Many questions arise about what market research is and why it is necessary in every field. What are the market research skills that businesses need to equip themselves with? In this article, readers will explore the essence of market research and the set of 6 research skills.
Market research is a process of gathering, processing, and analyzing information related to customers, competitors, the target market, and possibly the entire industry in which your business operates. Market research enables business owners to make informed decisions related to addressing complex challenges, difficulties in business, and seizing opportunities.
Depending on the goals a business aims to achieve, whether it’s entering a new market, developing products/services, launching branding campaigns, etc., the market research methods will vary. Nevertheless, market research is an essential task. The information it provides is invaluable and entirely accurate, allowing marketers to devise strategies that align with the current situation and can yield high efficiency for businesses. On the contrary, if not conducted thoroughly, it can lead to increased hidden risks and result in resource wastage, both in terms of investment and human resources.
People often assume that “we truly understand what customers think and desire the most.” In reality, this is not entirely accurate because businesses and individuals cannot continue to succeed without keeping up with the ever-changing needs of customers. That’s why market research and understanding customers are extremely important. Below are the 6 market research skills:
Analytical skills are essential for market research, as they allow you to collect, organize, interpret, and present data in a meaningful way. You need to be able to use various methods and tools to analyze quantitative and qualitative data, such as surveys, interviews, focus groups, experiments, and observations. You also need to be able to identify patterns, trends, gaps, and opportunities in the data, and draw actionable conclusions and recommendations.
Communication skills are equally important for market research, as they enable you to communicate your findings and insights effectively to different audiences and stakeholders. You need to be able to tailor your message and style according to the purpose, context, and medium of your communication. You also need to be able to use various formats and channels to present your data, such as reports, dashboards, infographics, presentations.
Critical thinking skills are crucial for market research, as they help you to evaluate the quality, reliability, and validity of your data and sources. You need to be able to question assumptions, challenge biases, and avoid logical fallacies in your research process. You also need to be able to compare and contrast different perspectives, arguments, and evidence, and form your own independent and informed opinions.
Creative skills are valuable for market research, as they allow you to generate new and innovative ideas and solutions for your research problems and questions. You need to be able to use various techniques and tools to stimulate your creativity, such as brainstorming, mind mapping, prototyping, and testing. You also need to be able to adapt and improvise in changing situations, and embrace uncertainty and ambiguity.
Technical skills are necessary for market research, as they enable you to use various software and platforms to conduct and manage your research projects. You need to be familiar with the basic functions and features of common market research tools, such as survey software, data analysis software, data visualization software, and project management software. You also need to be aware of the emerging technologies and trends that are shaping the market research industry, such as artificial intelligence, big data, social media, and mobile devices.
Interpersonal skills are important for market research, as they help you to build and maintain positive and productive relationships with your clients, colleagues, and respondents. You need to be able to communicate clearly and respectfully, listen actively and empathetically, and collaborate effectively and constructively. You also need to be able to handle feedback and criticism, resolve conflicts and disagreements, and demonstrate professionalism and integrity.
Listening to Customers on Social Media
Currently, social listening tools are being adopted by businesses of all sizes around the world for market research purposes. Some foreign examples of social listening tools include SMCC and Sprout Social. Asian markets have also witnessed the emergence of various social listening tools, and in Vietnam, there is a partner providing support for these tools. One of the most notable partners that supports large companies and businesses in their marketing campaigns in the Vietnamese market is Kompa.
Kompa is a company that leverages data technology (AI, machine learning) on a big data platform to offer data analysis solutions and equip customers with valuable insights for optimizing their business operations across various areas such as Marketing, Finance, Operations, and more. For over 20 years, Kompa has been a steadfast partner for hundreds of small, medium, and large businesses in Vietnam, including Vingroup, Masterise Homes, Vinamilk, SSI, MB bank, Tân Hiệp phát, Shopee, and Vietjet Air. With its rapid and automated data collection, analysis, and processing capabilities, Kompa has become a strong ally for businesses and an excellent companion for many media teams.
Market research is undeniably crucial in every field and industry. It provides businesses and brands with specific and comprehensive insights into their customers, competitors, and the products and services available in the market. Through research, businesses can seek opportunities and minimize risks. To excel in market research, one needs to acquire knowledge and develop research skills. Hopefully, this article has provided valuable information to the readers.