What is a Market Research Company and Who Should Use Them?

If you come from the background of full-time businesses, the term market research must be etched into your mind. However, if you are new to this, have a seat and get ready to know more about a very useful tool that has time and again proved that it is a brand life changer. 

When you hear market research, what exactly do you picture? A targeted market is being put under a microscope. This is exactly what market research means. This microscope will help define what your consumer markets are made up of, what it thrives on, and what pattern it follows.

It is just like all the times you had biology classes making you observe certain organisms through a microscope.

Market research helps a brand penetrate right into the depths of a market to help understand its functionality. Very often, owners of new ventures are so blindsided with bias and preconceived notions, that it can get very hard for them to see through all the nooks and corners of their market. 

Since market research goes deep into a proper scientific-based study, you are bound to come across results that help you launch or rebrand. Several answers such as why your brand is not doing well, why are customers jumping ship or why are the green bills not arriving as planned are covered through intensive market research.

While this covers the majority of what marketing research stands for, certain marketing companies handle the distribution of already researched material. 

This means, instead of collaboration of a market research company, a brand, and going about a full scare research mission, some companies do several popular brand or product-related services in advance, and then sell this information to budding or already existing brands. 

Another important factor to know is that marketing research revolves mainly around two types of research. Quantitative and qualitative. In some cases, it is even a combination of both. This depends upon client expectations and the plan of action that is decided. When we talk about quantitative research, this is mainly considered to be numeric. Which means numbers. 

Market numbers, statistics, etc. Qualitative research is mainly concerned with information that is gotten through word of mouth, expressions, and opinions. When a particular brand is indulging in an activity such as speaking one on one with consumers, asking about their wants and expectations, that’s when you can say that you have witnessed the qualitative bit of market research. 

While quantitative research gives you insight into exact numbers and present status, qualitative research is what helps you gain an extensive glimpse into your consumer's minds. What goes on, what are they presently considering, why they choose/don’t choose you, etc. 

Eventually, it is this information that will help you gain insight and change the falling numbers that get discovered. In a way, you can say that both types of research go hand in gloves.