Why Market Research Firms?
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How many of you have heard
of a market research firm?
Well, those of us who work
in the industry are obviously
aware of them. But even
those who have nothing to
do with the media, advertising
or promotional industries
have in some way or the
other come into contact
with market research firms.
Recall that pesky survey
student who hounded you
all along the mall asking
you to fill out a survey?
Or even that cute girl with
the sad air who pleaded
with you for a few minutes
of your time? Both of them
surely worked for a market
research firm? But have
you ever stopped to wonder
how these firms actually
make their money?
The truth is, most market research firms have stumbled on one of the least focused aspects of the marketing environment of nowadays – the needs analysis. While most product and service companies try and peddle their products and services to all and sundry, a few of the later entrants found that there was no real market for the products or services they offered. Upon examining the reason and employing rudimentary market research techniques, they found that the market no longer had a need for the kinds of products or services they were in the habit of offering. |
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Among the very first firms that indulged in this sort of exercise were the market research firms. Even today, most market research firms do something very similar. They analyze the market to identify trends and reactions which enable them to make predictions regarding how the market is likely to behave. This is what has given market research firms the power that they enjoy. And it is indeed justified. Because, without market research firms to give us valuable insights into the behavior of consumers, most product companies would be unable to make the adjustments to the nature, design and packaging of products to influence the purchasing decision. Similarly, unless market research firms are able to provide insights into the ratings of services offered by service firms, they too would be unable to customize their services. Today, nearly every company, big or small, depends on the services provided by market research firms. And truly, there is no other way to go about it. Because of the information and insights provided by these firms, our products, services and performance is getting to be better. And in a way, since we all stand to benefit, the market research firms most of all, it is in fact a good trend! So when you are asked by that student to fill something in take a few minutes out of your busy schedule! |
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