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Market Research: Benefits and Challenges

By July 29, 2021October 5th, 2021No Comments

Market Research: Benefits and Challenges

  29/07/2021

Market Research: Benefits and Challenges

29/07/2021

“We’ve all heard the adage ‘knowledge is power’ – that is how Raphael Psaila, CEO of MPS, answered the question why is market research so important. This was one of the questions asked during a webinar held between Onest and MPS. The focus of the webinar was on market research, its benefits and challenges. The interview delved into some of the main questions companies ask when considering market research.

In addition to the argument that knowledge provides companies with power, Raphael argued that with market research companies become focused and disciplined. Market research shows you where you are and whether you are on the right track. If you are on the right track, you should keep on going and apply some changes that the data shows to be advantageous. If you are not heading in the correct direction, data can show what aspects need changing and what you need to change. This is even more important, because of today’s fiercely competitive markets.


Owen Farrugia,
Account Manager

ABOUT ONEST  

Owen Farrugia,
Account Manager
ABOUT ONEST  

“We’ve all heard the adage ‘knowledge is power’ – that is how Raphael Psaila, CEO of MPS, answered the question why is market research so important. This was one of the questions asked during a webinar held between Onest and MPS. The focus of the webinar was on market research, its benefits and challenges. The interview delved into some of the main questions companies ask when considering market research.

In addition to the argument that knowledge provides companies with power, Raphael argued that with market research companies become focused and disciplined. Market research shows you where you are and whether you are on the right track. If you are on the right track, you should keep on going and apply some changes that the data shows to be advantageous. If you are not heading in the correct direction, data can show what aspects need changing and what you need to change. This is even more important, because of today’s fiercely competitive markets.

Raphael has a range of experiences, both with local and foreign countries, therefore it was imperative to discuss the difference between marketing in the past and the present. Raphael argued that similar to marketing, the principles remained the same, companies need information about their clients, but what changed is the mediums. Nowadays, companies can collect data in numerous ways, making it easier, faster and more efficient.

Another important factor to consider is when companies should conduct research. In all honesty, the answer is ongoing, trends, needs and wants are always changing and we need to keep a pulse on these changes. However, the most important moment for Raphael is before a project is launched. Companies cannot base their decisions on preconceived ideas.

Is market research important for every company? Definitely, insights and knowledge can be fruitful for all aspects of a company. The thing to keep in mind, Raphael argued, is that the objectives change according to the type, the size and the industry of the company.

When it comes to challenges, the main issues Raphael saw with his clients were when the relationship with clients and the market research companies is not solid and trusting or when the objectives of the market research are not clear. He mentioned that this can create a strain which will have a ripple effect on the deadline and also the outcome. Raphael also mentioned that it is important that the methodology and the questionnaires are of good quality. If they are not high quality, the value of the market research will be lost. 

Overall, market research offers numerous benefits but the most important part is that the companies ensure that there is reason behind the market research and it is not done just to tick a box. As with most things, market research brings with it some challenges, but these findings can be mitigated when one chooses the right partners/suppliers and defines clear objectives. 

Is market research important for every company? Definitely, insights and knowledge can be fruitful for all aspects of a company. The thing to keep in mind, Raphael argued, is that the objectives change according to the type, the size and the industry of the company.

When it comes to challenges, the main issues Raphael saw with his clients were when the relationship with clients and the market research companies is not solid and trusting or when the objectives of the market research are not clear. He mentioned that this can create a strain which will have a ripple effect on the deadline and also the outcome. Raphael also mentioned that it is important that the methodology and the questionnaires are of good quality. If they are not high quality, the value of the market research will be lost. 

Overall, market research offers numerous benefits but the most important part is that the companies ensure that there is reason behind the market research and it is not done just to tick a box. As with most things, market research brings with it some challenges, but these findings can be mitigated when one chooses the right partners/suppliers and defines clear objectives. 

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