From the most primitive tools, people have improved their research methods to help them easier to understand the market and customers over time. As a result, they can develop their products/services and improve their business efficiency and competitiveness.
Today, market researchers have a tool kit including desk research, telephone interviews, face-to-face interviews, self-completion questionnaires, focus groups and observation.
They use special techniques for selecting samples and analyzing the data. It is equally important to understand what market research is for, and why it is carried out.
Market research on its first days
By the early 1900s, a fledgling market research industry had started in the US, focusing on advertising testing in one form or another. In those early days, there was concern that people would give dishonest answers for direct questions. That’s why some of the first commercial market research relied heavily on observation.
Then, market research companies like Nielsen emerged. For the first time, managers had objective and accurate data on their sales, the size of the market, trends and their competitors’ shares.
In the 1950s and 1960s, business competition intensified. Market researchers used sample surveys with questionnaires to obtain attitudinal data. At that time, the market research interview was considered as the main tool for collecting information, and survey companies blossomed. It also marked the time when managers had objective and systematically collected data to help them understand what people were doing with or thinking about their products.
And its shifting
In the 1970s and 1980s, attitudinal research moved to a different level, and surveys were developed to track customer satisfaction.
In recent years, computing has gradually become cheaper and more powerful. People focus on transforming data for more insights. They also employ different modeling for segmentation, conjoint analysis for pricing decisions, data fusion to fill in gaps of missing data and geo mapping to find the best locations for retailing or distribution.
Currently, insight is one of the top keywords for businesses when doing market research. Insight will help them have a deep understanding about customers and the market. Thereby, they will be able to make right decisions based on data, instead of just observation or judging as previous.
The Outbox Company, Vietnam-based tourism market research company, after rebranding also focuses on “insight”. We introduced Outbox Insight, which offers one-stop insights solutions through regularly updated analysis and reports. Moreover, Outbox Research provides tailor-made solutions based on quality data analysis and business’ requirements. Outbox is the pioneer in the field of data analysis and development in Vietnam.
