MRP-Eurasia: when Market Research goes beyond borders to... infinity!

 31/03/2015

As an aspirant Freelance Market Researcher, I'm daily conducting accurate studies of particular cases significantly inherent this sector.
Today it came to my attention MRP-Eurasia, a specialised service company incorporated in Moldova which is conducting consumer surveys within the Eurasian continent. Here is a map of the countries in which the business is having its research:

 

As it can be seen, they operate mostly in former Soviet Union territories, Eastern Europe and Balkan countries, with the addition of Mongolia. In total 32 countries where they operate with face to face data collection. Thier broad presence allows them to make expansion and wider-ranging plans, as they even operate with CATI procedure (Computer Assisted Telephone Interviewing) in German, English, Italian and French speaking countries, with the potential to extend their direct activity not only to Western Europe (probable short-term orientation) but even to nations in other continents natively speaking these languages.

Besides the amplitude of their geographical presence, the firm looks interesting for the vastness of different industries covered, with numerous associated and tailored research task.

A brief summary (source: MRP-Eurasia --> http://www.mrp-eurasia.com/market_research_industries) 

(light blue = sector; red = features of the sector) : 

Socio-economic research (Social and Political studies, Life-style insights)

Focus on establishment, affects widely everyday life

• Assessment of the socio - political situation
• Rating the trust towards political institutions
• Confidence rating of key politicians and public figures
• Electoral studies
• Value orientations and their population dynamics
• Dynamics of protest behavior

Health Industry

Integral part of modern life, strong competition but far from saturation 

• Market segmentation and study of target segments
• Exploring the needs of target customers
• Analysis of competition
• Mystery Shopping

Automotive Industry

Capacity growth and rapidly changing preferences

• Mystery Shopping
• Ethnographic interviews (behavior and preferences)
• Qualitative and Quantitative research
• Car Clinic
• Test drives (for experts and consumers)
• Understand target groups, including their lifestyle
• Evaluate the brand image
• Evaluate product/service satisfaction level
• Identify future needs

Pharmaceutics

Development of medicines and pharmaceutical market

• Specialised assistance from experts network for three target audiences:
• Patients
• Doctors/ medical specialists
• Key opinion leaders (KOL), the tender committee (payors), Ministry of Health

Electonics and Appliances

Technologies, products, consumer preferences and trends actively and continuously changing

• Market capacity (competitive advantage)
• Effectiveness of advertising
• Brand position in the market
• Market niches for new products (segmentation)

Telecommunications

Increasing importance and huge demand

• Product testing
• Testing of advertising campaigns and concepts
• Desk research of the industry trends
• Company image and brand research

Internet and IT

Decisive for success in business, competition and modern life issues

• Analysis of content on websites and blogs
• Research of Internet
• Testing portal usability
• Identify the latest trends in IT 

Retail

Internationally growing industry, always new players and new formats

• Monitoring sales of durable goods
• Quantifying the market volumes for retail goods
• Studying consumers

Media

Growing popularity of social networks and blogs

• media research online/offline
• media monitoring and measurement

Cosmetics and Perfumes

Strong growth, demanding customers and high relevance to appearance of products

• Testing of new and existing products (Monadic tests)
• Analysis of brand recognition (consumer attitude)
• Testing advertising concepts

Tourism and Travel

The most dynamic and competitive, highly susceptible to changes

• Analysis of tourist flows
• Analysis of attractiveness of certain areas/directions
• Research of consumer services
• Assessment of satisfaction with the services offered by airports and travel agencies

Banks and Insurance

High competition, huge financial disposability and investment in advertising, expansion and development

• Mystery Shopping
• Study of the existing and potential customers
• Analysis of the attractiveness of the brand
• Evaluation of image
• Testing advertising campaigns
• Study  of teh attractiveness of existing products and offers
• Identification and assessment of market niches for new products and services for targeting different audience

Fast Moving Consumer Goods (FMCG)

The most competitive and low-margin sphere, seasonal fluctuations (Food&Drinks, Tobacco, Alcohol)

• Testing of new and existing products
• Evaluation of the advertising campaigns and concepts
• Study of consumer preferences
• Segmenting customers and study of the target segments
• Satisfaction studies of consumer goods

Clothing 

Extremely rapid changes, heavy competition

• Assessing the potential of the brand
• Evaluation of the advertising campaigns and concepts
• Identification of price preferences
• Brand Loyalty
• Study  of the luxury clothing segment

A good freelance market researcher has to be ready to operate in each of these sector with a flexible attitude, with a keen sense of adaptation, wherever an "ordering the service" company needs him to focus on and whatever results are required to him. Maybe some markets are more attractive than others, but competitiveness is everything, everywhere. Deeply analyse in advance, get always ready and up-to-date, and you will be successful in your business career as much as in your life. That's what I aim for myself and I hope for everyone who is reading this article and finding it, even slighlty, interesting.

That's the Importance of Being a Market Researcher.
That's this blog.

