MARKET RESEARCH NIGERIA
According to Wikipedia, Market research deals with the gathering, recording and the analysis of the quantitative and qualitative and quantitative data that are relating to marketing products and services.
Marketing research can also said to be a process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business’s target market, the industry as a whole, and the particular competitors you face
The market research will provide wealthy, accurate and thorough information for the foundation of businesses on prospective and existing customers for a related product or services.
The reason why market research is carried out is to understand and assess how the changing elements of the marketing mix impacts the customer behavior.
Market Research Service Coverage
Marketing research will aid in the following areas:
- Direct marketing
- Product placement
- Behavioral targeting
- Product demonstration
TYPES OF DATA IN A MARKETING RESEARCH
Primary information can be defined as the information that I gathered by one self or hiring someone to gather information for you. Primary information can be gotten through interviews, questionnaire, one on one telephone interviews, surveys etc.
When conducting primary research, one can gather two basic types of information which can be Explanatory or Specific.
Explanatory research deals with identifying a certain problem and this normally consist of detailed and unstructured interviews in which lengthy answers are solicited from a small group of respondents.
Specific research is more precise with its scope and it is used to solve a problem that explanatory research has already identified. Under the specific research, the interviews are more structured and formal in approach. The specific research is more expensive than the explanatory research
In conducting a primary research, the following guidelines normally increases the response rate:
- Questions that are short and to the point
- A questionnaire that is addressed to specific individuals and is of interest to the respondent
- A questionnaire of no more than two pages
- A professionally-prepared cover letter that adequately explains why you’re doing this questionnaire
One of the most effective form of the primary research is the personal interview and the personal interview could be:
- A group survey: This is used mostly by big business, group interviews or focus groups are useful brainstorming tools for getting information on product ideas, buying preferences, and purchasing decisions among certain populations.
- The in-depth interview: These one-on-one interviews are either focused or nondirective. Focused interviews are based on questions selected ahead of time, while nondirective interviews encourage respondents to address certain topics with minimal questioning.
Secondary information is information or reports that are already compiled and organized. Examples of secondary information includes reports, trade publications, magazines, newspapers and studies by the government agencies, trading associations, and other businesses in your related industry. Secondary sources include the following:
- Public sources: These are usually free, often offer a lot of good information, and include government departments, business departments of public libraries, and so on.
- Commercial sources: These are valuable, but usually involve cost factors such as subscription and association fees. Commercial sources include research and trade associations, banks and other financial institutions, and publicly traded corporations.
- Educational institutions: These are frequently overlooked as valuable information sources even though more research is conducted in colleges, universities, and technical institutes than virtually any sector of the business community.
WHY IS MARKET RESEARCH IMPORTANT FOR YOUR BUSINESS
- It allows business owners to determine the feasibility of a business before committing substantial resources to the venture or organization
- It provides precise information on potential and present customers of a business organization (characteristics, spending habits, choice, competitors etc.)
- It helps organizations to plan and strategize accordingly
- By understanding the needs of the customers, marketing research allows businesses to forecast their production and sales.
- It allows a business to stay ahead of their competitors by devising strategies that their competitors cannot match
- It helps in determining what the customer’s needs and wants
WHO WE ARE?
Matthew Ogagavworia & Company is a sister company to Matog Consulting with years of experience and evidence of work in marketing research. We offer full range of traditional data and information gathering methodologies as well as forecasting and modelling engagement in order to arrive at an effective and efficient market research work. At Matthew Ogagavworia & co, we always base proposed research designs on a set of first principles reflecting sound market research practices and deep understanding of the technologies, markets and issues
Our market research specialists are adept in gathering hard-to-find information from primary as well as secondary sources, such as social media sites, business directories, forums, online portals, websites, etc. We provide you with valuable insights and forecasts from the industry, facilitating the decision-making process and contributing to successful marketing campaigns.
