NETBASE QUID: Exploring the Future of Digital Market Research TechnologyNovember 13, 2020
NetBase Quid is a tech company that provides real-time solutions to businesses and organizations regarding the market and consumer preferences on different products. The company uses artificial intelligence to analyze the data collected and later give informed directions to the businesses. These directives will be based on:
The emerging trends
The consumer preferences
The business competitors in the market
NetBase Quid has partnered with a lot of companies. Some of these partner companies include:
Market Research Definition
Market research can be defined as the ultimate process of appraising a specific product of the service’s viability. The viability is determined through a comprehensive analysis of the product, consumers, and the market as a whole. Typically, market analysis is done by having face-to-face or virtual discussions with consumers. This process gives the organization or business a perfect idea of how the market works, the potential customers’ needs, and how to beat their competitors in the market. Market analysis can either be done by the business itself or be outsourced to marketing companies such as NetBase Quid.
Why is it Essential to Conduct Market Research?
As days go by, businesses often face challenges in the market. Therefore, it’s crucial that each company identifies these challenges and know what their customers’ needs are. As an entrepreneur, you will work towards realizing consumer satisfaction, improving the current products in the market, and improving your business’s profitability. Below are some of the importance of conducting market research.
Conducting market analysis will help you gather all the information regarding the market, how the products are faring in the market, and improve on the existing and new products. All these data will help you layout a better strategy to conquer the market.
Understand the Consumers
Market research will enable you to understand better what consumers like or hate in your products. Remember that the whole process revolves around the consumers. Knowing what they want will help you design better products that will suit the needs of your customers.
Improve the Sales
When customers are satisfied with your products, the sales of your business will automatically improve. Market analysis will help you forecast the emerging trends and decide whether to increase or reduce production.
Helps Beat the Competitors
As a business, it’s essential to know who your competitors are and how you can beat them in the market despite any emerging trends. Market research will help you understand what your competitors are doing that you are not implementing in your business. This will help you lay better strategies that will help you remain at the top.
Knowing your customers and the market will help you avoid the common challenges a business face. The following are steps which a company must take when conducting their market research.
This must always be the first step you take when conducting a market analysis. Determine where you are facing challenges, is it with the product, consumer, or the competition.
When conducting any research on existing and emerging trends, you must have a sample. Pick a segment in the market and conduct your research on it.
Data Collection, Analysis, and Interpretation
Collect all the data you need from the sample identified. Then conduct an in-depth analysis aiming at solving the problem defined in the first step. The last step is to interpret the research done. Does the projected solution solve your problem? If yes, proceed to the next step.
Adopt the solution that will favor your business and increase its profitability.