Modus operandi of the business is ever-changing. Sheds became brick and mortar shops. And now, the online shopping networks are causing mayhem. The motto of business is still profit-making but the word ‘quick’ is prefixed to it. Financial and accounting services are profusely affecting now. Fluctuations in profit margins shout that it is actually happening. A company’s chief financial officers (CFOs) are the better judges of it. But here, judging alone will not even out the odds of revenue generation. Market research has its perfect answer lying in 5 models.
Finance target operating model foresees how market and marketing trends impact financial structure of the company. Structured and proper alignment of operational unit with finance priorities can possibly strike the business goal. Recording and maintaining financial transactions will trek on absolutely right path. But how is it possible? ‘Strong Governance’ has its clear cut answer. Catch what 5 models for effective governance can do to kick out barriers in operation model:
The phrase ‘big data’ reflects how mammoth it is. It’s a vast pool from where data scientists pick out solutions to sort out business related puzzles. Collecting, extracting, cleansing and analyzing such a huge data is absolutely next to impossible for an individual. In that mean time, around 30 billion Facebook content is exchanged every day. How interesting is this fact to strike the conclusion! But this is only rosy picture of big data’s story. It has some shortcomings also.
1. Analysis: It is open fact that computer is adopted to overcome the inadequacies of the traditional manual efforts. It eliminates the possibility of losing train of thoughts and helps in retaining innovative ideas that cross in your mind. ‘Google Analytics’ is its perfect example. It scans whatever is the progression or regression in user experience. Along, keeping an eye over the website activities taken place is an empowering tool to derive new strategies to outreach the traffic.
Pros: Big data is an exclusive repository of data from where millions of innovative and creative ideas take birth. Analyzing greases the wheel of any business.
Cons: The analysis extracted through big data can be deceitful. As I foretold about Google Analytics, black hat SEO strategies can mislead and hence, the analysis becomes manipulative.
2. Data Access through Surveys: Quantitative primary research ‘survey’ aims at accessing more and more information. Whether online or offline, the survey delivers authentic databases from the end-users.
Pros: Big data is an amazing tool to get exposure of such data that can disclose customer behavior and trend patterns. Knowing all those stuffs paves ways to explosive revenue generation. For instance, if the owner of TATA motors wants to know which fuel rates first in the list of its users, a survey can disclose it. Further, it will refine its fuel and try to go ahead of the customers’ first choice.
Cons: Getting key to access of such a huge volume of data is a walkover. But is data’s processing to analysis as easy as it sounds? For sure, designating analysts, data mining experts and other overhead expenses will prove as the path full of thorns. Difficulty is endless in this process.
3. Answering Data: Answers underlie big data. Take an example of the app ‘Truecaller’. This app is carved to answer the question of ‘who called you’ on your mobile phone.
Pros: Take an example of the app ‘Truecaller’. This app is carved to answer the question of ‘who called you’ on your mobile phone. This represents that the truecaller app delivers true identity of the caller after exploring the big data. Thus, it hides answers.
Cons: Comprehending answers after analysis of big data is a like shot in the dark. However, the truecaller app is created to tailor the answer. But what about those who are not registered to Google from where it gets big data for answering? No information about the caller is an apparent example of its loophole.
4. Speedy Updates: The data is changing every day. Pace is clearly visible in its updates. And why not? It’s the need of the hour.
Pros: Alterations in data is Ok. Authentic information makes you more eligible to gain accurate insight. Take a look over Makemytrip app. Globe hoppers need not check out details of the transport and accommodation expenses of a particular place. It speeds up delivery of information to them.
Cons: Looking at the other side, revised rates of transport and accommodation can be missed from getting updated on the app. Who knows the very next minute, the rates get revised. So, big data needs speed for tuning with updates.
5. Big Data is enormous: At the single click in the search bar of the Google after entering a keyword, huge volume of related information get open in search results. It’s enough to anticipate how big the data is.
Pros: Check out the example of Wikipedia. It is a faction of enormous data on internet. It’s just an example of it. But there are likewise repositories online and offline to illustrate how enormous it is.
Cons: Creating data is good but reaching to the most relevant information is an uphill battle. If I want to know about the inception of ‘Data Mining’ on Google, an array of results will pop up on the screen. Thereafter, I have to tussle with the extensive huge volumes of data to find what I want to know.
Recession is a terror itself. Many employees are expelled. Companies cut off their expenditures. Purchasing power gets shrunk. If trade activities are crippling then, what’s the trick to trek to profit? It’s the toughest question which got its satisfactory answer through web research. Our intimacy with the internet is hiking every day. From kids to old ones, all are addicted to it. So, why don’t utilize it for doing some good to businesses!
