What do Market Research Companies do?

Although market research companies were introduced to first-world countries as early as the 1920s, they only really took off in South Africa in the 1960s. By the late-seventies, market research companies were in full swing. In-store company representatives would set up office at the end of aisles with taste samples of new products and brand launches or walk the stretch of an aisle where their relevant product was on display.

The only requirement needed to receive a free snack or sample of a particular product was to answer a few easy questions, wait for the representative to scribble down your answers and tick the appropriate boxes on their survey sheets. After that, you would saunter away munching on the free morsel or slipping the free sample into your shopping basket.

This method of information collecting might seem archaic in today’s fast-paced society, but market research companies did achieve their main objective. It connected the producer or distributor of a brand or product directly with the consumer. The process gathered important information about the commodity, the pricing of the product and how well it might be accepted by the target audience.

With the assistance of modern technology and the digitised world of the internet, market research companies can take this research to a whole new level. Now, these entities can collate data about all sorts of aspects. For example, concept testing, brand health checking, focus groups and, more frequently, direct contact surveys.

The ability to collect this data directly from the target audience faster, more efficiently and more accurately supplies the producer or distributor with real-time information that will directly impact the consumer. Knowing what the demands, wants and needs of the buyer are and what their competition is doing about it allows companies to realign their advertising campaigns and brand launches.

Market research companies need to have primary and secondary information from the demographics of their direct target audiences to accurately predict product differentiation and market segmentation. This enables them to correctly supply and deliver existing and new product lines, keeping the market competitive and the prices more affordable.

Market research companies are the lifeline between you, the consumer and the product producer. By using the accurate information supplied, they can assist you, the consumer, by introducing new brands or product ranges. This increases the competition and, as a result, reduces retail prices. This symbiotic relationship has never been more important in South Africa than in today’s tough economy.

MobiWorkX South Africa has been gathering your honest opinions and collating data for consumer goods-producing companies since 2009. We are one of the leading market research companies in South Africa as we voice your opinions to the relevant companies to enhance your shopping experience.

Why don’t you consider joining our online platform and assisting both yourself and your community in fighting the war against rising inflation? If you’re serious about making your opinion count, we will reward you with cash, vouchers or airtime from the completion of your very first survey. It only takes minutes to join and it’s absolutely free. Visit our website and start today!

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