Market Research
Market research is an essential aspect of a successful business venture. It helps identify the specific group of people who are interested in your products or services, understand your competition’s strengths and weaknesses, identify any issues or concerns that customers may have, and identify trends and opportunities in your industry. This allows you to stay ahead of the competition and take advantage of new market opportunities. Market research provides you with valuable information and insights that you can use to make informed business decisions.
Unlike other consulting market research companies, our market research analysts provide different types of market research and paid market research on businesses, use the most suitable tools for market research, and ultimately create comprehensive market research reports. Market research can be a complex and time-consuming process, but it’s essential for any business that wants to succeed.
To begin with market research, it’s important to define objectives first. What are goals and which questions to answer? This will help focus research efforts and ensure to get the right information.
Once defining objectives, you need to identify target market. Who are potential customers? What are needs and preferences? Where find them? This will help create a sample group of people to survey or interview.
There are many different methods can be used to conduct market research, including surveys, focus groups, interviews, and observation. Determine which method is best suited to research objectives and target market.
If you’re using a survey or interview, you need to develop your research instrument, such as a questionnaire or interview guide. This should include questions that are relevant to research objectives and target market.
This can be done through online surveys, in-person interviews, or other methods, depending on the research method.
Look for patterns and trends in the data, and use this information to draw conclusions about target market.
Based on analysis, draw conclusions about target market and make recommendations for how business can better meet needs and preferences.
As a market research company, we assist clients in identifying target market, determining research methods, developing research instruments, collecting and analysing data, and making recommendations. Thanks to our wealth of experience and previous examples of market research on different businesses, we have acquired rich knowledge and resources in the following domains:
Web Research
Web research is the process of gathering and analysing information from various online sources of businesses to support a specific research project or goal. This type of research typically involves using search engines, online databases, social media platforms, and other web-based resources to collect data, web research comes from:
- Official websites
- E-commerce platforms
- Media reports
- Investigation reports of third parties.
- Social media platforms.
- Influencers blogs and articles
- Scientific institutions etc.
Depends on web research, we can provide the insights of different industries about:
Identify the characteristics of target market, such as demographics, behaviors, preferences, and needs of the target market, the size of the target market and grow rate, and identify potential new markets.
Competitors research includes product or service offerings, pricing strategies, marketing and advertising campaigns, sales channels and distribution networks, customer demographics and preferences, business models and strategies, strengths and weaknesses of competitors.
We divide a larger market into smaller groups of consumers who have similar needs, behaviours, or preferences, identify specific groups of consumers that clients can target with tailored marketing messages and products or services that meet unique needs. We divide based on several factors, including, demographics, such as age, gender, income, and education level, and Psychographics such as Attitudes, interests, values, and lifestyle choices.
We make research about how individuals, groups, and organizations select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants. It involves understanding how consumers make decisions, what factors influence their decision-making process, and how they behave before, during, and after a purchase
Survey / interview online and on-site
We use surveys and interviews in market research to provide valuable insights into consumers’ opinions, attitudes, preferences, and behaviors, collect data from samples of individuals through a set of standardized questions. We use various methods, including online surveys, telephone surveys, or in-person surveys to complete survey and interviews in different industries.
We conduct an interview or a one-on-one conversation between a market researcher and a participant in which the researcher asks open-ended questions to gather in-depth information. Interviews can be conducted in person, over the phone, or through video conferencing.
As a market research consultant, we start with the research objectives, focus on the problems, consider the target audience and find out questions which the most relevant and meaningful to them, use open-ended questions and test before finalizing the research questions.
Develop a list of questions that will help answer research question. The questions are clear, concise, and unbiased. Using more open-ended questions for more detailed responses.
We conduct the survey or interview using the chosen method, such as online, in-person, or over the phone. Record the responses and ensure that the data is accurate and complete.
Once the data is collected, we analyse it to identify patterns and trends. Use statistical techniques to determine the significance of any findings.
Based on the data analysis, we draw conclusions about the research question or objective. The conclusions must be supported by the data. After that, we report the findings, present the findings in a clear, concise, and meaningful way. and use graphs, charts, and tables to help illustrate the data. Provide recommendations for action based on the findings.
We use SurveyMonkey, Google Forms, Qualtrics, SurveyGizmo, Typeform as a survey online tools, and Wechat as a Chinese survey online tools as well.
Focus Group
A focus group involves bringing together a small group of people to discuss and provide feedback on a product, service, or concept. The group is typically moderated by a researcher who asks open-ended focus group questions to encourage discussion and elicit detailed feedback. Focus group research can provide valuable insights into consumer attitudes, perceptions, and behaviours, as well as identify potential areas for improvement in different industries.
