Market Segmentation: Integral component of market research Monday, Oct 19 2009

Market segmentation (business perspective) is identifying a group of people having similar liking for a particular product or a service based on their interest. There can be multiple segments as different group of people have different needs.

Importance of Market segmentation

The significance of segmentation are not tough to understand but challenging part is to arrive at the most effective groupings. In consumer markets, segmentation is almost always according to consumer need. It helps answer some of the concerns raised by service providers.
For example:

1. What are the differences among different targets?
2. Who is the my most profitable customer among them?
3. What did this segment of consumers like most in this product?
4. What are the most important geographic markets for my campaign?
5. Which age group of people use this service most?

If service providers focus on catering to consumers based on various market segments identified, this will help improve their products and service on a long run.

Key Benefits

Some of the advantages of performing market segmentation are:

• Helps target the right audience and cater to their needs – hence achieve customer satisfaction
• Makes it economical for marketers by focusing on the right group before launching a campaign
• Saves time by identifying the target audience
• Improves ROI for service providers

It is well known fact that, goal of very business organization is to achieve customer satisfaction and hence increase their revenues. Therefore, to know your consumer behavior and understand their attitudinal pattern is very important, Hence market segmentation plays a very important role  in market research which helps understand consumer requirements.

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Importance of market research and how to achieve it? Tuesday, Sep 29 2009

Today, the biggest challenge faced by service providers in India is to understand their consumer behavior well.  Service providers need to cater to consumer (mobile users) requirements in order to attain complete customer satisfaction and in turn concentrate on improving their Return on Investment (ROI). It seems obvious that service providers should focus in providing customer satisfaction, as satisfied customers are the ones who usually come back and buy more, they tell other people about their experiences, and have trust in their existing service providers. Therefore, when we win a customer, we should hold on to them.

How can market research guide you?

A one stop solution for marketers with all the relevant data in the form of reports is useful. Performing market research even before launching the campaign is very significant. Pro-active approach will not only save service providers the money before investing but also help generate higher revenues. This could be achieved by conducting surveys and receiving feedback from their consumers. The survey questions should be framed in such ways to capture high level as well as specific level details. In addition, it should also consider:

1. Who should one interview ?
2. What parameters are to be considered for the specific topic
3. What should be measured How should the set of questions be?

Useful tips – To achieve Customer satisfaction through market research

1. Perform market segmentation and Select target audience – Arrive at the most effective groupings as in consumer markets, segmentation is almost always according to consumer need
2. Observe customer behavior – Customer needs differ and therefore satisfying them may require different approaches. Identify needs and recognize differences between groups of customers
3. Measure campaign results – Analyse the results and come up with relevant solution Prepare competitor matrix – Several players in the market provide similar services. One needs to differentiate one from another and try to provide better service from their competitors. Therefore competitive matrix plays a critical role
4. Report – Create statistical and graphical reports for easy understanding after data/facts are gathered, observed and analyzed

Market research is the measurement yardstick for service providers.The data and reports can, not only measure effectiveness but also provides the ability to measure service providers against competition with other players in similar space. Creating new marketing solutions, pre-empting market moves, and to always be at the right place, at the right time is what is important to all.

What do you think? Do you agree with me?

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Telecom market research – Panelva, a web survey panel Friday, Sep 4 2009

Market research, ever since its existence has been the best way to reach out to consumers to understand their requirements and hence achieve customer satisfaction. Researchers spend lot of time in gathering first hand data from consumers tin order to understand, observe and analyze consumer’s behaviorial and attitudinal patterns. The end goal is to provide an excellent quality service/product and cater to consumer demands on continous basis.

Therefore, we being a telecom market research firm help achieve customer satisfaction through our web based survey site called panelva.

Market research, ever since its existence has been the best way to reach out to consumers to understand their requirements and hence achieve customer satisfaction. Researchers spend lot of time in gathering first hand data from consumers in order to understand, observe and analyze consumer’s behaviorial and attitudinal patterns. The end goal is to provide an excellent quality service/product and cater to consumer demands on continous basis.

Therefore, we being a telecom market research firm help achieve customer satisfaction through our web based survey site called panelva.

