Through conducting market research, companies are able to increase their profits by up to 29.6 percent. The report released by the branding and marketing agency, Hinge Marketing, also states that the profits of the service companies that conduct market research at least once a year are increasing by up to 20.4 percent annually.
The report entitled High Growth Study for 2020 is aligned with the statement of Irfan Agia, a Customer Psychology Expert who currently works at Stockbit and Bibit, who are talking about the importance of market research for brand owners. In the statement delivered through an interview with Brand Intensive Magazine, Agia compared market research with Google Maps.
Market research is a brand’s Google Maps
The main function of Google Maps is providing alternative roads for its users. With Google Maps, users are able to choose which road to use to avoid traffic jams and even disasters. Just like Google Maps, market research also shows the power of data in decision making.
With research, brand owners are able to minimize risks and failures. Research that produces relevant data helps brand owners to make more precise and efficient decisions so that the costs of losses and costs of failure can be avoided.
Brief interview Brand Intensive Magazine with Irfan Agia provides a good perspective on indicators in organising market research. There are four indicators that need to be considered by brand owners in organising market research.
1. Research Aim + Objective
A shoe brand from Australia released a product based on their research findings. However, the product turned out to be a flop. The reason is the shoe brand only follows solely on the customer opinion research. In fact, the customer's decision to buy should also be supported by research in the customer behavior area. Agia stated that market research must be conducted based on the objectives to be achieved.
2. Research Nature
From the case of the shoe brand, the brand owner also needs to consider the nature of the research itself. Research needs to be done in stages to get the appropriate results. Brands also need to choose the right types of research carefully to produce a holistic view.
3. Research Execution
In addition to objectives and types, the market research is also heavily influenced by how the research is executed. Agia stated that the implementation of the research was highly dependent on the team carrying out the research. Researchers involved in the market research process must have comprehensive knowledge about the technicalities. That way, the research carried out has the right questions to the right targets.
4. Research Budget
The last indicator is the budget of the research. Many brand owners are hesitant because of its large budgets. It is based on whether the research can have a major impact on the development of their business and brands. In fact, market research can be started from a simple way by interacting with a number of customers via social media.
Agia highlighted that research is not mandatory. The role of market research is as a preventive measure, not a curative one. It serves to prevent risk and even failure. With relevant data from the research, brand owners' decisions can be efficient and less risky.
Brand Intensive Magazine photographed Irfan Agia as a consumer psychology expert in market research. In the interview, Agia also revealed a lot of other knowledge related to the market, starting from the brand's steps in winning the heart of the market to the best way to convince stakeholders in conducting the market research.
In the second edition, Brand Intensive Magazine also provides various perspectives and knowledge from experienced brand owners such as Adityalogy, Dimax from Bagasi, Fahmi from Fatih Indonesia, Helga from Burgreens, William from Space Roastery and many other experts and professionals in brand and market.
Sumber:
https://hingemarketing.com/blog/story/cost_and_benefits_of_market_research