Market Research – Critical Tool for Business Growth
Market Research Consulting / August 25, 2015

Market research agencies are critical for businesses to gain consumer insights. Here are some market research methods that we use in my office, Coral Research Services, New Delhi. If I said, “ Market Research has become an important tool for every business organization to grow in the market ”, I wouldn’t really be off the mark. Having worked in market research for all these years, I have seen that all leading companies who want to grow and prosper, commission Market Research. I got insights of various types of researches that a company seeks from a Market Research Firm in order to keep up with market trends and to maintain a competitive edge. Here are some of the methods I think one can use – Communication Development Study Pre-testing Advertisement – helps to know about the likeability of ads so that brands can teak their advertisements before realising that feedback later. There are times when companies also want feedback about their current live advertisements and thus undertake this study with a view to improve their adverts or create a better ad keeping consumer feedback in mind Product Development Study Testing the product – this is done by pre-launching in the market…

Marketing Research for NPD
Product development / August 20, 2015

A Market Research in the right direction and with the help of an experienced Market Research Analyst can help reduce the chances of failure and pave a winning path for a ‘New’ product launch or an ‘Old’ products re-launch. In Product Development, Market Research (mix of both qualitative & quantitative) comes in as a very handy tool to assess market potential and ensure a deep-rooted product/concept, by helping with accurate need analysis. Need meets Demand’ and ‘Product meets the Needs – Products and concepts of innovative nature are difficult to be researched, owing to their intangibility. An experienced Researcher can help with this by bridging the gap between the new product development opportunities and the unmet needs of the buyer or the potential users by educating the Target audience and implanting the seed of it. Market research may be regarded as an experiment which can be unsuccessful if not conducted under the right and suitable conditions.  Bottom-up approach of ‘Needs Assessment’ and ‘Concept Screening’ is more successful that the Top-down approach of trying to fit and create acceptance of a new product or concept into the current market. Concept Development to the Product Launch – The Market Research can be a part…

Consumer Research Services – Delving into Consumer Psyche
Product development / July 27, 2015

As a researcher at Coral Research Services, my work involves understanding consumer psyche, need states and deriving insights based on their behavior and responses to stimuli. Thankfully, I receive a lot of exposure to the various research methodologies and training to help understand how to decode what I hear and see during the consumer interactions. Here’s a bit about my tryst with consumer research: The first time my curiosity about consumer insight and consumer research was piqued, when I worked on a dissertation as part of my undergraduate course in marketing. The topic of my study was ‘Understanding the impact of advertising on women psyche’. As a student, I randomly interviewed women in malls and came back concluding that the impact was insignificant. Of course, this was a rather unstandardized way of researching, but then this small project increased my curiosity. Indeed, what do consumers think about all this communication directed to them? I soon realized that products are manufactured for consumers and the communication around it should also be according to consumers’ needs / pain points. Or, otherwise, a need had to be ‘created’ for them. Here are some of my own observations while working at Coral Research :…

A Transformational Marketing Strategy can change your Brand’s Growth Trajectory
Product development / July 17, 2015

A marketing strategy research, analytics, and research company can help you move your brand from where it currently stands to where you want it to be.  From market research in emerging economies or periodic tracking of competition to an enterprise-wide ‘Research Helpdesk’ solution or template driven analytical reports for senior management – Marketing Research Consultancies are engaged for a range of customized research needs, some that are simple or routine tasks and many that are complex in nature such as market analysis, feasibility reports or business plans. Organisations deploy Marketing Research Consultancy for senior level research to: Shape strategy and drive profitability by deploying full array of Research Tools. To understand and help build brands and thereby guide brand positioning In-depth understanding of consumers and the markets within which you operate To help explore and establish the potential for competitive advantage To help ensure their fitment for purpose in changing and competitive markets. To monitor their progress and thus, help to achieve their business objectives To establish best practices for research/insights and get maximum leverage from limited resources Points to be remembered while choosing a Marketing Research Consultancy: Relevancy of team of analysts and their domain experience Project Manager with…