Market Research Offering by Projects
Our research covers the following broad items:
- Research on Product
- Research on Market
- Research on Sales Methods and Policies
- Research on Advertising
- Research on Pricing
- Research on Distribution
- Research on Business Environment and Corporate Responsibility
- Social and Economic Intervention Programmes
- Employee Surveys
- Customer Satisfaction
- Brand Awareness
- Questionnaire/ Survey Design
- Survey Programming
- Telephonic Interviews
- Web and Email Surveys
- Data Analysis
Our research can also be streamlined into the following:
Survey Design & Data Collection:
This consists of the following:
- Stakeholder interviews to shape survey content
- Custom questionnaire design
- Translations into local languages
- Cognitive interviews to test questions
- Focus groups
- Question pre-tests
- Representative samples
- Training interviewers
- Conducting the survey
- Validity and quality checks
Data Analysis & Advisory Services
- Content development: reports, articles, blogs, white papers and more
- Consulting and advisory services about the data
- Consultation about a public release strategy to publicize findings
- Comprehensive review and advice about improving previously designed surveys
OUR MARKET RESEARCH METHODOLOGY
At Matthew Ogagavworia & co, we apply the following methodologies in order to provide a capable marketing research:
- Step 1: Defining research objective
The first step in carrying out our methodology research is to clearly define the research objectives with the clients at a meeting. Our experts identify your clients and segment them as per geographic location, demographics, psychographics and socio-cultural factors so that we can effectively run a research strategy. We will also determine your market size and share of market, provide details about market growth as well as competitive positioning to help you create effective marketing strategies. This phase consists of the following:
- Understanding the impact on strategy and business performance
- Understanding and defining the business challenge
- Conducting executive interviews to identify underlying issues
- Confirm business case and develop summary of underlying issues and potential for improved business performance
- Refine work plan
- Initiate data request
- Provide overall guidance for the work planning process
- Step 2: Determine research design
After the definition, the next step is to determine the research design. Research design is the framework of research methods and techniques chosen by a researcher. The design allows us to choose research methods that are suitable for the subject matter and set up their studies up for success. The design of a research topic explains the type of research (experimental, survey, correlational, semi-experimental, review) and also its sub-type (experimental design, research problem, and descriptive case-study). The essential elements of the research design are:
- Accurate purpose statement
- Techniques to be implemented for collecting and analyzing research
- The method applied for analyzing collected details
- Type of research methodology
- Probable objections for research
- Settings for the research study
- Measurement of analysis
- Step 3: Administration
After determining the research design, the next step is to administer the questionnaires, survey etc. to the target audience. The administration phase will ensure that enough data is collected from individuals which may not be available as a secondary source of information. The administration phase will cover data collection from the targeted audience, key interview and ensuring that we monitor the response rate from the targeted audience
- Step 4: Visualization and analysis
The analysis and visualization aspect deals with developing a frame work for the situational analysis of the framework carried out. Analysis will be carried out on the data collected from the targeted audience. We will analyze survey results, identify trends and key themes, measure against benchmarks and develop recommendations for an implementation plan. We will review the results of the analysis and, identify and prioritize critical issues facing the client business organization
We have developed a three-step framework for benchmarking engagement tailored specifically to our client needs
- Our team will review the final questionnaire and compare it to the standard questionnaire in order to determine which of the items can be compared to our standard survey items.
- Once the items for comparison are determined, the research team then determines which organizations would be most appropriate to compare with your organization in terms of benchmarking. This step is known as primary research
- After our internal sources of data have been exhausted, our research team can review other sources of data including industry reports. This step is known as secondary research and attempts to render our benchmark more representative of the sector of interest by including organizations which may not have surveyed in the past. This provides BET 24HRS Gaming Company with a broad and thorough pool of results against which the organization can benchmark its performance
- Step 5: Report delivery
This is the final step in our methodology after all the previous steps have been carried out. We will create a report based on our findings and analysis to our client. This will ensure that they know the next step to take as we also aid in creating an action and implementation plan.
WHY YOU SHOULD HIRE US
At Matthew Ogagavworia & co, you should hire us because:
- Experience: We have experience in marketing research. We have been in this business for over 10 years and we understand every nook and aspect that deals with starting a marketing research
- Personnel expertise: Our team consists of experienced and certified researchers with concrete years of experience
- Enhance productivity: Our main goal at Matthew Ogagavworia & co is to increase the productivity of your business organization by providing guidance, communication, knowledge and collaboration that will aid your business in increasing their productivity in all areas by providing the right strategy.
- Understanding: At Matthew Ogagavworia & co we set research objectives based on an understanding and specifications of the decisions that our client
- Professionalism: We manage and execute the research program at the highest level of professional standards
- Privacy and Security: We always ensure that the information and data collected from our clients are highly secured and confidential. We do not disclose such to a third party which in turn protects our clients
- Speed: We deliver our management consulting services quickly and we get the job done efficiently
- Cost: The cost of our management consulting services vary for different types of businesses whether small, medium or large. Our services are cost effective and affordable
- Right respondents for every research projects: However specific our client target audience may be, we will aid in sourcing them out
- Recommendations: After the marketing work has been carried out we will draw conclusions, offer actionable and implementable recommendations based on expert analysis of the findings and results of the research, thereby meeting the objectives of our clients for the work
- Organizational Effectiveness: We help you identify your optimal path to success and design the most fitting operating model to get you there
- Service Providers
- Oil & Gas
- Government agencies
- Health Care
- Finance & Insurance
- Real Estate
- Professional & Technical Services
- Trade: Import & Exports
Market Research Companies help clarify relationships, verify the market situation, opinions, minimize risks, analyze competition, identify problems, obtain feedbacks, measure interventions, marketing efforts. At Matthew Ogagavworia & co, we work closely with our clients to develop an optimum market research program in light of the project objectives, goals, budget constraints, methodology attributes and decision urgency. We understand the strengths and weaknesses of traditional and emerging innovative research options.
To learn more how we can help you our services discussed here, please reach us now on 08023200801, email email@example.com or send us a detailed request by completing our enquiry form