Basics of Conducting Business Market Research in the Finance Industry

Every industry relies more or less on market research at different stages of their business, however, when it comes to financial service providers, extensive market research is one of the cornerstones for minimizing risks, accurate forecasting, analysis, internal audits and most importantly approaching the right audience. This is where an experienced business research company can step in to help you utilize the proven potential of paid market research. However, before that, understanding the basics of business market research is extremely beneficial to help you choose the right kind of business research services for your business. That said, continue reading as we discuss the basic ways of conducting business market research in the finance industry.

1. Primary Research Methods

Primary market research is a type of market research studies that deals with data gathering methodologies directly from the source in real-time and curating insights that haven’t been collected before. Some of the impactful primary research methodologies include:

• Email Surveys

Financial advisors can record feedback and opinions through questionnaires sent through emails and compile them according to the requirements, mainly to understand market reports.

• Online Surveys

One of the most influential means to gather data that involves large pools of respondents, this can be performed through polls or MCQs on different social media platforms and even on the company’s own websites.

• Observations

Observing consumer trends, strategies and performance of finance companies, and their competitors helps financial service providers generate actionable qualitative insights.

• Interviews

Financial service providers can deploy online and telephonic interviews with industry participants to gather in-depth insights on important topics that can help them amend their services and products.

2. Secondary Research Methods

Also known as desk research, secondary market research allows the researchers to make use of valuable data from already published studies and save time, money, and effort. Some of the popular secondary research methods include:

• Case Studies

Evaluating case studies can be helpful for generating useful insights from real life examples. It helps in understanding how a particular industry/company actually performed or survived certain critical phases such as a recession in the past.

• Research Papers

Often published by think tanks and institutions, business research reports or papers provide valuable insights in gathering in-depth knowledge of any topic that can help those in the finance industry in taking important calls at crucial times.

• Analyzing Statistics

Statistics are one of the best ways to understand dynamic topics in the finance industry. Various reliable data banks such as the United Nations, IMF, World Bank, and Statista provide free (and paid) data sets that help in making precise predictions and garnering maximum results from behavior patterns and use of methodologies in the studies in the past.

• Industry Reports

Industry reports provide an in-depth analysis of the nature of the industry over the past years and help present insights into how companies can tackle risks and opportunities in the future.

Final Word

When it comes to the financing industry, timing and precision are everything. This is why it is advisable to consult a market research company that provides actionable insights for maximum profits. When considering hiring a business market researcher, choose the one that deploys the latest methodologies backed by staff expertise to curate relevant data for companies to devise strategies for attaining maximum growth.