Market research companies provide both quantitative and qualitative services in different forms because of their organized efforts to gather information regarding market, business, and target customer. They provide important information related to market need, size and overall competition. Companies should go for either in-house market research or outsource this process to Offshore Outsourcing Services which will help them to refine and grow. It will also assist in providing recent market trends, growth opportunities, modifying the design and feature of products. Market research companies can provide numerous services. Let us discuss a few here:
It is the process of analyzing the current and potential competitors in any business through competitor profiling. Competitor Analysis includes a detailed report of all the competitors, their background, products, finance, and facilities. The traditional way of scanning will not be much help as it does not consider many factors and it may put the firm at risk due to incomplete details. Market research companies measure the success factor by ranking the key success areas of competitors which can be price, service, timely delivery, convenience, and inventory. It also helps in anticipating future competitive threats which are done by looking for companies who use the same technologies, related product/market, and same product but in different geographical area.
Product research helps the companies to know and understand customer sentiments regarding the product or service they are offering. Market research support services will help businesses to improvise the product as per the customer’s need and also help them in refining new product ideas. It can be done through feedback systems and surveys. This can be achieved by on-field research where a professional gets in direct contact with the customer and check the feedback. It can also be done by online surveys which will be available to the users of the product. There is also one more kind of survey which is specific to a particular segment of customers where the survey questions are customized as per the target customer.
Customer research is the process of gathering information regarding the customers which is crucial for the growth of any business. It can be done through Feedback forms and phone surveys. The market research companies get in contact with the customer and know how satisfied they are with product or service they are getting. It also refers to checking the customer’s behavior whenever there is a price change.
Risk analysis is the process of defining and analyzing anticipated risk to any business or organization. It is expressed through a risk analysis report which can include both quantitative and qualitative risks. The number of adverse events and losses will be taken care in quantitative risk analysis. But, in qualitative risk analysis, the depth or extent of the vulnerabilities are taken into consideration. After categorizing the identified risks, the company needs to work on the process of mitigating the risks.
It is the difference between actual performance and the desired performance. There can be gap either in supply side or in demand side. Supply side gaps are those where the product/service is available for the customer, but it is met with a lower price. Demand side gaps are those where the customer is not satisfied with the offering. Companies outsource market research services to conduct fair and accurate gap analysis. Firms need to close these gaps by reconsidering their offerings and it will be completely eradicated when cost and services will meet customer expectations.