Why do you need market research data?

It all depends on who you are.

In our business travels, many people ask us why they would need market data, and who within their organization would use research data in a way that is effective and actionable. In a nutshell, any individual or organization that requires any data or knowledge about themselves or their market will use some form of secondary or primary market research.

Secondary Research

Secondary research is based on information gleaned from studies previously performed by government agencies, chambers of commerce, trade associations and other organizations. It also includes Internet and database searches for information that currently exists in the market and is available for free access or purchase.

Primary Research

Primary research is tailored to a company’s particular needs. By customizing tried-and-true approaches (telephone interviews, focus groups, Internet surveys, field tests, etc.), you can gain invaluable information about your customers and target market. Primary research delivers more specific results than secondary research, which is an especially important consideration. In addition, primary research is usually based on statistical methodologies that involve a sampling of your target market.

It is important to remember that secondary research lays the groundwork and primary research fills in the gaps. Organizations that use both types of market research acquire a well-rounded view of their market and have the information they need to make important business decisions.

How research is used depends on your function or area of focus. The following are just a few examples of how different functions use research. The data that is being gathered can be tailored to a functional need, or broad information can be gathered that will benefit all functions at the same time.

Marketing Management

Research focus: All tactical and strategic marketing, segmentation, brand and product positioning decisions, marketing planning, forecasting, etc.

General Management

Research focus: Corporate and strategic plans, acquisitions and divestments, capital purchases, investments, etc.

Sales Management

Research focus: Understanding purchasing trends, competitors, pricing, customer needs/expectations, tactical sales plans, etc.

Customer Service Management

Research focus: Understand customer satisfaction, areas of strength/weakness, areas for improvement, incidental customer issues, CSR performance, etc.

Quality Management

Research focus: ISO/QS requirements for customer feedback, quality standards, quality specifications and adherence, etc.

Technology Management

Research focus: Technology trends and forecasting, technical specifications and features, user preferences/behavior, technologies to integrate/acquire (or get out of), etc.

Tweed-Weber’s research makes it easy to get the information you need to make important, strategic decisions with clarity and confidence. You call us toll-free at 1-800-999-6615, email us at mail@tweedweber.com and/or visit us on the web at www.tweedweber.com. Also, be sure to follow us on LinkedIn (Tweed-Weber, Inc.) and Twitter (@TweedWeber). Whether your research project is large or small, you can be assured that Tweed-Weber has the resources, skills and experience to provide the information and results you need.