How Big Companies Do Market Research?

When we talk about big companies we refer to businesses that are large in terms of their scale of operation. Spread across the globe, maybe as an MNC. Companies dealing with a complex matrix of product mix owing to many variants, or businesses that are catering to a whole spectrum of consumer segments across different nationalities. 

While it is well appreciated that all companies need to be competitive and profitable to sustain their business, it is equally important that timely and expeditious interventions through market research are made to remain so.

Any company of the above magnitude would engage renowned market research agencies to deliver the desired results. 

Owing to the very size and complexities of the company, quantitative market research will be required. That being said, it also implies that the qualitative aspect of market research cannot be ignored to meet the objectives.

A Market research company that is engaged by big companies also needs to deploy complex and time tested, as well as contemporary methodologies for conducting market research for them. They would be required to deal with ‘Big Data’ inundating big business every day. Analyzing large volumes of data, both structured and unstructured, would need to be handled by such market research firms. Only then they will be able to improve the decision making capability and instil confidence in the business owner for strategic changes.

Needless to say that when big companies hire the Market research company they would be highly demanding in terms of timely delivery of results. That means that the lead time in data capturing, collation, data mining and analysis to the presentation of a market research report should be shortened.  Only then would it be possible to gain insight into customers’ behaviour for timely developing an appropriate business strategy to increase sales and maximize profit by decreasing costs.

Such market research companies engage in Online Market Research. While enabling expeditious data capturing, it also allows maximum reach to the target customers. Reliable market research companies provide services in the area of both Qualitative and Quantitative research. They can handle wide methods of market surveys. Since they are expected to analyze data across the length and breadth of the globe they ought to have the capability of conducting in-depth interviews. They are expected to live up to big companies’ expectations of analyzing data from target audiences from multilingual backgrounds.

For big companies, speed in Market research and reliability on both primary and secondary data,are the essence. Big companies face large challenges from within and without the business environment. Identification of such challenges in terms of opportunities and threats require specialized acumen. Thus, for effective market research, it is imperative to apply the ‘Lean Market Research’ approach to keep the cost under control and reduce the turn-around time (TAT).

A clear understanding of what the market demands is a point of focus with big companies. They need to be focused on their approach to leverage growth and profitability, lest it should lead to resources going down the drain.

All these warrant the hiring of a market research company having expertise in research in the true sense. They need to be aware of such variables as ‘product life cycle’, changing customer profile (demographics), modified market demands, etc. 

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