Why Market Research and Analysis Is Important for Business

Market Research and AnalysisMarket research is an organized effort to collect and maintain the complete information obtained about target markets or customers via focus groups and interviews. You need to understand people’s preferences, reactions and attitude towards a product/service so that you can stay more informed and make better business decisions. For example, good research can provide you with many options to launch new products or enter new markets. Documenting market research accurately with the help of business transcription services is very important.

There are mainly two types of market research such as:

  • Primary research – Primary market research information is collected by talking to customers or competitors. This is typically the most valuable information for your business. The research will be carried out in the form of interviews, questionnaires, opinion polls, feedback forms and surveys. You may need to have questionnaires filled up in a specific format so that you can easily manage and work on them. Or you may want the opinion polls transcribed in a more organized manner. Sometimes transcription may have to be done from image files (PNG, JPEG and GIF) and audio files in mp4, mp3 or AVI formats. It is here that professional market research transcriptionists can provide you with the right services.
  • Secondary research – This involves using the results of research conducted by other sources. The sources may include Yellow Pages, internet search engines, trade or industry organizations and so on. Although this type of research may not be accurate as primary research, it can be a cost-effective way of collecting information regarding the marketplace and general industry trends.

Both types of research are crucial for your business. Sometimes, doing a quick search through search engines can bring you the needed information while there are times when more effective research may be required. For example, you can simply search for new fashion trends on the Internet to come up with new ideas for your brand of jeans. However, if you want to know customers’ views on new trends, you should conduct an opinion poll or survey.

Whether you are planning to start a new business or are already in business, market research is crucial. In the earlier case, good research will help you reduce the risk involved with getting into a new business as you can show some evidence of research to the people you approach for help. In the latter case, market research information will be necessary for your daily business operations. The other ways market research can help you are:

  • Determine whether customers are satisfied and if not, what went wrong
  • Gives you an edge over your competitors
  • Identify warning signals in your business
  • Find out which advertising media works best for your business
  • Keep tabs on new technology in your industry

In short, market research will help you find the threats and opportunities in your business to make effective decisions that will help business growth.

Relevance of Documenting Market Research Properly

More meaningful documentation of market research data can be used as references for business decision making. Transcription service providers offering the service of transcriptionists can help you with presenting each market research transcript in the required formats.

About Rajeev Rajagopal

Rajeev Rajagopal

Prior to joining MOS, he worked as a physical therapist. Having worked in several rehabilitation clinics, Rajeev has learned the importance of good medical records for medical billing and liability issues and the importance of the good back and front office support. He has extensive knowledge in SEO, medical billing and coding, and medical transcription.