex problems and 72% of business decision makers agree that AI can enable them to concentrate on more creative work.

So, does it mean that an organization can solely rely on AI for all it’s marketing research needs?

Not quite, but before delving onto the areas where traditional market research is still needed let’s summarize what AI and Big Data has to offer.

  1. Big Data enables organizations to capture, store and process vast amount of data generated within and outside their organization.
  2. AI reduces time taken to analyse data captured using machine learning and predictive analytics. It also has no bias when comes to providing suggestions. Thus, it frees up time which can be dedicated by marketing managers for strategic planning and creative marketing.
  3. AI can make actionable insights available to all level of an organization to function them as cohesive teams to achieve their marketing goals.

But, the transition to use AI in market research is far from perfect which needs a lot of assessment before taking the leap of faith.

  1. Human beings are not easy to predict. We are capable of showing unlimited amount of behaviours and actions which needs human intervention to analyse. It’s almost impossible to build algorithms to predict all scenarios in which respondents will react. Thus, any AI will need a backing of human intelligence to provide accurate inputs.
  2. If not monitored correctly, automation of market research can cause disastrous results due to increase in fraudulent data manipulation.  Some of the signs are already there in case of online surveys. With the explosion of online surveys, panel discussion, focus groups etc. you may be tempted to use them thinking it can save you a lot of time and money (as they advertise). Most of the online survey tools are filled with automated research bots and professional respondents, who know how to get past survey screening questions. A cheaper and faster market research is very tempting, but the question is whether the data you are gathering is genuine or fudged.
  3. With the rise of AI, a lot of IT firms may start offering pre-packaged methodologies to conduct market research. Ask any market researcher and they will tell you that there is no one solution fits all scenario when it comes to market research. Each market research project requires tuning to suit the research objectives before and during the research project.
  4. AI based market research will not be able to detect the cultural context which a human moderator / interviewer can easily recognise. As human ingenuity knows no bounds, thus the marketing research analysing their behaviour will also need human inputs. For example, Panasonic a Japanese company launched a new washing machine model with “Curry” button to be sold exclusively in India. This innovation resulted from their market research followed by complaints of their customers. Innovations like these are important for markets with different cultures. Sometime it needs unconventional research solutions, as in case of India washing machines are not only used conventionally to clean cloths but also used unconventionally to make Lassi (a yogurt-based drink) and churn butter.

So it can be safely said that even with speed and cost related benefits, in it’s current form AI is not going to fully replace market research. Marketing research involves a lot of creative analysis and skills which cannot be replaced by automating the data processing alone.

The skills of an interviewer, moderator and research analyst can’t be simply replaced with AI.

So, the question arises how AI and Big Data can integrate with traditional market research?

The answer is simple, AI and Big Data can help market researchers in processing repetitive or large-scale data captured by organizations and churn out reports faster, especially in initial research phase which can shorten the overall research time. AI needs to be treated and used like any other market research tools like surveys, focus groups, personal interviews etc. Market researchers can then use the time saved by AI to focus on producing actionable market intelligence and suggestions to solve complex business problems.

Thus, the role of traditional market research is not going to be threatened by AI. On the contrary, as the use of AI increases there will always be need for human intervention to develop new algorithms and methods to analyse data and produce meaningful market research reports.