Market research is the procedure of gauging the viability of a new innovative service or product through research conducted directly with potential customers or consumers. Market research allows the product owner to define his or her product’s target market and get thoughts and other responses for perfections and advance from the consumers about their interest in a invention or product. Therefore, market research usually is used to determine the viability of an innovative idea or product or service in the certain market. The market research results are used to make further improvements on the product design and modify the strategy before launching the product or service to the public eye for use or consumption.
Therefore, Market research usually is used to research with an aim of growing your current or new concept or product, in addition, it helps grow customer base and product branding. At Charima Research, our market research processes are innovative, full-bodied, sound and highly useful.
Market Research uses four essential key elements that include;
- Product / idea
- Price / cost
- Place / location / market
- Promotion / advertisement
At Charima Research, we understand the importance and the need for above four factors very well, and therefore we help your business through our market research expertise to get the best results with quality insights with clarity that propels your products/ service to success in the targeted market. Mainly we use and follow the following market research procedures to execute projects;
- Identify the subject, an issue or problem, deliberate alternatives and set out research objectives based on the product background or problem background
- Develop a research methodology (design / research strategy) that is best fit to help to achieve the research objectives
- Choose a sample frame that will be enough statistically from the targeted population
- Data collection with timeline since research is time bound
- Data processing, and analyze data for the purpose of deducing insights from the raw data
- Present the findings with insights, draw conclusions with recommendations after interpreting the research results.
- Make decisions based on the market results (client)
- Action based on insights from the findings (client)
Primary Research and Secondary Research
Market research usually consists of a primary research and secondary research.
- Primary research, is the first-hand data collected direct from the respondents right from the field.
- Secondary research, is using the data that is already available in the records, like in the past reports, online, books, library etc.,
Primary research generally falls into two categories: exploratory and specific research.
- Exploratory research is semi structured and mainly the data is collected through open-ended questions. The questions may be posed in a focus group setting or key in-depth interviews, telephone in-depth interviews. This method mainly applies qualitative research strategy. Qualitative research explores the subject in breadth and depth of experiences, beliefs, thoughts, and feelings in details.
- Specific research mainly investigates more into the problems or issues identified in exploratory research. This mainly applies quantitative research strategy. Quantitative research amasses and analyzes numerical data to describe, predict, or control variables of interest. Quantitative research helps in testing the causal relationships between variables, making predictions, and generalizing results to wider populations in a manner that is descriptive, correlational, causal and or experimental.
Secondary Research: Today, much of the secondary research is found online and in other records like in books, in libraries etc. Secondary research may include population information from census data, past research reports, and research from other businesses operating in the same market and sector.
Benefits of Market Research
Market research is crucial for developing brand loyalty (for customers to feel more attached to your brand / service) and customer satisfaction (for high retention of your customers). At Charima Research, we know and we understand that, since it is unlikely for a product to appeal equally to every consumer, a great market research project helps identify the key demographics and market segments that are most likely to use a certain product. Market research as well helps to identify the levels of awareness, trials, loyalty, future consideration, lapsed usage, reasons for conversions, etc.
Market Research helps companies to market and promote with clarity of their target consumers and market. Generally, marketing is based on the market research results collected mainly from the demographics profiling research, market feasibility/viability, awareness, usage and attitude studies, market segmentation surveys, price sensitivity measure, among others.
Market Research Experience at Charima Research
Charima Research is the leading Market Research Agency in Africa and beyond, serving ardent multi-national and local business clients who have a acute eye on market insights to drive their products growth and development in the markets. Charima Research has a vivacious and multi-cultural team of highly experienced and knowledgeable researchers and market research experts cutting across different fields in Africa and beyond.
We work in the market and social research development for various products and service that impact millions of citizens livelihood and thousands of businesses and brands across the world. Our market research strength and experience cuts across all business categories bringing about our best business and market understanding and experience that we have gained over the years that we have been in the research industry, and still counting.
At Charima Research, we carry out various market research survey types that cut across all market aspects for various products. They include the following but not limited to;
- Brand health studies (BHT)
- Market feasibility study
- Customer satisfaction survey (CSS)
- Awareness, Usage & Attitudes study (AU&A)
- Price research study
- Retail audit study
- Brand positioning study
- Corporate image/brand perception study
- Concept tests or product tests e.g., advertising pre /post-tests
- Market segmentation survey
- Consumer profiling survey
- Demographic survey
- Tracking studies (Trackers with waves) –
- Business to business surveys (B2B)
- Mystery shopping
- User experience (UX) research
- Etc.,
At Charima Research, we have the best knowledge, expertise in executing market analytics of research objectives like;
- Customer Satisfaction Index (CSI)
- Brand Gain Loss Matrix
- Brand Conversion Map
- Price Sensitivity Measure (PSM)
- Brand Strength/Equity
- Norms
- Among many others.
