There are many ways available to conduct market research, especially market research Saudi Arabia, and business owners can utilize any form of resources.
This process might be confusing and overloaded with unlimited information for some. It is not easy to decide what information is relevant to your case, and it can also be hard to look for ways to reach that kind of information.
The sources of research include previously done researches, books, and articles, government information, company notes, interviews, surveys, questionnaires, groups, even social media.
Any information source can help you identify what important information is needed in your research. In conducting market research, you will need to collect two types of data:
Two Types of Information Sources
1. Direct Information from Sources
Most of these sources are the cases faced by your current and potential clients. To obtain this type of information, you can conduct surveys or distribute questionnaires.
2. Existing Data
This type of data includes statistics, reports, studies, and other data from relevant organizations. Other than that, government information services and dealer associations might also provide this information.
Before starting the research, it is important to set an important goal for your entire market research process. You have to make sure that you have decided what you need to know and why.
Especially startup companies should receive enough information that meets the needs of their business and how to make their business unique so it will open more opportunities to get lots of customers.
After setting your short-term goals, you should now develop your strategy by choosing the research technique you are going to use.
Now, you are ready to conduct market research.
Choosing the Right Data Collection Method for Market Research Saudi Arabia
The main goal of doing an interview is to get reliable and actual information directly from their source. In an interview, you can ask any questions related to the business.
However, during an interview, a market researcher has to be open-minded and try to adapt to the situation because the feedbacks received might not be as expected.
Most business owners are too focused on their business concept and will avoid changing anything about it.
However, this attitude will lead to the failure of their startup business.
Always remember that customers are meant to be served, and your mindset will not change anything about their expectations.
Conducting market research will give you enough knowledge about your audience, target the desired group, and help to answer some specific questions.
2. Existing Data
In this day and time, most entrepreneurs can do their research without even leaving their computers – thanks to the internet. This type of market research is also lower in costs.
There are many market research companies, including market research Saudi Arabia, that conduct research all over the world.
Requesting a market research report from these companies cost a lot of money, but they frequently publish short samples from their reports. You can utilize these samples to get a view of market conditions.
Some of the data you can expect from these samples are the regional and international market size, market segmentation, trends, consumers’ preferences, and demographic characteristics of potential customers.
To most startup businesses, this information is enough.