Market research can be very bland and unappealing to people who are not involved in it. But for people like us who are active in this field for a very long time now, have realized the diversity of the work that we do and which has the potent change perspective with new insights and evidence.
Why do market research?
Simply because it has the ability to drive business decisions and avoid catastrophes.
Times When Market Research Changed History
Looking beyond the poster content of the readers
The first questionnaire came about in the 1920s when Daniel Starch developed a theory depicting that the future of advertising has to be seen, experienced and acted upon in order to be considered effective. Their strategy was void of any technology and was simply based on asking questions to people on the streets. Daniel and his associates used to approach people to ask if they would read certain publications and articles on magazines available back then. They would then calculate the effectiveness of those ads reaching people, comparing the number of people hey interviewed with the circulation of the magazine. Soon after, this strategy became trending and several companies started approaching Daniel so as to offer comparable services.
Now it is refining the process by understanding the context
Today, technology has reached a certain point that it has leveraged a large ecosystem of tools to conduct much more comprehensive surveys on massive scales. The present-day evolution has taught businesses that consumers don’t exist in a vacuum. The integrated qualitative and quantitative research methodologies have enabled market competitors to understand their target consumers at both individual and group level. Modern Market research has worked its ladder up to discover new paths to growth at the intersection of value-based insights and imagination.
“Running a company on market research is like driving while looking in the rear view mirror”- Anita Roddick