Welcome to GroCurv’s podcast Right On Track where this week we discuss market research and your brand. As a marketplace for marketing services, GC enables young and fast growing brands to meet and work with the right agency partners.

In this series, we share learnings from hundreds of brands that have used GroCurv and its partner agencies to grow fast, profitably. Allowing you all to learn lessons on how to make the most of your marketing investment.

This week, we focus on Market Research- What is market research and why is it so important for your brand? Why do we use it and how should we go about it?

Market research agencies ultimately help businesses by putting the collected data into action. Some activities conducted by market research agencies include:

• Conducting surveys
• Conducting interviews
• Facilitating focus groups and workshops
• Undertaking methods to observe customers
• Collect relevant information, analyze data, report findings

When you hire an agency, make sure that they are properly differentiating between quantitative and qualitative research. Simply put, quantitative data deals with facts and figures while qualitative data pertains to human experience. Both are relevant for you to make informed business decisions.

Have you been following the massive election procedure of the world’s largest democracy, closely? If yes, then you know that as the elections near its final leg, no one is going to be more sought after than the market research agencies responsible for the number crunching that is, exit polls.

Let’s try and understand the underpinnings of a poll - an exit poll/opinion poll/a brand dipstick and why as marketers and brand custodians, we must take them with a pinch of salt.