Market Research can be defined as a conduct of collecting, analyzing and integrating information concerning a certain market, including current product or service, prospective purchasers, and their buying practices.
The accuracy of the information is the prime factor that should be considered by all merchants. Also, market research report should be accurate but also comprehensive. Because investors need a significant amount of background information to judge and make final decisions.
Generally speaking, market research consists of two parts:
- Direct information. You can get the information from investigating and researching by yourself or someone working for you.
- Indirect information. Someone has finished the market research and released related reports in public or privately. For instance, you may obtain official data from government agencies or other authorities.
If you want to get direct research, you can get both general and specific information. General information could give you a profile of the market and then help you to determine a precise issue. While the specific one needs concrete methods to make it accurate. Naturally, you need to pay more for the latter.
You have several methods to communicate with your targeted group including emails, cold calls, and personal visits.
If you choose a mail to contact, there are several tips as follows:
- Short and clear
- Within two pages
- The reason for doing this
- An incentive to do so
However, mail response will be still low even with the tips presented above, compared with telephone interviews. And here are some guidelines concerning cold calls:
- Prepare well and speak fluently.
- Confirm the name of the respondent at the start of the conversation.
- Ask for further communication.
A personal interview always regards as one of the most effective methods of marketing research. It can be simply divided into group survey and in-depth interview.
You can also get existing information from government agencies, newspapers, all kinds of associations, and so on. Indirect information always comes from the following:
- Public sources. You can get an enormous amount of useful information from public utility departments without paying.
- Commercial sources. You could get professional market research from the specialized agency from some associations or institutions of consultation.
- Educational institutions. There are so many meaningful researchers in colleges and academies. However, the information released by them has always been overlooked.
There are some helpful government publications as follows:
- The State and Metropolitan Area Data Book
- The Statistical Abstract of the United States
- The U.S. government online bookstore
Among the best commercial sources of information is Encyclopedia of Associations, and the Encyclopedia of Business Information Sources.
Finally, there are educational institutions that could provide useful information at little or no cost. Contact the university for further communication.
For instance, when you conduct market research in Thailand, you should gather profiles of this nation including its political information, culture, and customs. As mentioned above, you could get these from official documents freely.
Also, if you want to get the whole picture of Internet industry in Thailand, you could search from social medias by yourself or purchase some industry reports released by associations and professional institutes.