- Identify and recruit participants who fit your target audience criteria. This involve screening potential participants through surveys or phone interviews.
- Select a location that is comfortable and convenient for participants, such as a meeting room or a focus group facility or online focus group.
- Develop a discussion guide that includes open-ended questions designed to elicit detailed feedback from participants.
- Facilitate the focus group discussion, encouraging participants to share their opinions and ideas. Take notes or record the session for later analysis.
- Review the notes or recording and transcribe the data. Look for patterns and insights that can inform business decisions.
- Summarize the key findings of the focus group and report them to the relevant stakeholders.
Field Research
Field research involves a range of data collection methods, such as surveys, interviews, focus groups, and observation. It can be time-consuming and expensive, but it provide valuable insights that cannot be obtained through other methods, and observe consumer behaviour and attitudes first-hand.
We provide several field research services of businesses:
- Case studies: We involve in-depth analysis of a particular case or group of cases and field research questions to understand the factors that contribute to a particular behaviour or outcome for our clients.
- In-person surveys or interviews: We involve face-to-face interactions with consumers to gather data about attitudes, preferences, and behaviour.
- Mystery shopping: our researchers pose as customers to gather data about experiences and interactions with a particular business or product.
- Focus groups: We involve bringing together a small group of consumers to discuss attitudes and behaviour related to a particular product or service.
Case Study
In a case study research, we typically examine a particular company, industry, or market segment to understand what worked well, what didn’t work, and what lessons can be learned. Case studies may involve analysing data, conducting interviews with key stakeholders, and reviewing relevant documents.
Case study interview is a valuable tool for market researchers because they provide real-world case study examples of how businesses have succeeded or failed in a particular market. By examining these examples, we can gain insights into best practices, strategies, and tactics that can be used to inform future business decisions and strategies.
As a market researcher conducting a case study, we:
We define research questions or problem clients are trying to solve, and help ensure we gather the information need to answer.
We select a specific company, product, or market segment to examine in case study. The case is relevant to the research question and we have access to the information.
We collect relevant data for case study, and include market research reports, financial statements, customer feedback, and other relevant information.
We collect data, analyse it to identify patterns, trends, and insights. Look for common themes or factors that may have contributed to the success or failure of case.
Based on analysis, we draw conclusions about what worked well, what didn’t work, and what lessons can be learned from case study. Use this information to make recommendations for future business decisions or strategies.
We conduct a thorough and effective case study as a market researcher. The insights and recommendations we provide can help businesses make informed decisions and strategies that drive success in their target markets.
Statistics Research
We collect a large amount of data, including customer preferences, behaviours, attitudes, and demographic information. By analysing this data using statistical methods,we identify patterns and relationships that provide insights into the market and help to inform business decisions, test hypotheses and make predictions.
- We definite the research question or problem clients are trying to solve.
- Collect relevant data for statistical analysis, which may include
market research reports, survey data, transaction data, or other
relevant information. - Remove outliers, dealing with missing data, or transforming the data to make it more suitable for analysis.
- Use descriptive statistics to summarize the data, or using inferential statistics to test hypotheses or make predictions.
- Use software such as SPSS, Excel, or R to conduct the analysis.
- Interpret the results, and draw conclusions and make recommendations.
Totally, statistics research is used to make sense of the large amount of data that is collected about the target market. By using statistical methods to analyse the data, clients can identify trends, make predictions, and quantify relationships. Statistics research is essential because it helps businesses to make informed decisions and strategies based on data-driven insights.
Big data and data analytics
What is big data analytics? It is important in market research because it allows businesses to extract insights and trends from large amounts of data collected from target market using big data tools. Data analytics helps to make sense of this data by identifying patterns, relationships, and insights that can be used to inform business decisions and strategies.
Different from other data analytics companies, our big data specialists provide exclusive big data services and big data consulting, including
- Collect relevant data for analysis, which include market research reports, survey data, transaction data, or other relevant information.
- We clean and prepare the data involve removing outliers, dealing with missing data, or transforming the data to make it more suitable for analysis.
- Choose the appropriate data analysis methods to analyse data, which involve using descriptive statistics to summarize the data, or using inferential statistics.
- Conduct the data analysis using the chosen methods. we use software such as Excel, Python, R, or Tableau to conduct the analysis.
- Interpret the results of the data analysis to identify patterns, relationships, or other insights that help answer research question.
- Based on analysis, draw conclusions and use this information to make recommendations for future business decisions or strategies.
- We finally communicate the findings and recommendations to stakeholders, such as clients or company leadership.