By:James Marriot

Market research is the process of collecting, recording and analyzing the data available, in order to help the company understand and analyze its market and prospective customers.

Market research includes the monitoring of marketing objectives, targets and goals and also analyzes the strategies of the competitors. With the help of market research, a company can understand the needs of its customers and can satisfy their needs and demand and try to deliver them the best possible product and services that matches their style and taste.

Data collection鈥攄ata collection includes the collection of all the relevant information about the consumers, their taste, needs and preferences. This is the initial step before moving further with the market research. The market relies on the data gathered.

The collected data is first divided into primary and secondary categories. The primary data is collected in the field itself. The secondary data is collected from the already available material on the subject and by rule is always referred to first while doing desk research.

Desk research鈥攄esk research includes the collection of secondary data (already collected data), be it published or unpublished. Secondary data can be collected from the company\’s production, sales marketing and finance records. Besides this you can even get secondary data from government publications on the Internet such as government\’s expenditure and food survey, which shows how much amount the households spend along with the changing social trends of the country. Mintel, a commercial research organization and other similar organizations provide market research reports, which are accessible on the Internet.

Sampling/sample surveys鈥擬arket research companies commonly use this method to collect filed data. Convenience sampling involves gathering information from a focus group, which is easy to access. For example you can interview people walking on the road or traveling in buses. Apart from convenience sampling, judgment sampling and quota sampling are also commonly used sampling methods.

Questionnaires鈥擳his is one of the commonly used methods for collecting information while carrying out the market research. Surveys carried out by this method, can be conducted over the telephone or through personal interviews or even via Internet. Answering the questionnaires is not a difficult task. It can provide you with detailed and requisite information.

Telephone interviews鈥攖his method is best suited when the company urgently requires the information. It has been noted that in the present day context, consumers prefer to answer questionnaires; framed by the market research companies, online rather than giving a personal interview.

Personal interviews鈥攊n this method the person being interviewed, has to answer all the questions in personal to the interviewer. In the case of semi-structured interviews, all the order and wording of the question is mentioned in the questionnaire and the response is open ended and the person being interview is free to answer the questions in his words. Unstructured interviews include questions that have to be covered in a relaxed fashion.

These are the most frequently and commonly used methods in market research.

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RNCOS E-Services Pvt. Ltd. is an industry leader in the field of online business research. We specialize in industry research on various business verticals. To read our market research reports, visit us at our website: - http://www.rncos.com or email us at info@rncos.com.

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By:Susan Friedmann

Recently, the lottery in NY — the state I call home — reached a record jackpot, larger than ever before. When I penned these words, the grand total of funds just waiting to be won was over 340 million dollars. As you can imagine, this got people talking. Almost every local newscast covered the huge jackpot. People were lining up at convenience stores across the state, hoping against hope to cash in and win big.

This got me thinking about the two types of people: gamblers and planners. Both would like to have the big bag of cash, but they take different routes to achieve it. A gambler might plunk down a dollar — or two, or twenty, or two hundred — in hopes of winning big in a lottery, while the planner follows a less exciting route of saving and investing. At the end of the day, who\’s more likely to have the big bucks? Chances are, it\’d be the planner.

Tradeshow exhibiting works the same way. You can gamble on having a good show, approaching it in a frenzy because \’everybody\’s doing it\’ and you\’ve heard there\’s big money to be had, or you can approach it methodically, making a plan, doing your research, and making those actions that are prudent and improve your bottom line.

Some gamblers win. That\’s what keeps lotteries going, after all. Some exhibitors show up with only half an idea of what they\’re doing, a horrible exhibit and only fledgling show skills, and yet still have a triumphant show. But the odds are against most gamblers. For every winner, there are thousands of losers. For every successful \’We just wing it\’ exhibitor, there are hundreds who look at the time and effort expended and realize they could have done much, much better — if only they\’d taken the time to learn what they were doing. Are you willing to take that chance?

I\’m not much of a gambler myself, but even I know you should never lay money on the table without knowing what\’s at stake. Ask yourself, what could happen if I leave my tradeshow performance to chance?

You could luck out and have a fabulous show.

You could also:

- Miss out on great sales opportunities because your booth staffers didn\’t ask the right questions.

- Alienate would be buyers with pushy sales tactics, off color humor, or crass booth behavior.

- Make any of a dozen common mistakes that cost companies customers.

- Ruin your standing in the industry by appearing inept and poorly prepared next to your peers.

- Discourage would-be partners from considering doing business with you: after all, you obviously don\’t have your act together!

- And even more!

Losing this wager doesn\’t appear so inconsequential anymore, does it? When the real life cost of poor show performance is spelled out, the planning route suddenly becomes far more attractive.

Ideally, tradeshow planning begins twelve to eighteen months before the event. This is the best way to ensure your staffers know what\’s expected of them, and have time to develop and practice the skills they need to do the best job possible.

What happens if you\’re within that window? Do you just throw the dice and hope for the best?

You can: or you can choose to do the best you can in the time you have. Any preparation, even a few hurried hours before the event, is better than none at all. Obviously, the more you have, the better off you are.

Priority items to cover include goals and objectives: Why are you at the show and what do you want to accomplish? Go over qualifying questions: what type of attendees should your staffers be spending time with, and what type of information do you want them to collect. Establish a lead collection and follow up procedure to maximize your return on the show.

All of this is obviously a lot of work — which is why the planner types start well in advance of the show. However, when you consider the alternative — winging it through one of the highest profile marketing exercises you\’ll engage in all year — you\’ve just got to ask yourself one question:

Do you feel lucky?

About the author:
Written by Susan A. Friedmann, CSP, The Tradeshow Coach, Lake Placid, NY, internationally recognized expert working with companies to increase their profitability at tradeshows. Author: \”Meeting
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