What is market research?
Imagine going into a forest for the first time at midnight in an unknown place. There are bound to be many surprises, some of them not pleasant at all. This is the same situation for a company that wants to enter a new market and does not know how to do it. This company needs a torch to illuminate its first steps and to know under what conditions it will make its way. And this light is called market research.
Knowing what your target group thinks is essential when considering entering an emerging market. Zinklar’s insights platform helps democratize market research, so all kinds of companies can create agile, fast, and high-quality surveys. This was explained by the Founder & CEO of Zinklar, Jordi Ferrer, during the webinar Democratising insights to help every brand grow held together with Santander UK as part of the launch of the Santander Navigator portal. Zinklar has been chosen as the only insights platform to help companies expand internationally through Santander’s portal.
Market research is the collection and analysis of information to obtain consumer insights and make decisions based on consumer preferences. There are different market research techniques and platforms. Zinklar is an excellent market research tool since it allows companies to conduct surveys in a few minutes and get the results in a few hours.
In the webinar, Federico Danielsen, Head of UK Growth, explained that Zinklar’s main objective is to provide companies with actionable insights to tap into new opportunities successfully. Cultural differences, and local consumption habits, are recurring challenges when entering a new market. Therefore, it is essential for companies to conduct preliminary research to understand the market, identify unmet needs, detect new trends, analyze the competitive environment, and uncover consumer preferences.
There are many factors influencing a particular market and all of them must be taken into account. Also, it is important to anticipate the implications of any sudden change, such as Brexit, inflation, or conflicts, in order to adapt quickly to the new environment. Knowing in advance how your buyer will react to any situation is crucial to success. Thus, customer-centric organizations, those that put the consumer at the heart of their decision-making, use research to give them a voice and to track their needs and preferences to continue thriving during those uncertain times. Check out our 5 tips to become an insights expert.
Benefits of market research
Market research is a very powerful tool that allows you to:
- Identify real opportunities for growth
- Minimize risks
- Make better decisions
- Put the consumer at the heart of the organization
- Meet consumers’ real needs
In the case of an international expansion, you may need to consider whether or not to open your own distribution channel, how to differentiate yourself from local competition, where to position your brand, how the consumer behaves or whether there is a market niche to target. You must answer all the questions that may determine your success and avoid assuming that consumers behave in the same way in any context and geographic area.
What’s better than validating all your ideas with your target group before implementing them? Getting all the answers before launching a product or service in a new market is amazing! In the webinar attendees were asked how often they ask their audience for feedback, and most of them said between 1 and 5 times a year. Through the Zinklar platform, businesses can connect with their consumers way more often in a very affordable way, and find the answers they need to succeed every single time. Can you imagine being able to ask your buyers every time you need to make an important decision?
Traditional vs. Agile Research
Historically market research has only been accessible to organizations with higher levels of resources and technical knowledge. Therefore, many small-scale businesses didn’t have access to these tools. What if any company, large or small, could access all the insights they need quickly and intuitively? That is now possible through our platform which democratizes market research.
Zinklar, the real-time insights platform
The webinar also featured Rhys Clements, Head of UK Research & Insights. He showed how the Zinklar insights platform works and how easy it is to launch market research projects in just a few simple steps to get the insights you need to make decisions on the same day.
As experts in market research, we know how important it is to conduct studies before entering a new market. For this reason, we offer a platform that allows you to get insights from any target audience and start operating with complete confidence. You can gather behavioral data, buyers’ needs, existing competition, and a complete picture of the market.
With Zinklar, anyone can create market studies without being an expert. Our platform is very intuitive and we provide you with expert market research advice every time you need it. Do you want to start launching your own surveys? Enter Zinklar’s platform and discover all the options you have!
Did you miss the webinar? Watch a recording of the session now.