Why Market Research Consulting is Vital in Product Development

Timely, well-planned and executed market research consulting can be critical in product development. It aims to demystify the market mindset and the required changes for optimal growth. Product Development usually encompasses two aspects –– launching a new product or bringing improvements to an existing one. It can be seen as the natural cycle of any product –– from its launch to its old age. In the context of today’s ever changing market, planned product development is not a marketing fad, but a critical requirement. Market research can play a crucial role in product development. Big companies spend millions of dollars through their R&D departments for just this purpose. Market Research Consulting is another affordable alternative. But first let us see how a consultant can help in product development. The idea Research must begin even before the launch of the product. Though some products may come into existence as accidental discoveries/inventions, for other more planned product launches an initial research is essential. A consultant will research on market expectations. What do people want? Are there any unmet needs in the field that can be plugged by the new product? Where a new product idea already exists, the market research will focus…

Brand Building Needs A Brand Image Study By A Good Qualitative Market Research Agency

Brand image studies are commissioned by corporations as part of qualitative market research to understand what their image is, in the minds of customers, and how to reposition themselves. This is critical for brand building. One of the ways in which we, at Coral Research Services, conduct qualitative market research for advertising agencies and brands, is to conduct a Brand Image Study. Every brand has some kind of impression in the consumer’s mind. In other words, I can say that every brand present in the market has some kind of image in consumer’s mind. Some brands are perceived to be young and modern and thus thought to be fit for some particular age group or some particular lifestyle or kind of people. e.g. a watch with psychedelic colored straps for the young and upwardly mobile. Then there are some brands that are perceived to be old, yet trustworthy. A watch company that has been around for almost 100years for example. Similarly, there could be brands that are perceived as outdated and one thinks that they are not doing anything that gives them an edge over their competitors. It has also been observed that brand image plays an important role in…

Market Research – How ethnography and Consumer profiling study help provide Qualitative Market Research Results

Since qualitative research seems so subjective, laymen find it hard to explain what we do. Ethnographic studies, consumer profiling studies provide insights about customer behaviour and attitudes. As we go deeper into qualitative market research techniques, you will find yourself fascinated by the different methods that are used to find out more about consumer insight and customer behaviour. All these insights are used by business and they can tweak their communication accordingly. Now, in the last part of this series, I am going to cover a few remaining things that are part of qualitative research. Ethnographic Study This entails observing consumers’ moods, reactions and behaviour in a setting that is unusual from their own and then collating feedback about their reactions towards the same. Organisations and businesses commission ethnographic studies to us, when they want to bring a new product in the market that will create a different environment, and now they want to determine, at which time or occasion are consumers most willing to accept that change in environment Exploratory Study This study is done when companies are not sure about their target audience and want to target the right kind of audience for their product Also, when the…

Tools for insight mining and Market Research that every Qualitative Research Agency should know about

Market research is imperative for mining consumer insights. Here we are listing some more means that qualitative researchers use to understand customer behaviour. Research outcomes can then be applied to business. The organization I work with, Coral Research Services is an Indian qualitative market research firm where research is done to know the consumer’s attitude and behaviour towards a particular product or service or category. My team first defines a problem related to the products and service, and then develops an approach towards the problem’s solution. In my previous blogs, I have mentioned some ways in which we can assess consumer attitude, behaviour etc. Here I continue telling you about different qualitative market research tools Consumer shopping behaviour Studying this helps us know more about the attitude of the consumer while shopping at the shop floor level Gaining knowledge and insights about consumer wants at the shop floor, and the things that they actually pick up from the shelf Packaging Development Study In order to be abreast with current market trends, companies change the pack design from time to time Thus, from this study, we evaluate the pack design, graphics on the pack and the logo too Category Understanding Study…