Learn more about Market Research Technique from Akansha Gautam
“The pandemic has affected the consumer behaviour around the world. These new adaptive Digital Behaviour is unlikely to reverse.
They’re poised to provide brands with more data than ever before. The more we know about a customer’s perspective, demographics and intents, the easier it is to sell them.”
– Akansha Gautam, Head of Marketing, AutoFlipz
Market research is activity brands conduct to get some insights before investing a huge amount of money.
But is it useful in today’s scenario? Is it just a prerogative of big brands or it is useful for Small businesses?
In order to learn more about this, we talked to Akansha and learned how this marketing technique is evolving and how companies have used it so far. Read on.
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1. Tell us About your Life Journey Akansha?
I was born in Lucknow and brought up in a small town in Aligarh. Since my father has been into a touring job, indirectly I was getting trained while travelling with my family a lot.
I am an alumnus of IMS Noida with a master’s in business administration in marketing.
So, I turned my passion into my profession which landed me to be a marketer who loves to travel and networking has become my core strength.
Coming from an orthodox background I still had an aspiration to reach where I am today, as the Head of Marketing, A blessing in disguise.
I am happy that I took this turn which helped women around me to whom they can look up.
I have been raised in a family where a woman is another synonym for restriction, However, I gave my life to my profession a small bit to change this perception.
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2. How Market Research techniques have evolved in the last few years?
Market research helps brands to determine the best strategies for growing business and reaching the intended customer base.
In order to sell a product or service, whether it’s to an end user or to another business owner, understanding the customer’s needs and behaviour is key.
The pandemic has affected consumer behaviour around the world. This new adaptive Digital Behaviour is unlikely to reverse.
They’re poised to provide brands with more data than ever before. The more we know about a customer’s perspective, demographics and intents, the easier it is to sell them.
The five new keys to bringing the changes –
- Social Media has joined the party.
- Data Collection Improvements.
- Enhanced Data Analysis.
- Creation of New research Roles.
- Big Data Inform Research.
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3. What are some effective Market Research techniques that Businesses can adopt?
The next decade was already shaping up to be a period of significant disruption And that’s before coronavirus got into the scene.
From shifts in methodology and structure to technological developments, a few trends will almost certainly define the B2B market research industry over the next year or two.
- Less face time
- Rise of the machines
- Data Privacy Challenges.
- More Competition.
The upcoming Trends –
- Less face-to-face.
- Technology.
- Data Privacy.
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4. Can you share some examples of companies that made the most from Market research strategy?
Yes, I would love to answer this, Apple, McDonalds, and Starbucks are extreme examples.
Apple – Apple is always focussed on the needs of the customers and gets their feedback on the products. This helps in maintaining a good relationship between the customer and the company.
Getting regular feedback from customers is an important part of market research and can save the company from enduring heavy losses.
They did a SWOT analysis which is basically undertaken by organisations to detect their internal strength and weakness and also identify external opportunities and threats.
McDonalds – Mcdonalds is also one of the companies and I really appreciate their focus on the research strategy. For a business to run successfully, one needs to know all about the Potential and existing consumers and have a good idea about the marketplace one operates in.
Mcdonalds through their market research sensed the need to involve the local culture and not isolate a particular section of the society.
They also identified consumer needs and successfully absorbed themselves in both societies in a way that was no longer thought of as an American brand.
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5. What mistakes marketers should avoid when it comes to Market Research?
- Researching the wrong People.
- Not knowing what one is looking for.
- Relying on One set of Data.
- Family and Friends can’t be your focus group.
- Lowering the standards for increasing sales.
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