Necessity or extravagance?

What comes to your mind when you think of market research in Bangladesh? Some of you will consider this an opportunity to unveil the uncommon sense of the consumers, and some of you may not feel the importance of market research. As an experienced professional it is safe to assume that with the increasing dynamics in Bangladeshi market, it may no longer be prudent to take crucial decisions of your business without understanding the market. In order to understand the market it is imperative that market research is fitted in your plan to succeed in business.
In the last decade, market research in Bangladesh has shown tremendous opportunities for many successful ventures. The number of companies who now rely on market research is increasing as the year progresses. Large multinationals as well as local companies have been keeping a tab on yearly budget for market research. Different dimensions of market research were introduced in the last 10 years, yet more to come when the demand will reach out for it.
While the importance of market research in Bangladesh is increasing, it is not growing as fast as it should be. In Bangladesh, stakeholders from majority of the companies still keep a doubt whether to invest their time, effort and money in market research. They consider market research an extravagant component, one which is to be exercised if you have idle money to spare or not to be exercised at all. The main reason behind this is probably lack of understanding of how valuable market research can be for business.
What is market research? The action or activity of gathering information about consumers' needs and preferences is labeled as market research. There are various aspects of market research that can help you to guarantee the success of your marketing campaigns, and in-turn sales. Market research can help you keep a tab on your competitors. It can help you to minimise loss in your business.
For marketers, research is not only used for the purpose of learning, it is also a critical component needed to make good decisions. Market research does this by giving marketers a picture of what is occurring (or likely to occur) and, when done well, offers alternative choices that can be made. For instance, good research may suggest multiple options for introducing new products or entering new markets. In most cases marketing decisions prove less risky (though they are never risk-free) when the marketer can select from more than one option.
If you are planning to start a business, or looking for finance, then the people you approach for help will want to see some evidence of market research. Starting a business always involves some degree of risk, good market research will help you reduce that risk. If you are already in business, market research continues to be very important, and should be an integral part of your daily business operation.
Market research allows you to identify threats and opportunities in the market place and provides the information on which you can make informed decisions. It, therefore, reduces the risks involved in making these decisions. It also reduces the risk of not being able to make decisions because you did not have the information at hand (for example, a change in the market that catches you by surprise).
What kind of market research is available in Bangladesh? There are both customised and syndicated research available in Bangladesh. Customised research helps you to figure out the right marketing mix, also you can run feasibility study that helps you to determine the feasibility of an investment. Customised research helps you to uncap the mind of consumers. It aids you to understand the decision making process of a consumer, their loyalty to your product, and their satisfaction level. It also helps you to check the feasibility of a new investment, like entering a new market, launching a new product or starting  a business.
On the other hand, there is syndicated research that advantages you by providing the market scenario,  example is retail measurement service. Retail measurement helps you get the direction of your position in the market. It typically indicates sales turnover and trend, market share, distribution quality etc. There are diversified solutions available under both customised and syndicated research.
Bangladesh is a growing market, the geographical location and population of Bangladesh is a preponderant fact which is influencing a great deal of companies to invest in this market. As this country moves forward, it will attract more companies to invest, and as the number of companies increase, the power of choice for consumers will  go up.
To deal with this new market dynamics, we need to embrace the power of market research, we need to invest more than ever, and we need to value the data and findings that we can derive from market research.
The writer is Manager at Nielsen Bangladesh,  [email protected]