Market Research Services: Key Strategies for Consultancy

Market Research Services: Key Strategies for Consultancy

Market research services is a growth-intensive business strategy that involves sourcing, analyzing, and interpretation of data for implementation.

For instance, a business that intends to grow can leverage market research services to assemble data about its target audience, analyze the data to understand their choices and behaviors and brainstorm on how to address their needs.

As you progress on this insightful marketing piece, you will learn more about market research services and how it can benefit your business.

Let’s kick off with the essentials.

Understanding Market Research Services

Marketing research incorporates many layers. However, it is easier to understand its complex nature by fleshing out some sections such as types of marketing research, the key roles of data analysis, and what makes marketing research highly effective.

Let’s attend to them one after the other.

Types of Marketing Research

There are different types of marketing research, including primary, secondary, quantitative, qualitative, branding, competitor, customer, and product research. However, they all fall under the first two – primary and secondary.

Primary Research

Primary research is fetching raw data directly from your target audience using one or more methods such as focus groups, surveys, one-on-one interviews, sharing and collecting online and tangible questionnaires, and conducting online polls.

Now, here is how the other marketing research types find themselves under the primary category.

You can obtain data for different reasons – to gain consumer insights, stay on top of market trends, outdo your competitors, grow your brand, and create new products or modify existing ones.

• Consumer Research – When you source data in primary research to learn about your consumers.
• Competitor Research – Sourcing data to study your competitors.
• Product Research – Gathering data before creating a new product or modifying an existing service.
• Brand Research – Curating data to grow your brand and create a better image. But that’s not all in primary research. It is further split into quantitative and qualitative research.
• Quantitative Research – the process of obtaining quantifiable data. This is a numbers game – how many customers like a certain product type, how many customers think you are nice, how many customers would love to see you modify a product, and so on.
• Qualitative Research – The process of gathering non-numerical data about your business’s product or service. This kind of data is harder to come by, but critical to gaining deeper insights into how consumers see your products and services.

Secondary Research

Secondary research is a critical component of market research that involves a nuanced understanding and utilization of existing data collected by third parties and industry researchers. While it leverages already available information, the skill lies in carefully selecting, interpreting, and analyzing this data to derive meaningful insights tailored to specific business needs.

Sources of Secondary Research Data:

• Government Agencies: These bodies conduct extensive research regularly, providing rich datasets that require expert analysis to extract relevant information for specific business contexts.
• Business Tabloids and Journals: These publications offer a wealth of information on market trends and statistics. However, discerning which data is pertinent and how it aligns with your business strategy demands a sophisticated understanding of both your industry and market research methodologies.
• Educational Institutions: Academic research often delves into specialized topics, offering in-depth insights. Utilizing these reports effectively requires the ability to distill complex academic findings into practical, business-oriented applications.
• Trade Publications: Industry-specific publications provide insights into current trends and future predictions. The challenge lies in interpreting this information in the context of your business environment and competitive landscape.

 

The Strategic Role of Secondary Research:

Far from being a simple task, secondary research demands a strategic approach. It is essential for:

– Providing a comprehensive market overview, setting a foundation for primary research.

– Identifying market gaps and opportunities by analyzing broader industry trends.

– Informing business strategies through an understanding of historical and current market dynamics.

In essence, secondary research is not just about accessing information – it’s about critically evaluating and synthesizing that information to support informed decision-making. Our expertise lies in not only gathering this data but in interpreting it in a way that is both meaningful and actionable for your specific business needs.

Outsourcing as an Extension of Secondary Research:

When you outsource your market research projects, you’re leveraging the expertise of professionals who specialize in transforming raw data into strategic insights. Whether it involves primary or secondary data, outsourcing is a recognition of the complexity and skill required in conducting comprehensive market research.

Key Components of Effective Marketing Research

A marketing research project that will be effective may incorporate different elements depending on the technology, type of research, niche of the business, and the researcher’s expertise.

However, here are key components that will determine the effectiveness of any marketing research in a business strategy:

Data Collection

The goal of any research is to obtain data for analysis. Regardless of the technology being deployed, the market, niche, and the researcher, data collection is a must-do process.

Without data collection, research loses its first step to success and becomes worthless.

Data Analysis

What you do with the data after the data collection process is as important as fishing for it. Data will remain raw until it is processed via data analytics into viable information and actionable insights that can create a business strategy for success.

One of the principal goals of every market research services is to find newer ways to satisfy customers and that can only be done after assembling data from customers (data collection) and interpreting it (data analysis).

Competitive Analysis

Any marketing research project that ignores the competition may be successful, but only for a while.

Therefore, there is no point in being successful after a marketing research project only to discover that your competitors are doing better because you failed to pay attention to them.

The competitive analysis is not to study their weakness alone and capitalize on it, but to copy their success strategy, tweak it, and become better.

