Market research is one of the most competitive industries in the market. Research analysts are responsible for studying market conditions and analyzing boosts in sales of all sorts of products and services. They help companies identify the right audience for their products, and price them accordingly.
Market Research Analysts are extremely important for all businesses, especially for retail, manufacturing, and pharmaceuticals companies. At Global Survey, we have the brightest, most capable ad experienced Market Research Analysts that can help your business reach its potential and grow revenue.
But how do you know whether or not a Market Research Analyst is right for you?
Before hiring your Market Research Analyst, make sure to do your own research and evaluate your candidates using these important questions:
What type of market research are they doing?
There are several types of market research. Depending on your business needs, it is crucial to ask the right questions and accurate information from your candidates before committing to a researcher.
- Primary vs. Secondary
This is a major requirement if you are looking forward to creating customer data and proposals. The primary research report is directly obtained from clients. However, secondary research is the compilation of data from third parties, mostly trade associations and government policies.
- Quantitative vs. Qualitative
Quantitative is based on numbers, while qualitative is based on people.
Quantitative research methodology requires immense regression, factor analysis, discriminant analysis, and cluster analysis. These are more helpful for analyzing the size of the market.
Qualitative research is based on collecting statistics via customer observations, in-depth research, customer segments, and identification of modes of communication that can reflect with the target audience.
What methods do they follow?
It is important to factor in a research analyst’s methods of acquiring data. This will help businesses identify what kind of Market Research Analyst is best suited for their company.
Some of the most popular research methods include:
- Audience Research: This method analyses who's watching or listening about your products on TV, Radio, print media, and the mode of popularity.
- Brand Analysis: Detects what are the reasons for brand loyalty and lacks it.
- Database research: This is also known as database mining that uses data from different sources to reveal customer habits.
- Psychological profiling: This method is mostly based on the development of patterns and tracking the sales of products.
- Product Research: The product and its prototypes are used to analyze the market.
- Post-sale or consumer satisfaction research: This method aims to analyze whether the customer is satisfied with the product or not.
Analysts also carry out a SWOT analysis to determine the size of the market with the products and its services.
Upcoming trends
As business owners, many of you may not know about the trends. Some of the trends that remain common throughout the years, and your market research analysts should tell you about include the following.
- Mobile analytics will grow as most of the customers use their mobiles to know about the market.
- Social media data will be one of the best ways to identify customer needs.
- Artificial Intelligence and the Internet of Things will grow in the future, providing more and more data.
Make sure to get in touch with sales@globalsurvey.gs for further details on market research.
Jul 10, 2020