Developing Market Research
When you are ready to begin your marketing research, it is important to design a tailored map of resources that align with your research problem. Marketers can use resources such as online surveys, focus groups, virtual panels and more. There are unlimited tools that marketers can use, but the marketer must remember to stay organized and use relevant resources.
To successfully gain market intelligence, it is crucial to focus on and perfect the foundations of market research:
1) define the research problem
2) develop a research design
3) determine the resources needed.
Challenges in Market Research
This is especially important when journeying abroad. Global market intelligence can become difficult due to many factors including:
-lack or inaccuracy of secondary data
-time and cost requirements for collecting primary data
-comparability of multi-country studies
-coordinating research efforts abroad
The best way to avoid turbulence when developing your research design is to become very familiar with the foreign environment. In doing so, practice avoiding self-reliance criterion (SRC) which may mislead research efforts by constraining personal beliefs that are not held true for the global market. Using a balance of emic school and etic approach can help isolate and standardize areas of focus.
In the world of B2B, the buyers and suppliers of your product are instrumental in providing feedback for research. You can implement surveys such as customer satisfaction scores.
Suppliers can build their brand internationally by using country/market analysis reports that give input on the country's reaction to your product.