Market Trends

The world is dynamic, and every day, discoveries become trends. While it is easier to follow trends, thanks to social media, certain changes in the market around your niche may not be on social media.

It takes deeper marketing research to unveil them. Ignoring market trends has similar consequences to ignoring competitors. They are even related.

Studying the competition can help a business uncover the market trends that its competitors are using, and market trends can, in turn, reveal the competitors already using them.

The Role of Data Analysis in Marketing Research

The role of data analysis is fundamental to the success of any marketing research services project. Data analysis informs the decision-making process that follows after the research is complete.

It arms business executives with strategic information previously unknown or validates their speculations.

Information such as consumer behavior and preferences, market trends, and how a new product will perform are powerful weapons for growth.

Market Research Services for Consultancies

For consultancies, marketing research services are indispensable. They help consultants deliver outstanding results to clients, and fast track the growth of their businesses. However, that only happens when the services are tailored, bringing us to the topic below.

Tailoring Marketing Services for Consultancy Needs

When it comes to marketing research, there is no room for a one-size-fits-all approach. The tools, methods, and resources may be universal and similar.

However, it’s the role of the consultant to deploy these tools to address the specific needs of clients.

In a tailored approach, digital tools and assets are fully utilized after the consultant has studied the client’s business model to understand what the client wants, the research’s goal, and available resources.

Afterward, the consultant initiates a tailored solution, which may take a few days to be ready. In the end, the client is a beneficiary of a customized marketing research solution that addresses the specific needs of his business.

Infomineo Case Studies: Demonstrating Success in Market Research for Consultancies

 

Cybersecurity Market Monitor

A prominent professional services firm gained a comprehensive understanding of the global cybersecurity landscape, with a focus on the Middle East. The approach involved leveraging industry trackers, premium news databases, and expert interviews to uncover key cybersecurity events and trends. This strategy offered a rich tapestry of insights tailored to specific needs, illuminating competitive strategies and industry movements from both a global and local perspective. The effort highlighted a deep comprehension and personalized approach to the complex domain of cybersecurity.

Profiling the tourism sector within different countries

A global consultancy sought to update tourism profiles for various countries, focusing on key figures, strategies, and government functions. The solution involved efficiently using official website information and a shared tracker for client coordination. Within 26 working days, numerous existing profiles were updated and new ones created, offering in-depth insights into the economic and tourism aspects of each country.

Benchmarking Classic Car Museums in GCC

The objective was to evaluate classic car museums in the GCC region, focusing on their operational, financial, and regulatory elements. The approach combined thorough research and local language skills, using secondary sources like regulations, official websites, and stakeholder interviews. The analysis extended to cover operational, commercial, and financial key performance indicators of nine museums, classic car import regulations in three regions, and a broader look at global museums, maintenance services, luxury and classic car showrooms, and annual ownership costs.

Navigating Industries Through In-Depth Market Reports

A client needed detailed market reports for diverse industries like die-cast tooling, mold manufacturing, CNC machines, aluminum furnaces, robots, refractories, and foundry services. Utilizing advanced web searches and research frameworks, key information was gathered from consultancy firm reports, specialized magazines, and international organizations’ websites. The result was a comprehensive collection of industry reports, relevant company information, and direct links for original source access, providing the client with valuable market intelligence for strategic planning and decision-making.

Explore more insightful case studies on consultancies.

Challenges and Solutions in Consultancy Market Research

The most common challenge for marketing research consultants is hunting and retaining clients, especially when starting.

However, this can be resolved by creating stellar, compelling pitches, and doing an incredible job as promised in the pitches.

Another challenge is alternating between different projects while staying on top of industry trends.

This challenge will easily fizzle out by hiring more hands, or simply accepting one job at a time, which is realistic. The trends can be left for AI and machine language to source and supply as they come.

Conducting Market Research

 

Step-by-step Guide to Conducting Marketing Research

Marketing research is a methodical process, involving a series of steps, each contributing significantly to the overall success of the project. These steps include the following:

Purpose Identification

Before hitting the gas on the marketing research vehicle, you must first identify the purpose of embarking on the research.

The purpose will ensure you deploy a laser-focused approach to the process and avoid distractions or ambiguities.

Also, a clear-cut reason for the marketing research project will help you identify the methods to use, how to use them effectively, and what to expect.

Choose a Data Collection Method

After identifying the purpose, design or choose a strategy for carrying out the research, which is the data collection method.

The data collection method could be primary or secondary. Primary data collection is almost the same as primary research where you source the data yourself using various media such as focus groups, interviews, and surveys.

Whereas, secondary data is the data you get from third parties or statistics available online.

Data Gathering

You’ve chosen your data collection type. It’s time to implement it. From surveys to reviews and interviews, start the hunt, and collate them for analysis.