1. What is Panelva?

Panelva is a web – survey panel (www.panelva.com). It brings together mobile users across all parts of India to take up the survey based on mobile space. The primary purpose is to better understand the trends and patterns affecting mobile users such as you.

Please note that the survey method by mobile application download is currently not in use and only web-based survey is followed.

2. Who can take this survey and how do I know I am eligible to take this survey or not?

If you are 18+ yrs of age, a mobile user residing in India having access to Internet over PC, you are allowed to participate.

3. How can I take this survey?

You need to have access to PC with internet connection

You need to register on this site http://www.panelva.com/web/panelva-participatesurvey.php

Questionnaire related to mobile space (survey) will be emailed to you at your registered emailed id.You need to answer the questions and send it back to us through email

4. How long does it take?

Questions are very simple and framed well. So it should take you only 20-25mins to answer all the questions.

5. What do I get in return?

Participation is free of cost (other then you pay for internet access charges as per your plan). By participating in this survey your chances of getting rewarded are high (cash prices upto 1000rs). This is based on lucky draw. The longer commitment you have with us, chances are higher of getting rewarded. But cash incentive is definate, if you refer this site to others (friend, family, colleagues etc) and your referral stays with us for minimum one month. So join us now and refer this site soon!.

6. How often can I take it?

After you have registered with us and taken up one survey, you can participate in this survey once in 3 months.

7. What are the questions asked in the survey?

Survey questions are very simple and topics are related to mobile space usage.Some of the topics covered so far are social networking, mobile Internet, SMS usage, mobile games, location ased services, mobile search etc), tones, phone usage, service providers in India, popular sites usage etc.  Each month we come up with new topics mainly in Mobile VAS. Data is observed and analyzed as per demographics (Gender, age etc) and geographic (location).

8. How does it help you (Researchers)?

We are a telecom market research company focusing on research in mobile space.The data gathered through this survey being accurate and reliable is analyzed and used in the form of reports. Since it is provided first hand by consumers (mobile users) such as you, it is beneficial to companies providing services/products in mobile space. They focus on achieving complete customer satisfaction by catering to end-user needs as per your interest.

9. Will the answers be kept confidential?

Yes, definetely. The answers are used only for analyzes purpose and completely kept confidential. Also your personal details (Name, phone number and email id ) is not shared with anyone.

10. How do I get in touch for additional information?

If you have any more questions you can email us at info@panelva.com

Sounds interesting? Then do take a look at www.panelva.com and participate in our survey. Your contribution can help improve mobile user experience.

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Significance of Market research based on demographics and geographies Thursday, Apr 9 2009

Today, India is one amongst the fastest growing mobile market in the world. Telecommunication industry is growing at a rapid pace. Currently, there are ~ 413 million (mobile + landline) subscribers in India and every month ~ 10-12 million users are added to the mobile subscriber base  (Source: TRAI report Feb 2009). This encourages  market research firms to explore the Indian mobile users for primary research purpose and to assit service providers such as telecom players,  specially mobile VAS service providers with increase in their revenue growth.

If we take a look at the high level, the main services offered in market research are:

1. Conduct market research (primary, secondary)
2. Look into market insights and trends
3. Analyze the data/facts
4. Prepare competitive analysis
5. Create reports and finally circulate (sale)

The ultimate goal of any service provider is to provide customer satisfaction and in return improve their ROIs. To achieve customer satisfaction, regular feedback from customers will be beneficial to service providers. This will help service providers retain their existing customers and add new ones to their subscriber base. The main questions which come into market researchers mind is what to ask while taking feedback from consumers (mobile users) and which is usually achieved in the form of surveys. Questions are :

1. Who is the right person to be contacted?
2. What parameters should be measured?
3. How should one analyze the results?
4. How to make the best out of the survey results?

To answers these questions, performing surveys at specific levels is important. It could be either base on demographics or/and geographies . This could be quite rewarding. Demographics could include ( Gender, Age, Income, education etc.) and geographies could include parameters such as City,  State, pincode etc.

Below is sample snaps shot provided for illustration:

Statistics on Internet Access via mobile phone based on gender

More snapshots available at Vital Analytics website

By identifying which market segment to target would definately help service providers increase their revenue growth in short period of time.

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