Market or marketing research refers to the procedure of finding out the feasibility of a new product or service via research carried out directly with would-be customers. Market research allows an enterprise to identify the target market and pick their brains to get opinions and feedback about the proposed product or service.
In many cases, market research seeks to validate or invalidate a theory. If you plan to launch a product with Gen Z as the intended customer, you want to make sure that it will be a hit, and Gen Z wants such a product in the marketplace. Market research will tell you if your product is something they will buy into, and contingent upon popular sentiment, you will then decide if your product is fit for the marketplace or not.
Market research’s main aim is to observe the potential market for a certain good or service to gather data on how or if consumers will embrace it. This also includes data collection to inform market segmentation and product contrast, which serves to customize advertising material or determine which product characteristics are a priority for the client. Companies analyze, compute, and interpret the data to identify prevailing behaviors, patterns, or key data points that may yield insight into the decision-making process.
For companies that do not handle this internally, there are business processes outsourcing solutions providers that can handle most of the process. This takes operational pressure off the organization needing the research done. One such firm providing market research solutions includes Tab Service Company. Enterprises benefit greatly as they get superior security and professionalism in their deliverables. Especially with a company like Tab Service Company, which has had experience since the ‘60s, customers get the benefit of years of trial and error without pain.
What Is the Marketing Survey?
A market survey is both the research and analysis of the market for a certain product or service to uncover consumer preferences. Basically, an analysis of varying consumer characteristics such as investment allotments and buying power. Market survey methods employ tools to attain feedback from a specific audience to better understand their characteristics, wants, and desires.
The company chooses to do it themselves or use a third-party institution concentrating on market surveys. Companies like these provide solutions such as online surveys, focus groups, paper survey design and administration, and data processing services for market research/surveys. Tab Service Company provides such solutions for businesses looking to improve the quality of data gathered and interpretation methodologies.
Marketing departments produce new and enticing plans for forthcoming products and services, but there is no guarantee that these strategies will work. For their plans to be fruitful, they need to determine which features and categories of products consumers readily adopt and react to. Basically, good market surveys help assure the success of a product or service.
An example of where a market survey was successful is with the communications giant Verizon. As early as 2003, through comprehensive survey and analysis, Verizon discovered that consumers needed to hang on to their numbers when switching carriers and quickly filled the gap in the market. The move resulted in increased subscribers and customer loyalty.
Over the past decade, there has been a significant rise in data analysis, survey processing, and market research services. More digitization gives organizations tons of data to learn about their market, making it a necessity in this day and age if you want to be competitive.
Market Survey vs. Market Research
People and organizations often get these two concepts wrong. You should not look at them as antagonists but as two parts that interlace to serve a bigger purpose. Better yet, these are tools that businesses can utilize to better make informed decisions and increase their chances of success. However, do not be fooled. Market research and survey are not substitutes for one another.
In the immediate future, taking on an extensive market survey may seem like a huge strain on your time and human resources. Adoption of a longer-term mindset reveals that it is vital to your organization’s survival and growth.
To avoid disruption or go-slows in your other business operations, it is best to involve a data processing market research or survey partner like Tab Service Company. Not only that, but you get to harness the expert data collection and analytics tools and methodologies that professionals use to attain superior insights. Some benefits of hiring a service like Tab to do your paper survey execution & design, data capture, and form processing include time savings, monetary savings, maintained productivity, improved customer experience, valuable data capture and interpretation, and superior analysis of information.
Survey partners can present a marketing survey compiled data set and aid in deciphering what the information means to improve product or service planning.
In a nutshell, companies like Tab Service Company enable you to make better decisions without the hassle of setting up complex survey data capture and processing within your organization. For more information, contact us at Tab Service Company today.