We provide various analysis techniques that help respond to client needs and projects objectives. We run various statistical analysis techniques like;
- Multivariate analysis
- Bivariate analysis
- Univariate analysis
We work on various surveys, studies, experiments for quantitative and qualitative case studies exposing us to working with different clients in conceptualizing and operationalizing various aspects of research. We deal with operations of both research approaches that include;
- Quantitative approach – surveys, studies, and experiments
- Qualitative approach – focus group discussions (FGDs) physical & online, In-depth interviews (IDIs) physical, online, & telephone interviews,
At Charima Research, we do data mining for products and markets, to discover hidden patterns and relationships in order to increase client’s ability to use the information, improve their competitive position and profitability. We pride to have first class international market research capabilities and reach that brings out effective and clear consumer and market insights from our unmatched research tactics.
We have executed many market research studies cutting across various industries. Mainly we implement and execute research projects right from preparation of the brief, design of the approach, design of the study tools, scripting and translation of instruments, training of the field teams, field management and data quality monitoring, data processing, analysis and reporting and the ultimate findings dissemination, and design of action points for our clients. Most of our projects have had a multi-country scope and this has strengthened our experience in executing research across different markets, industries, cultural and contexts.
At Charima Research, we have strong background of market and social research with vast wealth of social research experience and knowledge, with excellent project management and people management skills. We pride ourselves to be strong in the research areas of; operational management, strategic planning, project management, planning budgeting & forecasting, budget management, training & development, statistical data analysis, report writing, social & market research, leadership, contract management.
Charima Research through our enthusiastic teams across Africa, we support our clients through market and social research in order for them to realize the most value through their use of our research operations and insights. We spearhead our clients’ research solution designs, engaging client and managing the research process and teams for greater projects execution throughout all stages to deliver actionable refined data insights.
We worked, managed and implemented market research studies with huge datasets for an array of key clients, companies and organizations from various industries like; Advertising, Communications, Media, Beverage, confectionary and foods categories, social marketing, financial services, Packaging, Pharmaceuticals, toiletries and cosmetics, Construction, Governments, Transport and Energy, Vehicles, FMCG, Tobacco, Large & MSME (micro, small, medium enterprises) businesses, etc.
Charima Research data analysts are taught on how to mine data to discover hidden patterns and relationships in order to increase client’s ability to use the information, improve their competitive position and profitability.
We have achieved some exceptional clients’ market research objectives like; Normalization scores, Customer Satisfaction Index (CSI), Brand love score, Brand Gain Loss Matrix, Brand Conversion Map, Price Sensitivity Measure (PSM), and Brand Strength/Equity, Target Group Index (TGI), Brand value creation (BVC) etc.
We have very reliable teams across Africa, with strong analytical mind, proactive, resourceful, highly motivated, focused, with creative logical mindset, and excellent timely executions that plans with reliable communication.
Charima Research, together with our teams, we understand with clarity, both social and market research strategies: i.e., research business functions, decision-making and workflow for ease of managing project executions and implementations. This makes our process and workflow to be seamless, timely and quality. In addition, we have trained our teams to be very attentive to detail, not given to casual glances at data, in order to churn out high quality data outputs with highly reliable insights and conclusions.
With the above research experience, Charima Research provides above board advisory to businesses and organizations using our data insights on how to grow, develop their products as well as, on how to enter, compete and evolve in the African market and beyond.
For us at Charima Research, market and social research stands-out as an action based, and most exciting to see insights transforming to actions, value and growth for our clients. Working with diversity in products, people, markets and skills across the globe is fascinating and truly exhilarating.
Quantitative research methodologies that we apply for our surveys /studies / experiments;
- Face to face interviews (F2F); quite often nowadays we use Mobile data collection methods for F2F surveys i.e. (CAPI-Computer Assisted Personal Interviews) and also we have a few projects that we use Paper and pen Interviews (PAPI).
- Household interviews, Central location tests (CLT)- i.e. (Tests for concepts like products, packaging, pre/posts adverts) and also, we carry out
- Street intercepts and Mall intercepts.
- Telephone surveys i.e., Computer aided telephone interviews (CATI)
- Web surveys i.e. (Online surveys)- (CAWI-Computer Aided Telephone Interviews)
Qualitative research methodologies that we apply for our surveys /studies;
- In-depth interviews: moderator asking the participant questions in one-on-one conversations. In-depth interviews (IDIs) can be physical IDIs and online IDIs (Key informant interviews (KIIs)) and also Telephone in depth interviews (TIIs),
- Focus groups: moderator asking the participants questions and generating discussion among a group of people. Focus groups discussions (FGD) can be physicals FGDs and Online FGDs
- Observations: recording what you have seen, heard, or encountered in detailed field notes using check list.
Research Ethical Principles at Charima Research
At Charima Research we understand how important it is to follow research ethical principles in all our social and market research projects. During teams briefing and at all times we remind our teams across board the importance of following all research principles for high quality data outputs with integrity and credibility, while at the field executing project as well in the office.
While we may not exhaust the list of research ethical principles, but below are some of the key research ethical principles that guide Charima Research and the team in all our projects while conducting interviews:
- Respect for every respondent
- Quality of the data
- Responsibility and transparency
- Risk Management
- Sustainability
- Justice, fairness and impartiality
- Professionalism and expertise