Corporate market research, generally speaking, is a study of the market in which a business operates.
Within the subject of corporate market research there are different subfields. Some of those include product-market fit, voice of customer, and competitive analysis.
Corporate market research is broad enough to include market research for any corporation regardless of who the customer is, so it’s important to make the distinction between B2C corporate market research and B2B market research.
What is quantitative market research?
Quantitative market research is the process of gathering information from consumers and other stakeholders, in order to understand their needs, wants, and motivations. Typically, researchers conduct quantitative market research through surveys or questionnaires.
What does “qualitative” mean?
Qualitative data sometimes isn’t as appreciated as qualitative data because it isn’t hard data. This means it relies on the interviewer using a more subjective approach to gathering, recording, and interpreting data. For example, if you were observing people in a shopping mall for your market research project, you would not be counting how many women were wearing red shirts. Instead, you would describe what they looked like and how they behaved while shopping at the mall.
This kind of observation is common during market research fieldwork because it allows researchers to see things that might not show up in quantitative surveys. For example, if someone walked into a store with their arms full of bags from other stores but no bags from yours, this might indicate that your store was not doing well enough to compete with all the others nearby!
What is the difference between primary and secondary research?
You might have heard the term primary research and secondary research. Both are important sources of information when doing corporate market research but are quite different in how researchers conduct them.
What is the difference between primary and secondary research?
You might have heard the term primary research and secondary research. Both are important sources of information when doing corporate market research. However, they are quite different in how researchers conduct them.
Primary research is conducted when you are trying to find new information. This is a type of research that NewtonX, one of the top B2B sample providers, typically engages in. It involves going straight to the source of information. This is, in other words, a network of professionals who can answer specific questions about questions about topics that may have not been addressed exactly in any other form or reported in any other report where Big Data analysis companies generate reports
You conduct secondary research when you look for information that others have gathered and organized. There are very big data research firms that conduct industry-wide surveys and generate reports that are available for other companies. Some are thought leadership secondary research topics that are further reports are available to anyone and other secondary research topics or reports are available for purchase. Secondary research can address a specific problem or general Trends in customer preferences.
Other potential benefits of corporate market research
- Allows companies to keep tabs on how many people use each product or service among all their competitors.
- Can reveal customer preferences for different types of materials used in making products
- Gives companies an opportunity to change prices offered
- Can help businesses identify new market opportunities.
- Show if there is any growing or shrinking demand for a certain product
- Helps business owners determine whether there may be potential competition for a particular company
- Can validate a business’ marketing strategies
- Can reveal trends in consumer behavior.
- Corporate market research can serve to let businesses know how satisfied customers are with the quality of their merchandise.
