Market Research

Market research is a necessity and it should be part and parcel of your marketing techniques. This goes for not only new business entities but also established businesses. You need to stay in touch with your customers' requirements as well as changing market trends to gain an edge over your competitors. Market research will help you measures the efficiency of your own advertising and marketing methods, giving you information about everything right from packaging and advertising to brand name awareness.
It can help you assess key trends to forecast probable changes in the market. This could also result in identifying new market segments, developing different product lines or changing target audiences.

What is market research?

Sixthfactor offers traditional qualitative and quantitative research services, viz., focus groups, in depth interviews, ethnography, immersions, ideation workshops, satisfaction surveys, consumer & employee engagement surveys, mystery shopping, service quality audit. The key is we start with a business issue and incorporate the necessary tools to help you get the clarity you need.
Market research exists to guide your business decisions by giving you insight into your market, your competitors, your products, your marketing and your customers.
By enabling you to make informed choices, market research will help you to develop a successful marketing strategy. And ultimately influence behavior of your target customers.

Type of market research

There are two main types of market research - quantitative research and qualitative research. Quantitative research focuses on crunching numbers and stats. It is gathered using surveys and questionnaires. More in-depth quantitative research can be used to identify markets and understand customer profiles - vital if you're launching a new product.
Qualitative research gets behind the facts and figures to customer sentiments about the brand and the products and what would prompts them to invest in the brand products. This may include desk research with existing surveys and business reports. More effective are Questionnaires and focus groups that help gather this intelligence, and Sixthfactor will use its expertise to interpret the result. Qualitative market research includes combing through large amounts of data on market size, sales trends, customer profiles and competitor activity. Brand customer records also provide a wealth of information, such as purchasing trends.

Market analysis for a business plan

A qualitative and quantitative assessment of the market - It looks into the size of the market both in volume and in value, the various customer segments and buying patterns, the competition, and the economic environment in terms of barriers to entry and regulation. Market research will guide business decisions by providing insight into the brand’s market, brand competitors, the products, the marketing techniques and customers’ loyalty to the brand.
Market research will enable you to make informed choices, to develop a successful marketing strategy.