Market Research is a very useful tool which is used more and more by all types of companies these days as part of their own evaluations or to validate actions or future actions. It is a wide reaching subject which can be used to assess and forecast in many market places.
Most often market research is used to look at and monitor performance, tracking ad campaigns and brand awareness, looking at customer satisfaction and how customers shop. It can also be used to research a market place i.e. find out the size of a particular sector and how it is currently used as well as looking at perceived market opportunities.
Sometimes it is used to test ideas and products both in terms of ads and packaging design and also about pricing. Of course it can also be used to highlight ways forward and forecast trends i.e. to help create new products, ideas and campaigns.
Market Research offers an insight and an understanding of how a market place or a consumer group or other group work. Understanding is an essential key to success. So knowing how the group of people / consumers that you wish to target operate and understand the market gives you a head start.
Looking at the predictions of future trends can also help clarify your decisions whichever point your business is at.
A great deal of choice
When you are looking for a UK market research agency the landscape is pretty vast. There are some big names out there that most of us have come across at some point or another such as TNS (Taylor Nelson), Gallup, Neilson and Mintel but there are hundreds more.
The industry in the UK is BIG. It even has its own society – the Market Research Society – and at one of the last counts there were around 600 market research agencies in the UK.
What are you looking for?
Try to narrow down the type of market research agency you are looking for. For instance do you need research from outside the UK market – probably not; do you need research specifically focused on a particular area and do you need a full service agency i.e. one that can cover many areas and media platforms?
You need to take all of these points into consideration before making your choice. An agency that is experienced in your sector and can offer a full range of market research tools is a good starting place.
Most market research agencies admit that it is the results that they get for their clients that make the difference. The client isn’t often interested in which tools they use. What they want to see and are ultimately interested in at the end is bonafide statistics and results that they can use to inform and influence their future actions. And of course reap the benefits.
If you want results, to understand your customers better and see a clear path forward, contact Marketing Sciences for a tailor-made market research programme.