By Guest Contributor Daniel NG
According to Marye Tharp, author of ‘Marketing and consumer identity in multicultural America’ and senior lecturer at the University of Texas “Any communication or marketing professional needs cross-cultural research and communication skills to be able to succeed in the future.” This means that market research skills can be best learned in multinational global economies which exist in places like Dubai.
What exactly are market research skills? It is a meticulous and objective collection of data about target audiences, competition and the market as a whole. This data can then be analysed before launching a product or running a successful marketing campaign. The information collected may be from primary sources like that which come directly from the consumers or it may be secondary data like that which is acquired from public surveys, polls, etc. Market research skills are one of the greatest tools to measure customer satisfactions and take up new business initiatives.
If one was to look at the annual expenditure on market research in the world, the scenario might become a little clearer. Overwhelming figures ranging in tens of billions of American dollars illustrate the vitality of these activities which provide a comprehensive view of the situation. One can efficiently gauge the position of demand, supply, prices and competition with high levels of accuracy with the help of systematic market research.
Training in market research skills enables a sales representative or marketing professional to categorise the whole market into smaller segments. This is highly beneficial since one can then identify the segment which has the maximum demand and thus determine the target group. Depending on the kind of goods or services which you seek to promote, the categorization can be done on the basis of geographical location, age groups, gender, demographics and psychographics. Once the right parameters are chosen, it would become fairly simple to proceed with the designing, planning, execution and analysis of the campaign. The product can thus be positioned in front of the correct audience in the most impressive way possible to attract their attention, raise their curiosities and gain their trust and loyalty.
For instance, with the number of internet users in the world now counting in billions, marketing professionals need to be trained in the latest developments in the field. Internet marketing through digital media is now an integral part of market research and the subsequent marketing campaigns. Leading institutes now have such advanced techniques as part of their curriculum in order to give their students the best market research skills.
Once the marketing research is done, only then can the organization move ahead with their plans. This is because the valuable information collected through this process helps in predicting upward or downward movements of the market. Once the data is analysed, such inferences can be made to design strategic business plans.
Anybody who has enrolled and successfully completed a course in market research skills would be in a position to formulate a research plan and then identify opportunities for market development. Companies are constantly on the lookout for such skilled personnel who can help them decide the scales of production and areas of growth.
Market research skills provide the fundamental tools for making sound judgements by minimizing assumptions and uncertainties. Indeed, the efficiency of the campaign can be measured under controlled conditions before the launch of a campaign to identify any drawbacks. This makes such people indispensable for a company as their services can help in preventing the wastage of a lot of time, money and efforts. After the campaign has begun, a trained marketing professional will be able to fine tune and improvise it along the way.
Daniel Ng is free lancer writer and content builder for ISMDubai.com and spends entire day in internet browsing for business market.