3 ways in which field research can prove to be important in business
Posted by rajivpotdar on April 18th, 2019
No matter what field you are in, you will find the need to conduct research of some or the other kind. Whether it is the field of education, science or business, research, including field research is one of the best ways to get a first-hand account of findings related to your field. Today, most businesses and companies rely on digital research to find out how their products and services are being consumed by customers, especially because digital research is quick and inexpensive. But the findings accrued from in-person research, even in the field of business can prove to be more valuable than those gained from digital research. Here’s how field research can help your business.
You can test new products: Before producing a product, businesses need to know the kind of products consumers actually require. Does it make sense to launch a product that already has a hundred different substitutes? If so, how to get consumers to try the product? Will consumers accept or reject the product? These are the kind of questions you can ask and mitigate risks associated with the launch or even rebranding of a product. For instance, super-markets often have sales persons providing free samples of their products, asking customers for their feedback on the spot. In-field research therefore helps your business gain accurate information and launch products that are high in demand.
You can formulate a distribution policy: Product distribution is an important part of capturing the market. Businesses typically decipher a distribution model based on geographies in which the demand for certain products is high. For instance, jackets and woollens are purchased throughout the year in the northern parts of most countries as opposed to other parts of the world. Through field market research, a consumer products’ company representative can speak to merchants to find out which brands of jackets and woollens are preferred by the population in the area. Based on the research outcomes, managers can determine how to increase product distribution and the quantities of products that need to be distributed.
You can study the competition: Every business needs to be aware of their competitor’s performance in the market and devise strategies to increase their market share. In-field research can help businesses study their rivals and acquire more information about them. Businesses can visit stores where competitors’ products are doing better business than their own and find out the reasons for the same i.e. what makes consumers choose a competitors product over those offered by the company conducting the field research. This can also help businesses determine their own customer base as well as their competitors. In-person interviews can be conducted with customers to analyse their preferences. Businesses can also analyse and emulate the strategies used by their competitors to boost their own operations.Top Searches - Trending Searches - New Articles - Top Articles - Trending Articles - Featured Articles - Top Members
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