Market research is the process of determining the viability of a new service or product through research conducted directly with potential customers. Market research allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service.
This type of research can be conducted in-house, by the company itself, or by a third-party company that specializes in market research. It can be done through surveys, product testing, and focus groups. Test subjects are usually compensated with product samples or paid a small stipend for their time. Market research is a critical component in the research and development (R&D) of a new product or service.
We SGT Cloud Solution, having a vast experience doing various market research surveys in the following manners:
From there, companies were developed that would interview people on the street about publications that they read and whether they recognized any of the ads or brands within the ads that were published in the magazines or newspapers the interviewer showed them. Data collected from these interviews were compared to the circulation of the publication in order to see how effective those ads were. Market research and surveys were adapted from these early techniques.
Data collection then shifted to the telephone, making face-to-face contact unnecessary. A telephone operator could collect information or organize focus groups—and do so quickly and in a more organized and orderly fashion. This method improved the market research model greatly.
Online market research is market research that is conducted over the Internet. Online market research can be either qualitative or quantitative and follow the same format as primary and secondary market research methods.
With people spending more time online, many market research activities have shifted online as well. While the platform may have changed, data collection is still mainly done in a survey-style form. But instead of companies actively seeking participants by finding them on the street or by cold calling them on the phone, people can choose to sign up and take surveys and offer opinions when they have time. This makes the process far less intrusive and less rushed since people can do so on their own time and by their own volition.