Market research is one of the important factors used to maintain competitiveness against competitors and awareness of customer requirements, otherwise known as the fluctuating basis of competition. Market research conveys the important information to identify and analyze market needs, market size and competition. Market research approaches encompass both qualitative approaches such as focus groups, in-depth interviews, and ethnography, as well as quantitative methods such as customer surveys and secondary data analysis. Market research, which encompasses social and opinion research, is the systematic collection and interpretation of information about individuals or organizations using the statistical and analytical methods and techniques of applied social science to advance knowledge or support decision-making.

Types of Market Research Conducted by Top Market Research Consultants in India

Market research is a comprehensive category. In fact, there are several varieties of market research that you can use to achieve your specific business goals. Below, we’ll explore the different benefits of each type of market research.

Customer segmentation research: An imperative type of market research, expressly for new businesses, is customer segmentation. These studies divide your broader consumer base into dissimilar groups or personalities. Understanding the different types of consumers you want to connect with can help you create individualized campaigns tailored to each group.

For more information, refer to the link below:-
https://www.kenresearch.com/

Usability testing: Similar to product advancement research, usability testing is aimed at products. However, the focus here is on how consumers use your product. You can release a beta version of your mobile app, for example, and get user feedback to find out if there are any bugs or other issues you need to fix.

Brand research: Brand research aims to generate or refine your company’s brand to make a bold and favorable impression on your target market. You can examine the level of brand awareness among your target audience, customer loyalty to your brand, the types of qualities individuals associate with your brand, and other factors of customers’ relationship with your brand.

Competitor research: Competitor research targets the competition to help you gain insights into how your business can move forward. Examining a competitor’s marketing campaigns, brand reputation, revenue or sales volume, and other imperative data points can help you learn from their strengths and its weaknesses.

Evaluation of marketing campaigns: Some market studies specifically target the effectiveness of marketing campaigns. You can assess how many people saw your online advertisements and what the click-through rate was, for example. This type of information can help you make adjustments if needed and inform future campaigns to effectively reach consumers and reduce customer acquisition costs.

Additionally, market research allows businesses to make more informed decisions that are backed by data. Gut feelings are not reliable ways to make decisions. For example, you may think that selling a luxury version of your product at a higher price is an incalculable business idea, but consumers willing to pay that price may associate your brand with budget products and choose premium products instead. luxury of luxury brands. The only way to know for sure is to conduct market research.

For more information, refer to the link below:-
https://www.kenresearch.com/

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Ken Research
Ankur Gupta, Marketing and Communications Manager
[email protected]
+91-9015378249

Ken Research Pvt. Ltd.,
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Ken Research is a research-based management consulting firm. We provide strategic advice to help clients on critical business insights: strategy, marketing, organization, operations and technology transformation, advanced analytics, corporate finance, mergers and acquisitions, and sustainability across all industries and geographies. We provide business intelligence services and operational advice in over 300 verticals highlighting disruptive technologies, emerging business models with analysis of precedents and success case studies. Some of the best consulting firms and market leaders seek our intelligence to identify new revenue streams, customer/vendor paradigm and pain points and competitive due diligence.

We currently serve over 300 industries with over 150,000 search repositories in over 196 countries serving over 1,000 clients and have partnered with nearly 25 content aggregators.

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