You do not always have to pay a lot to do market research
Low Cost Market Research Methods
In general, the costs of market research projects are high. This is while if we want to do consumer behavior separately for different ethnicities and provinces in the country; This amount will be multiplied. This is why many media and even large companies are reluctant to run market research projects even though they know the benefits. In fact, the marketing budget of most Iranian companies is not enough to cover marketing research projects professionally. However, the important and key role of market research cannot be ignored.
Other groups that need market research but are usually unable to afford it; are startups. Startups rely heavily on market research to predict and evaluate the market situation of an idea but usually do not have the budgets to run and outsource market research projects. The implementation of market research by themselves usually does not have a good result because these teams are not familiar with professional and up-to-date market research methods.
This issue is not only in Iran. In almost all countries, market research is recognized as a costly and time-consuming tool. Therefore, in recent years, new methods have been proposed in market research that emphasize cost reduction. In fact, low-cost market research is emerging as a new classification in market research services and seeks to provide useful and key market data at a lower cost and at an acceptable level of error. The most important methods of low-cost market research are:
- Online market research, especially the use of online research panels
- Desk research and use of secondary data
- Syndicated and pre-implemented market research
- Use in-depth interviews (IDIs) with key market experts
- Development of market databases
In Iran, nexlooks is one of the first agencies to pay serious attention to these methods and has made significant investments to reduce market research costs, especially through the development of databases. At present, there is a separate department to provide market research services to medium and even small companies as well as startups in nexlooks and provides market information to companies in the shortest and least costly way.