The NZS.nz market research article contains information on the importance of intelligent market research to businesses in NZ.
Whether you are about to launch a start up business or you need to inject some new life and energy into an existing business, market research helps businesses analyse and understand what consumers want.
Market research in New Zealand helps businesses analyse and understand why consumers buy certain goods and services. It is an essential tool that helps businesses maintain and develop their existing markets, as well as to test potential new markets.
What Is Market Research?
Market research is the process of gathering and analysing information about a business’s customers, the market in which they are operating, and the competitors in that market. Good market research intelligence is critical, as it allows New Zealand businesses to discover the best way to focus and communicate their marketing messages to consumers. New Zealand market research assists with answering crucial questions such as:
- What is the level of demand for the products or service your business is offering? Don’t just assume that a percentage of the market will be open to purchasing your offering – get the evidence to back it up.
- What is the overall level of demand in the market? Is the market as a whole growing or in decline? Is it big enough to support your entry?
- Can you price your products or services competitively in the market, allowing for profits but remaining competitive?
- What threats to the success of your business exist in the market? These could come from competitors as well as factors such as technology rendering a product or service obsolete.
- Does your business possess a competitive advantage? What points of difference do you offer that make your business unique and distinguish it from other players in the market?
What Do Market Research Companies In New Zealand Do?
The main function of a market research company in New Zealand is to collect and analyse relevant data in order to assist a business in their research goals. A business should ensure they have a defined problem (ie. we are looking at launching a new brand of toothpaste in the New Zealand market and want information on potential demand for our product), before engaging the services of a market research firm. Once this problem is defined, research objectives can be set and from there the information required to meet these objectives can be sought.
The data sought may include such things as:
- Pricing of goods or services
- Optimum methods of distribution and marketing
- Consumer preferences
- Competitor analysis
Market Research Interviews, Surveys And Focus Groups
There are a variety of methods employed by New Zealand market research companies to collect data. Interviews and market research surveys are the most common, and may be conducted face to face (for example in a shopping mall or door to door), over the telephone, through the post, or via Internet websites and email. When it comes to market research, the design and implementation of an interview is critical and each method has its advantages and disadvantages. Focus groups, where a panel of interviewees are brought together in a discussion to give their opinions on a product, service or social trend, are also common tools for market research.
Market Research Data
The data gathered can also be categorised into primary and secondary data. Primary data for market research is gathered directly for a specific purpose, such as interviewing to determine the viability of a potential location for a business. Secondary data is gathered form existing data, for example searching the Internet for statistics and demographics, browsing at the library or reading industry journals and magazines.
Another distinction that can be made with market research data in New Zealand is whether it is quantitative or qualitative. Quantitative research involves analysing and measuring observations statistically. It normally requires a large sample, and results can be analysed on specialist computer programs. Qualitative research involves a small number of respondents being interviewed in depth on a subject (such as in a one on one interview or at a focus groups). Qualitative market research cannot be used to make generalisations, however it is normally the first point of call for market researchers, as results are used to design the comprehensive quantitative survey that follows after.
Market Research Jobs In New Zealand
Jobs in market research are in good demand in New Zealand, with a variety of career options available to those interested in the field. Useful attributes include the ability to process and take in large amounts of data, mathematical ability, computer literacy, good people skills and creative flair. Graduates in marketing, mathematics, psychology and statistics are particularly suited to a career as a market researcher.
However, graduates from any discipline will be considered; those without degrees can also gain entry to the industry through work experience as an interviewer or a note-taker. Career progression is available too, from interviewer and researcher positions to market research management, senior management and other challenging market research jobs.