While gathering the data, be patient, and most importantly, willing to switch methods should the one in use prove to be ineffective down the line.

Analyzing/Processing Data

Once the data is in the bag, you are making progress already. Now, it’s time to analyze it and consolidate the efforts of the collection process.

Analyzing the data involves categorizing the results, interpreting them, making remarks, and noting observed patterns.

Making a Comprehensive Report

Studying and processing the data produces the end result, which is clarity. You gain clarity on the decisions you are about to make based on the analysis.

Now you can arrange this as a report and serve to the management, board of directors, or your team if you are the head.

Making the Grand Decisions

With a comprehensive report before your team of strategists or workers, depending on the size of your business, it’s time to take action.

However, it will be wise to consult with staff and hear varied opinions on possible solutions before making the final decision.

Market Research Tools and Technologies

Fortunately, technology is here for good and has provided an array of tools to make market research services seamless. You don’t have to be on the streets doing surveys.

Reviews can come unsolicited, focus groups are online, and questionnaires can be sent online, all with the aid of technology.

Most importantly, rough estimates and statistics are freely available online. With that said, here are some highly efficient tools that will come in handy for marketing research.

Tool	Description	Key Features
	Web analytics and user behavior data.	Traffic analysis, user engagement metrics
	Versatile survey creation and analysis.	Custom surveys, data analysis tools
	SEO insights and competitive analysis.	Keyword research, site audit, competitor tracking
	Comprehensive SEO tools and resources.	SEO keyword tool, site crawl, link analysis
	SEO analysis and backlink tracking.	Site audit, backlink checker, keyword explorer
	Data visualization and analysis.	Interactive dashboards, data blending, real-time analysis
	Content research and social media insights.	Content discovery, influencer identification, content alerts
	Search trend data analysis.	Trend comparisons, real-time search data
	Website user behavior analysis via heatmaps.	Heatmaps, visitor recordings, conversion funnels
	Advanced experience management and research.	Survey design, data analysis, reporting tools

📍Infomineo: Streamlined, Precise Market Research Solutions – Request Your Quote Today.

Outsourcing Vs In-house Market Research

Most business owners will arrive at the crossroads of deciding between outsourcing and in-house marketing research. Both are excellent, and your choice will depend on a few factors like budget, specific needs, and how fast you want the research done.

Ideally, outsource if you want:

1. Cost-effectiveness – it’s cheaper considering the upfront costs of creating an in-house research out of employees.
2. Quick delivery – these people are experts and focus on the job.
3. The best hands on the job – which slightly relates to number two.
4. Your information to be secured – the experts deploy the best security protocols for the job.
5. Flexibility – you wish to downscale or upscale the research, tweak it in the middle or at the end anytime you please.

Want to understand more about the advantages of outsourcing? Don’t miss our comprehensive guide on the Benefits of Outsourcing Research.

In contrast, choose in-house research if:

1. You want full control over the process.
2. The budget is available for it.
3. You prefer your people on the job because you think they will know better.
4. You’re looking to ensure communication is robust between you and the research team.

Analyzing Market Research Data

There are more than a dozen techniques for analyzing data, which calls for an entire article on it. However, there are the basics and they are simple to try. Let’s look at them below.

Techniques for Analyzing Data

Data Description

This technique, otherwise known as descriptive analysis, involves finding out what happened in a given set of data. The answer could be anything – people don’t like the product or are satisfied with your service.

Data Diagnosis

It has happened, and you know what exactly occurred. The next question is why it happened. Finding out why it happened is like troubleshooting – it provides solutions to problems or pinpoints the reason for the success and ensures it is enhanced for further growth.

Predictive Analytics

Predicting outcomes is an integral part of data analysis. With the aid of certain AI tools, the future can be predicted from a given set of data or patterns noticed while deploying descriptive and diagnostic techniques.

Sometimes, it is easy to predict without data analytic tools. If there is a pattern of unsatisfied clients leaving one-star reviews, it is crystal clear that the future doesn’t look good.

Interpreting Market Trends and Consumer Behavior

Interpreting market trends and behavioral patterns in consumers through acquired data is crucial to gain insights into what is working or failing for the business. For instance, here are some effective ways to interpret market data and consumer behaviors.

Isolate Relevant Data

You would want to single out the part of the data that relates to consumer behavior and market trends for effective investigation and better understanding.

Compare and Contrast

The past can sometimes be used to predict the future. Hence, compare recent market trends with the past, if there is a contrast or notable difference, it calls for deeper investigation. If the trends are similar, study the results of previous trends, and you can make the right calls in the present.

Use Graphics

Converting a set of data into graphs, charts, pictographs, and infographics can simplify complex areas and provide better insights for decision-making. Graphical representations can also fish out areas in trends that would have otherwise been hidden in raw data form.

