Trying to figure out how people act is what market research is all about. For this, you need to collect organized data about a group of people or businesses (a market) and then look at it to understand their needs better.
This kind of Research can be done by the company itself (in-house) or by a market research firm that works for a different business.
Market Research Companies
Some benefits of doing a market study for your business are:
- Find places where business needs help.
- Figure out how the market is changing and what business prospects and new areas for growth are available.
- Find out what your current customers want and how your services compare to your competitors.
- Make good choices about the services and come up with good strategies.
- Set goals that you can reach for sales, business growth, and the newest products.
Q&A research and quantitative research are the two types of market research.
Qualitative Research: Qualitative study uses words and pictures to describe things. It usually includes asking customers about their experiences with a product or service or watching them in a marketing setting. In-depth interviews, focus groups, bulletin boards, unrestricted observation, and ethnographic participation/watching are some ways data was gathered in this case.
Quantitative Research: Quantitative Research tries to determine a problem’s size. This usually involves statistical analysis because it needs to pay a lot of attention to how to measure things that happen in the market. It gets information from audits, places of purchase (where people buy things), surveys (online, over the phone, or on paper), and click-streams.
Primary and Secondary Data are the two types of data that can be gathered.
The raw data the researcher gets from first-hand sources is primary data. Surveys, focus groups, in-depth interviews, and observation are some of the most popular primary Research methods.
Secondary data is information that has already been gathered and is easy to find. This data is already public information. It comes from public sources like magazines and newspapers, government figures, commercial sources like paid industry reports, and internal sources like market data that the company already has.
Testing products, dividing markets, testing ads, testing usability, critical driver analysis for loyalty and satisfaction, awareness and usage Research, and pricing research (using techniques like conjoint analysis) are ways the collected data is analyzed.
Top Market Research Companies
Media and Connect Solutions
Nielsen is an S&P 500 company that works worldwide to measure things and analyze data. Through its services, it says it helps more than 90% of the world’s GDP and people.
Some of the services offered are marketing and media information, analytics, and retailer and maker knowledge about what and where people buy things and what they read, watch, and listen to. People in the consumer packaged goods (CPG), media, and advertising businesses are the company’s big clients.
Headquarters: New York, United States
Founded In: 1923
Employees (2018 and 2019): 46,000
Core Services: Measurement and data analysis are at the heart of our services. We measure and analyze consumer purchases and media audiences. The first includes Retail Measurement Services, Consumer Panel Measurement, and Analytical Services. The second one includes Planning, Activation, Audience Measurement, and Advertising Effectiveness as its primary activities.
Revenues (2018 and 2019): USD 6.5 billion
Clients: Big names like NBC Universal/Comcast Corporation, Nestle S.A., The Coca-Cola Company, Twenty-First Century Fox, The Procter & Gamble Company, and the Unilever Group are some of their most important clients.
IQVIA is a Human Data Science Company in the life sciences field. It was created when IMS Health and Quintiles merged. Through its IQVIA CORE solution, the company has combined data, analytics, subject knowledge, and technology. This has helped its clients better understand diseases, human behaviors, and scientific progress.
Headquarters: North Carolina and Connecticut, United States
Founded In: 2016
Employees: 58,000+ (2018); 67,000 (2019)
Core Services: Our primary services are Research and development, technology and analytics, and medical and contract sales. Technology platforms, analytics and consulting services, and information products are all part of the Technology & Analytics Solutions.
Revenues (Technology & Analytics solutions): USD 4.1 billion (2018); USD 4.5 billion (2019)
Clients: The business works with other life sciences businesses, such as genetics, consumer health, medical devices, and diagnostics. It works with almost all of the top 100 biotechnology and pharmaceutical businesses globally based on revenue.
Noble Analytics and Consulting, Minerva Surgical, PatientPoint, Young & Ellison LLC, Providence Health and Services, Nova Biomedical, and Georgetown University are some of the companies that have been named.
As a part of WPP, Kantar is a business that works with data, insights, and consulting. The business provides services for all stages of sales and marketing, and its research options range from advanced AI-based technology to in-depth qualitative research experts.
Kantar merged all of its old names into one company in April 2019. This included Kantar Consulting, Kantar IMRB, Kantar Health, Kantar Media, Kantar Public, Kantar Millward Brown, Kantar Worldpanel, Kantar TNS, and Lightspeed, all country-specific brands. Also, WPP sold Bain Capital 60% of Kantar in December 2019, so the WPP group stopped running the business as of December 31, 2019.
