Market Research - Each word ‘Market’, ‘Research’ by itself are broad and in-depth words. Bringing together Market and Research allows us to gain insights about the needs and psychology of people. This in turn helps to bring innovative useful products and services to the market. Putting all these (needs, psychology, products, services) together is multi-faceted. It is art, science, psychology, sociology and therefore an intriguing herculean task.
I have worked in several Research and Analytics initiatives for over 20+ years and have thoroughly enjoyed the challenges and outcomes involved in Market Research. I want to share my understanding and experiences which I believe will help aspiring Market Research professionals. Market Research has a huge impact for businesses and society and a smart Market Research professional can be a
game-changer for the world.
A glimpse into Market Research and the scope
Market Research encompasses different areas of study to name a few - studying consumer preferences, studying market trends, understanding the psychology of people, exploring new product development, market analytics and so on. All these
studies have this as the primary objective - driving growth of revenue for the business. There can be secondary objectives which are bringing impactful products to the people, driving improved standard of living, making research-based data-driven strategies, bringing awareness of the products and so on.
Businesses need Market Research services to bring new products to the market. Businesses need Market Research services to sustain those products in the market. One can argue if people like the product, then the product will speak for itself and that there is no need for Market Research services. It is true but still Market Research is required in order to proactively engage with the
market if needed to course-correct and to ensure the product is still in good books in the customers’ mind.
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