So what do market researchers actually do? Our roles in market researchers involves data, including; planning, implementing, controlling, analysing and reporting all that data. Some of our main responsibilities include investigating market activity, analysing data and statistics, assessing future trends and commissioning lots of surveys. The job can be fast paced and overwhelming at times, with tight deadlines and high pressures from clients. Nonetheless, it is rewarding.
Market research is an important component of the modern business strategy. It is the process of systematic gathering, recording and analysing of data about customers, competitors and the market. As market researchers, we collect and analyse data and information to present to our clients. With this information they can make informed political, social and economic decisions. Through this information we can help the client create a business plan, launch a new product, fine tune existing ones and expand into new markets. It can be used to determine which portion of the population will purchase the product based on variables like age, gender, location and income level.
Essentially market researchers help companies take better business decisions about the development and marketing of new products. It is our responsibility to identify and monitor competitors and research conditions or changes in the industry that may affect sales.
Our role involves us working closely with our clients to understand, define and document the primary business objective. We apply both qualitative and quantitative techniques to interpret the data, and form reports based upon the findings to produce substantiated recommendations for the benefit of the client.
We can conclude that we are data consumed individuals with a passion for statistics, accuracy and analytics. Essentially, research superheroes!