What is market research used for?
Market research is used to assess the structure of the market from the perspective of competing entities.It also provides information that allows for effective media planning.It can further be used to audit data from other sources, used in the process of planning and purchasing advertising space. Emil Pawłowski, chief scientist at Gemius, writes about the use of market research.
Studies like gemiusAdudience, Gfk Planet, Nielsen TAM, etc., are used primarily to obtain a full picture of the market, namely:
- Who are the internet users? How do they behave? What content/services are they looking for?
- Which publishers operate in this market and what are their interests?
- Who buys advertising space from whom and what campaigns do they run?
- If possible, also how much does this space cost.
With this data, you can also find answers to the following questions:
- Is our programming offer attractive to the consumers we want to win?
- What is the market position of a given publisher?
- What is the marketing strategy of a given advertiser?
- Where and how can you find potential consumers?
Research as a settlement currency
The industry uses the formulation that market studies are the currency of settlement in the advertising model. Without such studies, each party may use different data to assess current activities. In such situations, it is natural to use the data to antithetically value, for example, the results of a particular advertising campaign. However, without standard, uniform studies there is no mutual trust as to the defined currency.
The real-time model as the future of online research companies
Studies based on the real-time model are more valuable when the results are available as soon as possible, and when the resolution of the analysis enables the structure of consumers or advertising campaigns with small coverage to be modelled. In the case of one-way media such as TV, the frequency of production per day is sufficient, but in the case of internet studies, this is not the ultimate goal. Here, because the medium is bidirectional, you can implement more advanced methods of reaching out to selected people (RTB, programmatic, retargeting, etc.), which entails a natural need for data from market studies to also be delivered in real-time. This is the ultimate goal for all research companies that wish to conduct such research.