We, at infoAnalytica, understand the importance of personalized service to ensure total customer satisfaction. Our processes are customized to suit the needs of each project. However, what remains common to each project is our focus on streamlining the project lifecycle, implementation, ensuring quality control, and version control.
We work closely with our clients to fully understand their practices and requirements. Before the project goes on the floors, the process is explained to our clients and they are encouraged to request changes. Throughout a project, we diligently follow international quality guidelines to ensure that the client objectives are accomplished.
infoAnalytica does not follow in a one-size-fits-all approach for its client projects. Every phase during a project is customized fully to suit customer needs, and is unique in nature. However, some steps in the process remain standard. Included below is a sample methodology for infoAnalytca’s Market Research work.
Sample Methodology - Market Research Process
Market Research forms the basis of any marketing campaign or for building marketing strategies to achieve business results. The process is the first step towards launching a successful marketing campaign for the promotion of products and services. All marketing activities such as advertising, promotional campaigns, brand assessment and brand building, brand awareness generation, targeting and segmentation are related and revolve around the market research process. This market research process forms the foundation of any marketing activity; as such it should be done with great care and understanding.
Steps in the Market Research Process
Various steps are involved in the market research and market analysis process.
Define Problem: The foremost step is to define the problem and set the platform for the market analysis process. This step is very important to start the process in the right direction. Unless and until the correct problem area and goals are defined, the process will not move in the right direction.
Define the Target Segment: The next critical step towards the market research process is the identification of the potential target segment and the customer group. Since the research process cannot include all the population, it is essential to classify and choose the market segment that would be focused during the research process.
Segmentation: Once the target group is identified, the next step towards doing the research is the segmentation process. This is the technique of dividing the customer group according to various parameters such as age, income, geography, interest, gender etc. This will help to focus on the people with similar needs and interest and make the research process more structured and organized.
Market Research Data Collection: A very major step towards conducting the market research is the data collection process. This is carried out by conducting a survey of the selected target segment and noting down the response. Alternatively, data is collected from readily available and reliable and valid public domain sources.
Market Research Data Analysis: The survey results are used to analyze the data and interpret it to derive at some meaningful results. This data analysis process helps the higher management to take important business decisions.
Market Research Report and Presentation: Once the data is analyzed and compiled, it is used and presented in the form of reports and presentation to the higher management and executives who will take the decision on the basis of data analysis.