Busting the Myths Associated with Market Research in Sydney
Sydney, being the largest economy, is known for its finance, trading, manufacturing, distribution and healthcare systems in Australia. This city is surrounded by commercial areas which are dominated by various business and cultural life. It is also known for being a tourism and manufacturing hub, generating over $30 billion- and $21 billion dollars surpassing Melbourne, Australia. For new businesses to establish themselves in this competitive city, a good market strategy backed by strong market intelligence and research about consumer behaviour is highly necessary. To help find these consumer solutions and strategize the business efficiently, the best market research companies in Sydney come to aid. Simply put, they play a key role in helping predict the reception of the business idea in the marketplace.
However, with the agenda of establishing the business quickly, many skip or minimize the research and strategizing phase and move on directly to validation and testing. This often than not results in huge losses due to the implementation of incomplete ideas. Hence, this article focuses on debunking a few common myths companies have about market research.
- Market research firms cannot understand the complex nature of our business
It is not essential for market researchers to completely understand the complexities involved in the business. Since the client understands his business well, he can leverage the knowledge that the researchers have about the local markets to grow his business. A good researcher can design studies that can deliver the objectives without a complete understanding of the business in a way that helps it grow.
2. Market research is nothing more than a survey
Surveying is one of many techniques involved in the process of market research. Broadly speaking, market researchers conduct either qualitative or quantitative analysis to understand the preferences of consumers. In qualitative analysis, the analyst’s job is to gain insights into consumer’s beliefs, their likes and dislikes, and the factors that influence such behaviour. The methods used for this include community workshops, focus groups, depth interviews with shoppers and user experience studies.
Quantitative research involves collecting data about consumers to understand what kinds of decisions they make. The methods used include data analytics, customer experience surveys and market sizing. This enables the researcher to conduct concept testing, brand health tracking, consumer usage related studies, which help the businesses understand which features about their service/product.
3. Market research is too expensive and time-consuming
Market research can be expensive, but it need not be that way. A skilled researcher can design studies to conduct on the market based on the time and budget available. Methods like online surveys, problem simulations using online communities and data analysis to find shopping trends cost less time and money. In contrast, concept testing and arranging workshops with focus groups need more resources.
4. Market research is a “nice to have,” not a “must-have”
Most companies feel that market research is not necessary to grow their business once it is established. Why should the company invest resources to find out about consumers who already are using the company’s products or services? In today’s fast-paced world, it is easy for consumers to shift to a new brand that appears to offer better services than attract them. Hence, by understanding the new trendsetting features in the market, companies can prepare themselves to adapt to the changing markets and retain long-term relationships with their consumers.
Thus, the best market research companies in Sydney can provide solutions to businesses of all sizes and from all industries in helping them establish and sustain the business in the fast-growing markets.