Importance of Market Research and Trends

As we know we are living in this Internet era and we have so many things so-called internet of things. Whenever a new business comes into existence, it has a business plan and life cycle that truly focused on the latest market trends. We simply call it a market research which is a life line for a business to be promoted in the local or global market either via traditional resources or online marketing mix. Market research is done by the researchers and it has 2 modes: (1) Online (2) Offline

The first one is done by the Internet marketing experts who make a thorough research for the business niche as well as business competitors and extract the findings in terms of business demography, target audiences and of course the seasonal trends based on local events.

When it comes to offline research, we can simply understand it by local/global data dictionaries or statistics which further involve surveying through traditional media channels. A manual and physical analysis of business data comes under offline research.

The fundamental of business research is focused on users behaviour and this is what we say the lifeline of any research. Users behaviour involve their Age, Gender, Interest, time stamp and, of course, their physical location. A checkpoint can be thought of user’s behaviour i.e. what sort of Internet browsing they do for a particular product. If they frequently browse any specific site meaning it’s a real competitor for the business we are researching for!

Let us understand this by setting up a real time example. Company A launches a wrist watch in the local market of CA and it’s fancy product. Of course, their customers will be athletes/ men with an age group 18-35 years. Company A offering some discount on weekend sale and thus this product needs to be promoted in the target demography [CA in this case] targeting on the weekend to the proper age group networks/communities etc!

Hope this helps in understanding the idea of market research as well as identifying the real audiences for any business group.