Market Research

There is no quick way to recognizing your potential consumer, nor can you deploy your intuition to identify the market need, size, and competition. Often put aside by several organizations, market research is the foremost strategy one must adopt before rolling out the business plan. The entire process is a huge enabler in terms of unmasking the potential consumer and mapping their location within the market. Alchemy has a qualified team of experts, who unearthright tools and methodologies to approach the target. Our research method consists of the following steps;

Quantitative Surveys

Quantitative Surveys are a firsthand method to underscore thetemperament of your target community. We send our team to interact withpeople representing targetconsumers, with the most comprehensive questionnaires that encapsulate their opinions on products and services. We also use online surveys and pollsto attain the opinion.

Focus Groups

We conduct Focus Group research and allow participants to engage in unfiltered discussions about the concerned product.The discussions enable us to realize their expectationspertaining to the services offered by your brand.

In-Depth Interviews (IDI)

With the help of In-Depth Interview, we document the attitude of customers towards abrand. It is an informal meeting where one of our team members gets into a chat with your consumer,and the discussion helps us gauge their interest in your brand.

Ethnographic Market Research (EMR)

Ethnographic Market Research is an effective way of analyzing your products and services in real-life conditions. We analyze your consumers on the cultural trends, lifestyle, attitude and the influence of the social causes. Thecustomeris observedin a real life environment:
On-Site – The research is carried out at a place where the product is utilized, for example, restaurants, offices, shopping malls, etc. We observe the reaction of a consumer to your product and make a report.
Home – The consumer is observed in a domestic setting home using the product. They are questioned regarding any problems they might have with the product, on the basis of which, the company seeks to improve its delivery.
Virtual – EMR sessions are conducted online whereby the consumers are asked to complete some tasks like writing an essay on the product or service. Cross-Cultural and Organizational Analysis - This is immensely helpful for multinational companies that operate within diverse cultures. This analysis helps to identify and solve any issues that can occur in foreign markets.

Digital Bulletin Boards

A digital bulletin board is an online forum where users can share their ideas and opinions. These Bulletin Boards are a great tool for Market Research, and we can acquire the opinion of your target group right away.

Mystery Shopping

Mystery shopping involves a consumer buying your products without disclosing their identity. Thereby, they submit the feedback and their experience with the same.

Virtual Communities

We take the help of virtual communities to acquire responses. Online research is a part of it and helps us better understand the trending demands and gaps in the market.
With the support of these effective techniques, we get an accurate measure of what the market seeks. This enables youto help make your business decisions more relevant and map out ways to get noticed.