Large companies such as Nielsen, GfK and Ipsos are leaders in market research. Nielsen, for example, is known for its comprehensive market analyses and consumer research, particularly in the area of media consumption and buying behavior. These companies collect data on consumer preferences and behavior, analyze market trends, and provide valuable insights that help companies improve their marketing strategies.
This is frightening, sounds expensive, but this work is also very interesting for small companies. These renowned market research institutes often work for industry associations and government organizations and the results are freely available. In addition, market research doesn't necessarily have to be expensive — in other words, market research potentially saves a lot of costs.
A well-known example of the importance of market research is the decline of Kodak. Kodak missed out on the transition from analog photo films to digital cameras because they did not recognize the changing market needs and technology trends in time — or deliberately ignored them. This lack of market research ultimately led to the insolvency of the once market-leading company.
The main tasks of market research are:
Some classic examples of market research include:
The panel is a group of people who are regularly interviewed on various topics. These continuous surveys help to observe changes in behavior and attitudes over time.
market research is a comprehensive process that collects both quantitative and qualitative data to understand overall market trends and customer behavior.
market analysis On the other hand, it is more specific and focuses on the detailed study of a specific market segment or market condition.
Market research involves collecting data about your own company and the market environment. Markets, trends, environmental factors, competitors and customers are analyzed. The aim is to obtain information that helps to optimize marketing strategies and secure competitive advantages.
Representativeness means that the results of market research can be transferred to the entire target group. This is achieved by selecting a sample to reflect the structure of the overall population.
Nielsen is a global leader in market research.
Nielsen is known for its comprehensive data analyses in various areas such as media, advertising, and consumer goods. Nielsen helps companies, associations, and other decision makers understand how consumers consume media and buy products.
Market research is essential for any company that wants to survive in a competitive market. It gives you the insights you need to make informed decisions and continuously optimize your marketing strategies. Avoid mistakes like Kodak by recognizing the importance of market research and integrating it into your business strategy.
Market research differs in primary and secondary market research methods. Secondary market research focuses exclusively on existing data. Some of these analysts can be carried out by your internal personnel resources. This saves you additional costs when collecting data. And never forget that a lot of relevant and interesting market research data already exists in your company — now it's about how to find it and generate added value. Contact us to learn more about how we can use our experience in market research to help you make the best decisions for your business.
