Market research is one of those terms usually thrown around, without a proper understanding of. As such, there is very little of it going on, even though it is vital to the survival and growth of an organization.
We all know someone who believes in taking life as it comes. Someone who for some weird reason, is averse to planning, and prefers to just move with the flow. Are they taking a trip, they refuse to plan ahead. Wait till the last minute to pack their bags, rush to the airport and hope to get a ticket. Going shopping? No need for lists. Often times, they return to discover that they forgot to get a couple of other things.
Interestingly, there are loads of people who prefer to live their lives this way, living off the cuff. Then they bring the same attitudes to their businesses, and wonder why the business is struggling. Someone please call the shrink ;).
While there might be no grave consequences to living ones life off the cuff, in business it usually does not end well. Most times, the business folds up either due to burnout, or just its inability to sustain itself. This is why a proper market research is essential to business survival.
Defining Market Research
If you have ever asked yourself questions like why are your products or services not selling as you expected, if a new product line will be viable, what do consumers really want, then you need some market research.
Market research can be described as the process of analyzing the viability of a new product or service, through an in-depth research conducted directly with the potential consumers. Conducting a proper market research will help organizations discover their ideal target market, their pain points, solutions to these market pain points, and best of all, your entry and execution strategies.
A lot of organizations that engage in some level of market research usually use an in-house team made up of staff members handpicked for the research. Not surprisingly, the research is not properly done as they rarely have the technical know how. Hence, it is advisable to engage the services of a market research firm or top consulting firm like Eunoia Consulting.
Establishing objectives for the market research
Once you have secured the service of a respectable market research firm, it is paramount to set clear objectives to be achieved. The great boxer Mohammed Ali is quoted as saying “you can not hit what you don’t see”. Likewise, without clear cut goals to be achieved, conducting a market research could be a fruitless effort.
The goals should be set using the SMART philosophy:
T- Time Bound
Types of market research in Nigeria
While there are a host of strategies for conducting market research, most will fall under these categories:
1. Primary Market Research Techniques
This involves all strategies that provide original sources of data. The researches usually get in touch with the end users directly to gather information. These methods include:
- The use of one-on-one interviews
- The use of focus groups
- Surveys/ Questionnaires
2. Secondary Market Research Techniques
This involves conducting research based off already existing sources of data. These type of data can be gleaned from:
- Public sources such as the internet and libraries
- Commercial sources such as newspapers, media outlets, and more. They generally tend to be a more expensive source of information.
- Educational institutions such as universities
It is important to bear in mind that gathering the information is only a part of the puzzle. You will still need to painstakingly collate the data, analyze it, and use it to profer the appropraite solutions in line with the laid out objectives.
How Eunoia Consulting can help
At this point, it is a no brainer that few things are as vital to the survival and growth of an organization like proper market research. This is what will ensure a steady stream of customers. And, because of the complexities of the Nigerian market, most organizations stumble with their market research if they even bother with it at all.
However, this is where we shine. Eunoia consulting is a top consulting firm in Nigeria, and our in house team of researchers have helped numerous organizations get off to a running start. That is why we are regularly ranked as one of the top consulting firms in Nigeria. Hence, we can guarantee that with our team of experts handling your “market research and feasibility studies”, your new venture will exceed your wildest expectations.
What will we do for your business
- We help you identify and understand the best location your products and or services are in demand.
- We help you identify specific customer needs to assist in your expected product offerings.
- We help you understand consumer buying behaviors which will guide in your products or service offerings.
Get in touch with us today, and let us set your next venture off to a flying start.