Headquarters: London, UK
Founded In: 1993
Employees (2018 and 2019): 30,000
Core Services: Consumer Panels, Data Solutions, Managed Services (including Survey Design and Fielding), DIY Solutions, Panels and audiences, Virtual Reality, Eye Tracking, and Behavioural Sciences are some of the research services that we offer.
Revenues: USD 3.4 billion (2018); USD 3.0 billion (2019)
Clients: More than half of the Fortune 500 businesses use Kantar. Diageo, Volkswagen, Unilever, SAB Miller, PepsiCo, and the European Commission are a few of them.
The business, part of the S&P 500, does Research and analysis for computer software, hardware, communications, and other related IT businesses.
The company’s research services are available through a subscription model that gives users on-demand access to published research material, direct access to a network of about 2,300 research experts worldwide, data, and benchmarks.
Headquarters: Connecticut, United States
Founded In: 1979
Employees: 15,173 (2018); 16,724 (2019)
Core Services: Our primary services are Research, conferences, and consulting. Clients can get research help through reports, briefings, access to its research experts, unique tools, peer networking services, and membership programs.
Revenues (research segment): USD 3.1 billion (2018); USD 3.4 billion (2019)
Clients: Companies it works with 73% of the Global 500 companies hire Gartner. It works with over 15,600 businesses in over 100 countries, and Coca-Cola Bottling Company United is one of them.
Ipsos is a market research firm that does work in advertising, media, public opinion, marketing, and social study.
Headquarters: Paris, France
Founded In: 1975
Core Services: Our primary services include Brand Health, Creative Excellence, Clinics and mobility Labs, Innovation, Ipsos MMA, Ipsos UU, Market Strategy and understanding, Social Intelligence Analytics (not just for the public and pharmaceutical sectors), Observer, Customer Experience, Mystery Shopping, Market Measurement, Quality Measurement, Retail Performance, Audience Measurement, ERM, Media Development, Corporate Reputation, Public Affairs, and quantitative and qualitative research services for the pharmaceutical sector.
Revenues: USD 2.1 billion (2018); USD 2.2 billion (2019)
Clients: Budweiser, Clorox, Ad Council, and Zillow are some of the companies.
GfK is a market research company that does consumer response tests, gives data and analyses of how people buy things and keeps track of retail sales data for consumer tech goods.
It’s one of the largest retail panels assembled to research and design consumer electronics and other technical products.
Ipsos bought four global sections of GfK’s custom research business in October 2018. These were Customer Experience, Experience Innovation, Health, and Public Affairs.
Headquarters: Nuremberg, Germany
Founded In: 1934
Revenues: USD 1.6 billion (2018)
IRI helps companies in the consumer packaged goods (CPG), retail, over-the-counter (OTC) healthcare, and media industries with big data and predictive analytics. The business says it works with 95% of the Fortune 100 grocery stores, health and beauty companies, and stores.
Headquarters: Illinois, United States
Founded In: 1979
Revenues: USD 1.2 billion (2018)
Dynata is a company that sells first-party data that customers and business people submit. The company says it is one of the biggest providers of technology-based research solutions and online panel data from people who have chosen to be part of the panel.
The company was formed when Research Now and SSI merged in December 2017. In January 2019, it changed its name to Dynata.
Headquarters: Texas, United States
Founded In: 1999
Revenues: USD 0.509 billion (2018)
Westat does study for clients who want to make things better in areas like transport, health, social policy, and education. Westat does Research on jobs, health conditions, hospital costs, science, technology, earnings, and more.
Headquarters: Maryland, United States
Founded in: 1963
Employees: ~2,000 (only HQ)
Revenues: USD 0.506 billion (2018)
Attage they do marketing research, set up marketing systems, and offer advisory services based on custom and panel research data. The company primarily works with companies and government bodies that make consumer goods and provide services.
Headquarters: Tokyo, Japan
Founded In: 1960
Revenues: USD 0.489 billion (2018)
Nielsen, Ipsos, and Kantar are the three best companies in the world for most research needs. Nielsen and Information Resources, Inc. (IRI) are the two most prominent names in retail measurement.
Starting with “Among,” Nielsen, Kantar, GfK, and Ipsos are the world leaders in measuring television audiences. Among them, Nielsen, Kantar, and GfK also excel in measuring radio audiences.
When new technologies emerge, especially software technologies related to AI and machine learning, they significantly affect the study market. Virtual reality and other new technologies have also changed the very nature of the study that is being done.
Companies like Ipsos and Nielsen are already using AI and machine learning. IQVIA has also started using machine learning.