LONDON--(BUSINESS WIRE)--Infiniti Research, a world-renowned market intelligence solutions provider, has announced the completion of their latest list blog on the four great tools for market research that can help you drive and improve business value.
Research shows that all of us show similar buying behavior regardless of our diverse preferences. People, in general, hate change and our hesitancy to change makes it very difficult for companies to persuade consumers to switch brands. This is where the importance of market research tools becomes clear to businesses. Market research tools are precious for business owners since they help forecast consumers’ buying behavior and stop instances of failed product launches. Market research tools help businesses anticipate product or service launch failures and take a call on whether to launch new products or eliminate existing product lines.
“Market research tools give businesses an edge, mainly due to their ability to measure the impact of initiatives, create an open communication loop, and make data-based business decisions.” says an industry expert from Infiniti.
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Great tools for market research that can help you drive and improve business value:
- Consumer interviews: One of the most frequently used market research tools is consumer interviews. One-on-one interviews with past or current consumers can be done over the phone or through a web conferencing software. In this step, one of your company’s representatives will have to speak to a customer to get candid feedback about the product’s pricing or design. Consumer interviews are one of the most successful market research tools available today. They help organizations to get opinions on sensitive topics, which they might not be able to debate in an open or group setting.
- Consumer surveys: Surveys are one of the most popular market research tools available for businesses and are an important part of every market research process. They help organize information, opinions, and ideas of the consumers. Surveys can be performed online or distributed by a person or by email. The best part about this process is that it’s totally anonymous, so consumers can be as honest as they like. Surveys can be of many formats, such as long, multiple choice, and short formats. To get the most out of such market research tools, present your respondents some incentives like gift certificates or coupons. To know more about this engagement, speak to an expert
- Focus groups: If you are not sure of what marketing messages to send to your potential consumers, focus groups are the correct strategy to follow. Such market research tools help organizations in planning a pricing strategy for the goods or services being presented. Generally, focus groups are designed after a product is released and are made up of people who represent the target segment. In some ways, they are similar to consumer surveys but contain at least six respondents, who give true feedback about the product or service being offered. Remember, every focus group needs a moderator who updates the discussion and submits the findings in a report format to the decision makers in your business.
- Request a proposal, to know more about the four great tools for market research that can help you drive and improve business value
Infiniti Research is a global market intelligence company offering strategic insights to help look beyond market disruptions, study competitive activity, and develop intelligent business strategies. Listed below are the four great tools for market research that can help you drive and improve business value.
View the complete list of the four great tools for market research that can help you drive and improve business value:
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies.
With 15+ years of experience and offices across three continents, Infiniti Research has been instrumental in providing a complete range of competitive intelligence, strategy, and research services for over 550 companies across the globe.