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Market research is an essential aspect to consider before starting up a new business, launching a new brand, or improving your product to get a better share of the market. Knowing the correct public opinion helps cater to the right target market. We assist you in establishing customer requirements and matching requirements with the appropriate product or service that customers look for. Whether it is getting market information, studying market segmentation and trends, or even doing a complete SWOT analysis, our team of outsource market research analysts can serve you.
Market research is a vital tool to succeed in your business and if you are living the life of a marketer. Every market is different, and its research is used to make decisions that influence your daily life, which has become so complex that it is difficult to make decisions without asking a question in search of an answer.
Outsourced market research is a systematic process of collecting, analyzing, and presenting information to the concerned audiences. When the planning of the research is done with clear intentions and goals, the public at large or the target audience to whom the research is directed, the size of the market, and the sample size, all aspects must be focused on getting actionable information and data.
A clear agenda in this case helps, and the data collection starts, which implies two types of research: A primary one that we call fieldwork and a secondary one called desk research. Then again, depending on the type of research and the objectives of the study, select a methodology that can be quantitative, qualitative, or a mix of the two.
Qualitative research is an investigative approach that can be done through a target group, detailed interviews, or ethnographical study, including observation as part of the field research. The quantitative approach uses measurement and numerical assessment of data that is collected through varying research methods such as polls, surveys, and open or closed-ended questionnaires.
The importance of market research lies in the fact that it answers many questions that we ask ourselves in our daily lives, with studies such as evaluating a new brand or product image, researching our competition, evaluating a service, introducing a new product, the evolution in the market of a firm’s products and services, the concept of new formats or new packaging, promotion tracking, among many other components of the research.
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‘Knowledge is power’ is an old saying that remains very relevant today as well as in the foreseeable future. In the business world having relevant knowledge helps decision-makers decide on the most viable options. We at OakStreet provide you with that relevant knowledge through our market research services.
Return On Investments (ROI) gets better as you can invest in better prospects based on market research. It can also help you minimize your risks, as our research and findings can assist you in generating valuable risk assessments.
Business sustainability revolves around making effective decisions for the business, and product development among several other aspects. When you have credible information based on the consumer’s likes and dislikes you can steer your business accordingly and remain a favorite for your customers.
Our market research services enable you to focus on the changing market dynamics, inflation trends for example may help you in selling or buying your materials and products more reasonably, consequently, your pricing strategies may be developed accordingly.
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