Turning Data Into Actionable Insights

Actionable insights are vivid, valuable pieces of information that can significantly inform accurate decision-making in a business. They are obtained from data analysis, a process that reveals patterns, trends, and similarities in raw data. But how do you do this?

1. Focus on a Specific Goal

Goals give you direction, and setting clear goals ensures your insights are comprehensive while focusing on what you want. Whether it’s sales, brand image, or a product you’re trying to improve upon, be clear about it and commit all your resources to it.

2. Deploy the Finest Tools

Tools make our lives easier, and in business or gaining valuable insights as in the context, they are invaluable. The best tools will help you generate actionable insights, leaving no stone unturned, and will even be effective in cost and timing.

3. Answer all Questions

When analyzing data for actionable insights, answer all questions. Who is your target audience? Why are they not enjoying your product? Where do they use your products most? How do they use it?

Answering these questions ensures you are not dealing with only numbers that have no meaning, and as such, can’t translate to actionable data. The questions give your numbers the right background for transformation into processed information you can use.

The Future of Market Research Services

The global market research industry is growing in leaps and bounds, and will only expand further in the coming years, driven by industry trends. Consequently, it’s essential to pay attention to the emerging trends below.

Emerging Trends in Market Research

Mobile Online Surveys

According to SurveySparrow, their Whatsapp surveys have a 40% completion rate than orthodox website variants. It’s common knowledge that more people across the globe use mobile devices than desktop computers.

Therefore, mobile surveys are rapidly gaining prominence to address smartphone target audiences.

Videos are Dominating

Videos are more realistic and interactive, and people have yet to recover from the addiction to visuals caused by the pandemic when video calls reigned.

Thus, video surveys are dominating, and one research from TakeNote says 93% of market researchers are using videos for their focus groups more than ever.

Social Media Listening on the Rise

Social media has the highest single gathering of any target audience, and once you have your ears on its floors listening in real-time, you are one step ahead of those who don’t.

Using social media listening platforms, interactions, conversations, and behavioral patterns can be studied to gain insights. By 2027, 5.85 billion people are predicted to be on social media, the more reason listening is essential.

The Impact of AI and Machine Learning on Market Research

The impact of AI in market research services, including machine learning, is profoundly positive. Both technologies work hand-in-hand to save time, eliminate human efforts, and guarantee accurate data.

From data gathering, sorting, and segmentation to interpretation, real-time social media listening, and predictive analytics, AI can do all the job.

Thus, staff have more time to focus on other creative aspects of the business that drive resilient growth.

Predictions for Market Research Services

With the trends, it’s easy to predict the future of market research services. While surprises and innovation may happen in the long run, here are a few predictions for market research.

• AI and machine learning will further reign supreme.
• More companies will deploy in-house market research services.
• Online surveys on mobile platforms will dominate the industry.
• Social media listening in real-time will be key to effective market research.

Infomineo, Elevating Market Research with Expertise and Innovative Brainshoring

We leads the way in business research services with over 13 years of expertise across key sectors like Consulting, Industrial goods, Energy Public sector, Financial services, Consumer goods and Health Care. Infomineo industry-agnostic approach and Brainshoring model deliver high-value, actionable insights, tailoring strategies to meet diverse industry needs.

Our method involves a thorough process of data identification, aggregation, analysis, and insight generation, ensuring seamless integration into your company’s processes. Our team offers customized, flexible support, becoming an integral part of your operations.

Distinct from traditional outsourcing, Infomineo emphasizes value and insight at every research stage, focusing on critical thinking and skilled expertise to enhance decision-making. Our ISO 27001 certification further highlights our commitment to data security, ensuring your information is always protected.

Learn how Infomineo’s approach can elevate your business strategy and decision-making in today’s dynamic market.

FAQ (frequently asked questions)

What is the Aim of Marketing Research Services?

The goal of market research services is to assist businesses collect relevant raw data for analysis and create better strategies for growth, while staying updated with trends and performances of their competitors.

How Can Marketing Research Help to Identify Potential Consumers for a New Product?

Market research can locate potential target audiences where they hangout most using various media such as surveys, interviews, and focus groups.

What are the Common Techniques for Conducting Market Research?

The common techniques for carrying out market research include using data analytic tools, surveys, interviews, and AI.

How Can I Be Sure the Data is Accurate?

To be sure the data is accurate, employ the expertise of market research services firms who go through the rigorous process of sourcing data using failproof systems and tools.

Can I Get Tailored Marketing Research Services For My Business?

Yes. Marketing Research consultants can study your business to provide customized marketing research services that uniquely addresses your business’s needs.

Conclusion

Marketing research is critical to the growth and survival of any company. Through effective market research, businesses can gain actionable insights, understand trends, keep an eye on the competition, serve their consumers better, and grow exponentially.