The main aim of market research services is to understand the environment. Finding out what is the exact requirement is key to providing exact solutions. This is why specialised market research is important.
The first person to conduct ‘market research’ was apparently Alexander III of Macedon, better known to the world as Alexander the Great . After conquering a territory, his soldiers would conduct a basic form of ethnography to ease the amalgamation of newly-conquered people with Greek customs and culture. The respondent selection process employed at that time were obviously different from the specialised market research prevalent today
In terms of qualitative research, integrating classic and breakthrough methodologies has led to the creation of multiple information streams that combine local expertise with a global strategic diagnosis to deliver unique insights.
When correctly implemented, these new understandings can improve revenue, market share, profitability and long-term brand asset value. Specialised market research has a tailor-made client approach. It has a definite ability to deliver immediately applicable solutions.
Technology has had a major role to play in this specialised market research. Qualitative research is not just about focus groups anymore. Smartphones, tablets and/or webcam-enabled laptops have provided another powerful gateway for qualitative researchers to delve deep into the lives and minds of respondents. Respondents can today record thoughts and feelings via asynchronous video streams onto their device of choice, which they then upload onto a specially-designed platform. This allows researchers to capture meaningful qualitative information at the click of a button.
From the times of Alexander, qualitative research has evolved dramatically, and there are a lot of cool, new ways to conduct it. While true, all of the approaches and techniques matter little unless they are linked to a thorough understanding of an organization’s business, marketing and research objectives. Those objectives provide the foundation for any specialised market research. It is not just the technology, but the end result that can drive confident business decisions.