Business or trade activities run on the wheels of demand. Who are the demand creators? It’s you and me, of course! Now, the only thing, that can add zing to any business, is connectivity. Reaching to more and more people strengthens connectivity. Web research services in India or offshore cite in favour of it. These services double down on internet marketing or digital marketing. It’s no magic but the fact. Let’s have a look over five strategies that web research recommends for making millions of dollars at null cost:
1.Build and manage your online repo: If asking to bigger brands, such as Mac and Gucci, their secrets of outstanding profit earning, they advocate for advertising on TV, Radio or another means. But how do you arrange millions to spend on them? In this, most of the data mining companies India, US and other countries make rush to digital data. Digital content or data has every potential to add brand reputation to your scrappy business. Make your product/service viral on social media and search engines. Let people buzz about it in positive way. Nice and positive reviews will do the same wonder that mouth publicity do. If any negative review hits, take it as challenge to overcome. After improving, text ‘THANKS’. As a repercussion, your repo will build up and connectivity with the customers will be direct.
2.Understand your customers: Web research is what today’s customers does. Blogging, articles and emails inform your existing and future customers. Glance over their reviews. Throw comparisons with the trendy products. Customers love to read them. So, maximum traffic will hunt for your service/product. What’s going on in customers’ mind can be extracted from the reviews. You won’t believe how quicker your readers will convert into buyers.
3.Update your customers: Customers have grown smarter. They seek what’s new in your product/service. You will reap unbelievable response in return of your blogging, guest blogging, newsletters and emails. So, be clever and avail the information in users’ language. What’ new and is going to introduce are to be promoted through digital marketing. “Information has so many buyers”-it’s the bottom line of marketing.
4.Introduce loyalty programs: Gifting is bliss. Award your existing customers who have been associated with you for long time. Drop an email or text to your loyal customers for informing that you have a reward for their loyalty. Overwhelming response will get you more and more customers. But be choosy for availing the most relevant gift to them.
5.Be first to serve: Be the first to inform your future customers. For sure, content marketing and its promotion can do this miracle. Make it viral through blogs, social media posts and enlist to Google listing at Google Places. An astounding result through millions of dollars will be the reward in return of your wise efforts.
‘Market’ is simpler to pronounce but difficult to understand. It does not mean that understanding the market is impossible. Tougher it might be but absorbing all info about it can be no less than the magic. Market research companies have been disclosing all about the market. And it’s astounding that India’s market research companies have fixed their place at the top in the same process.
Rope in Market Research Process-why?
So..! How should start the market research? If you think that exploring market and its trend vaguely can disclose A to Z of these, then SORRY! You are at mistake. You have to take support of streamlined and organized market research process. The foremost step in this direction is to prepare a full fledge pattern of how to do it, its end to end steps, tools and techniques and eventually, don’t forget mentioning conclusion in the report.
Market Research Process:
a) Identify what are the business problems:
• Check out and make a list of all the problems causing trouble to your business.
• Collect all relevant information of the business.
• Look into ‘how’ that information affects taking decisions.
• Get clues about barriers by discussing with the organization.
• Note them down precisely.
• Be efficient during the pan process.
b) Define research objective:
• State clearly what the ultimate goals are.
• Express in quantitative and qualitative form
• Speculate the prospective findings (e.g. for sales and purchase)
c) Plan on the framework for research & the way it is to be studies:
• What to collect ( find out type of information)
• From where to collect (determine the future customers)
• How to collect (define methods, tools and techniques)
• Why to collect (declare action plan)
d) Planning the sample:
• Find out whom should be reached as target audience
• Observe the size of the population
• Discover the ways to find out the target audience.
e) Data Collection:
• Plan what method suits you the best
• Type of organization and its requisite information decide what is suitable method
• Primary methods, like surveys, one-on-one interviews, for getting accurate data
• Secondary methods, like articles, publications, for tracing pile of data
• Internal sources, for tracking firm’s internal data (like accounting details)
• External sources, for fetching additional info outside the firm
f) Process the data for analysis:
• Call adept analysts to edit, inspect the accuracy of the data
• Sort it out logically and meaningfully
• Record to data storage media
• Keep the data format simpler to understand
• Annex summary with details
• Analyze and mention in report
g) Formulating conclusion:
• Interpret the gist of the information
• Draw conclusion appropriately
• Report should be communicative, not typical and complicated
• Keep the report to the point and in pointers
• Suggest the prospective solutions