Designed to handle the most difficult multi–country data collection projects. Quick turn–around on costs and proposals and commitment to service excellence. Assistance with sampling and appropriate data collection methodology. Market advice and country insight. Single standard of quality based on MRS guidelines. Single point of contact for all data collection project requirements. Experienced London & Mumbai teams combine a dedication to quality with cost effective solutions.

Researching your market prior to entering is a sound decision for any business owner. Unfortunately, it’s often overlooked and ignored. The results can be loss of revenue and a slow start.

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Are your clients — who they are and what they want the most.

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Check the competition. Are they missing something you can capitalize on? What can you do better than they can? Are you clients in need of something nobody else is offering?

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Just like any situation, if you come prepared you will be less likely to lose and more likely to win.

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Understand where your customers are. If you are planning on opening a coffee shop in Dublin, it is important to recognize that the primary market you’ll serve will largely be a function of the footfall in that area.

Given the intense competition, for what is essentially a commodity offering, people do not travel far, so your addressable market will largely be a local one. Hence, in this instance the proposed physical location will be a significant determinant of success. While coffee is a high margin product, the importance of locating in high footfall areas means rental rates per square foot tend to also be very high, so you need to factor this into your plans. Finally, you need to be very clear on your basis for competing as it is likely there will be many other coffee shops where you plan on opening. This is not necessarily a bad thing. Opening in an area with no coffee shops could be a signal that there is insufficient footfall in the area. Looking at a different example; in the context of software development (or simply Internet websites), product managers will often create detailed personas of typical customers which then help inform subsequent decisions made when developing the application. Once you obtain an assessment of the size of the market that you can realistically target, you can then ensure that you have commensurate resources in place. Similarly, if you do intend to seek external investment, the size of the market will be of significant interest to prospective investors and the level of investment they will consider. With a coffee shop, the market size will be a combination of people residing within say a square KM of the premises, married to the footfall or passing traffic. One easy way to get some plausible estimates for the market size is to do some primary market research. This data can then extrapolated out to help you assess a range for the likely customer demand on a particular street. With software developers, the market size will clearly depend on the actual product and feature set. Given customers do not need to be locally based, the reach can be far wider . Again there are a number of tools that can be used to assess likely demand ranges i.e. analysis of keyword competition, number of competitors etcBe clear on what your customers require. It is important to recognise the different requirements of different customer groups. Customers of coffee shops at a busy train station may simply want a fast service as a key element of the offering. They will probably consume ‘on the go’ so a simple kiosk may offer the best return. Customers in a coffee shop in the suburbs may want somewhere to spend some time. Some will place a high value on wifi access, others on the ability to fit a buggy in the door. While the core product is the same, the service offering can vary greatly. Having a clear sense of your different customer groups and their requirements will help you meet the needs of the different niches profitably. For software developers, it is best to meet the requirements of the largest niche with a main offering. Once the application is available the key will be to solicit feedback from all early users and to then decide if their varying requirements can be merged into new features which may take the shape of a different product versions. So ‘power users’ may opt for a premium offering with an enhanced feature set over the main version.. Create a marketing plan to target them effectively. Location is everything for coffee shops, so this will be a key element of your business plan. Once that has been decided, external branding and signage will help you communicate the offering to the market. The internal set up of the store will also signal the markets catered for. Listing in local business directories, handing out flyers and placing local newspaper adverts will also help create brand awareness. Social media will also increasingly play a role as the adoption of smart phones continues apace, and users increasingly rely on geo-targeting applications to find services they need while on the move. For software developers it is important to identify the 5-10 keywords that are likely to generate traffic and to optimise the site for those. PPC advertising will also represent a cost effective means to market to prospects. After that, a whole mix of marketing activities can be considered for your marketing plan ranging from print advertising to trade show attendance to social media marketing . Market research is one area where mistakes can prove expensive both financially and strategically – financially because it incurs cost and strategically since wrong research questions could generate skewed results. The time in product life cycle when market research is conducted is extremely important as it decides the nature of research questions adopted. Is it during ideation phase, introduction phase, growing markets, mature market stage/ commodity stage or declining phase?

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We help our customers to provide tools to measure potential market. To help them to share market reports, market characteristics. To know better business trends, competitor activities. And also to know the better sales trends. Market Research is helpful in identifying competitive advantages through identification of competitors and barriers for entry into potential markets. Benefits of such a research include-

• Differentiation of a product and recognition of product’s unique selling points,
• Better understanding of core competencies
• Pricing model development and
• Possible alliances with other marketing agencies to penetrate into current and newer markets with minimum effort.
• Product positioning
• Road maps for new product
• Branding
• Identification of channel partners for selling or supply chain improvements

Based on the nature of Market Research adopted, the nature of questions used, it is possible to get an idea of how people in a locality perceive marketing tactics and what is the best way to reach them.

Market Research plays an important role in branding.. Re-branding strategy also involves conducting market research to capture opinion of local market, client and stakeholder about the new and old brand names, before any changes are implemented in marketing plan and materials.Market Research is the foundation for competitor analysis, situational analysis and SWOT analysis which in turn helps in Strategy formulation and operational alignment to adapt to the growing market needs.

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