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GIANLUCA NOCENT

Market Research: a thriving, but expensive, marketplace

27/03/2015

The market research environment, of unquestionable relevance for global success in the modern world, counts dozens of specialised companies, of various nature and size. Their extension has naturally a decisive influence on the operative range, but even more important, on the operative costs.

A relevant demonstration comes from UK market analysis about IT expenditure. The results are, in some ways, surprising. Generally, the smaller the company, the higher the costs to sustain, but the most astonishing part is that market research companies expenses tend to overcome, sometimes by far, even the outlays of the whole set of other companies, to any sector these belong.

Have a look at the following graphs:
 

Small market research companies spend almost double money on telecommunication services than the average of all the other organisations. The difference thins with increased dimensions, up to achieve equality when it's about massive companies. [Source: IT & Telecom Spend - 80 Industry Sectors (www.kewassociates.co.uk), July 2014]

Regarding the investments to develop operative instruments, the smaller market research enterprises expense is far away higher than the one of all UK companies, but it tends to become stable for companies over 50 employees, while the national average knows a steady increase for the biggest businesses, exceeding the researchers for the first and only time. [Source: IT & Telecom Spend - 80 Industry Sectors (www.kewassociates.co.uk), May 2013]

Ignoring the computer service companies, that have IT as their natural reason for existence, and consequently must have high expenses about these, market research companies are again at top outlay level among other purposes companies as a ratio of  their employee turnover. [Source: IT & Telecom Spend - 80 Industry Sectors (www.kewassociates.co.uk), March 2011]

Incredibly, spending on computer skilled customer service personnel is at the lowest level for market research companies, probably as a result of the necessity of continuous direct interaction which requires the constant presence of specialised figures in perpetual relationship with their target audience/client/sector. This may mean that, even in large companies (100-999 employes), the portion of environmental analysis and assistance covered by each employee itself could be significantly bigger than the specialists of other firms. [Source: IT & Telecom Spend - 80 Industry Sectors (www.kewassociates.co.uk), April 2013]


In case of overspending, how should a market research enterprise cope with it?

1) Undertake strong two-way partnerships with the closest or the most relevant business figures which company is dealing with. This is the easiest operative way to share the expenses or to cut useless costs, but could be hard to realise which companies are more worthy to stay with, and actualise the process.

2) Reduce the range, both geographically and environmentally. Specify more detailed targets and invest more time in preliminary research than in actual market research.

3) Why don't try a self research procedure? Utilising the background research skills already held, a market research company could see itself as the target market and start a procedure of internal research, before actually moving to the outer environment. Extremely useful for this purpose may be the SWOT analysis tool.


In conclusion, nobody have ever said that is easy or cheap to be a market research company, and maybe being a freelance researcher as I aim to be is even more difficult, but isn't it true that the more complicated is an objective, an achievement, a purpose, the more valuable it is?

That's the Importance of Being a Market Researcher.
That's this blog.

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GIANLUCA NOCENT

Why so famous quotes?

25/03/2015

Many of you, reading the title of this new blog, may have wondered: why bother giants like Oscar Wilde and the Oasis to introduce Market Research? Simply because Market Research (not coincidentally written with capital letters) is a giant itself!
The etymology of the words suggests a certain level of "role playing game". Let's go indeep.

"The importance of being..." recalls immediately the idea that to do, to act, to be someone, is very important for every human being. We have been given a special gift as mankind: we can speak, interact, understand each other and express ideas of time and space, simply opening our mouths and uttering some sounds. No other living being is able to do this, but us. Being passive could be a choice, but surely is not the best choice.

"The importance of being Earnest" (Wilde, 1895) is a very good example of a firsthand active play. The main character, Ernest, in his identity game against the social mores of the time, spreads his criticism without caring about the perceived triviality pointed by Victorian institutions, eventually stating "I've now realised for the first time in my life the vital importance of being Earnest", a firm, resolute individuality who constantly fights for its self-actualisation.

"The importance of being idle" (Oasis, 2005) encloses the constrast between assertiveness and laziness. The story of an ordinary guy who doesn't pay attention to the matters of ordinary life, but he is totally aware and sure of this choice, as it transpires from the videoclip as well. His decision is to not care, to not put any effort in anything if it is not worthy for himself, and as a consequence give up on all the rest. How to blame him? Focus is locus!

"The importance of being a Market Researcher" is a perfect synthesis of Earnest and Mr. Idle. The perfect Market Researcher has to be conscious of the most relevant trends of the moment in order to find the exact target or place for a particular product. The perfect Market Researcher has to know where to go with his investigation and what he wants to achieve for his client. The perfect Market Researcher needs to be precise and careful, but even decide to be static and set if good opportunities are shown up in a particular area.


The purpose of this first blog post is to show that I'm not going to write too much about myself here, other social networks are more useful for this goal, but I wanna analyse post by post the reasons why I am so interested in Market Research, its relevance in contemporary marketing and why the use of a Social Media like this blog may help in sum up how my inventive skills could be of extreme importance in my aspired future career as a freelance Market Researcher.

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GIANLUCA NOCENT