Market Research Strategy
GS Market research strategy refers to the strategy used to carry out market research. It is distinct from a ‘marketing strategy’ although, when clients form a marketing strategy, market research is often a very important part of it. Indeed, the insights gained from market research are often vital in forming the marketing strategy itself.
Market research is very important, as the knowledge gained from the research can lead to clients gaining an edge over their competition in a particular market. When forming a market research strategy, it is vital that the goals of the research are clearly defined. Frequently, these goals are to find more information about the consumers of the client’s products or services, and to know as much as possible about those who could potentially be part of their customer base in future. This information could include what the respondents think about the product, what they value, how they view competitors’ products, and other common characteristics among the consumer profile.
Of course, individual clients will have their own specific market research strategy objectives. These objectives will depend on the sector that the client operates in; for example, what exactly their products or services are, and what aims they have set. The clients will provide their aims, then the market research company will use its expertise to devise the main market research strategy, using its experience of research in particular sectors to develop a strategy in the most effective way.
Part of this process is to decide whether the market research project will use quantitative research, qualitative research, or a mixture of the two to complete the objectives. This decision is based on which method will be most effective in gaining the required information and insight about the client’s market or consumers. The decision is also down to what kind of research will actually be useful to them.
A further aim of market research strategy is to ensure that the questions used in the research, whether quantitative or qualitative, are relevant, and that no unnecessary questions are asked. It is generally good practice to have concise and relevant surveys, questionnaires and interview questions. This is to ensure that respondents remain focused on the required topic and provide relevant information. If the surveys are too long, respondents may switch off and fail to provide useful information, or even fail to complete the survey at all.