Market Research and
Collaterals
There is no doubt about the fact that market research and collaterals
play a vital role in getting in-depth information of the market of a
particular product or service, its demand, its future prospects and many
other vital information. However it is also necessary that you need to
expand your business to different parts of the world. It is here that
translation companies with their translation work will fulfill its
purpose in the real world of market research.
What is Market Research?
Market research is the process of gathering, recording and analyzing
information, data about competitors, customers, and the market in a very
systematic manner. Market research is of two types:
- Primary: Primary market research implies getting
information directly from the focus group by surveys, interviews or
observation, field tests conducted or tailored specifically to that
product.
- Secondary: In secondary research, the information is
gathered from external source that appears applicable to a new or
existing product.
The basic objectives of doing market research are as follows:
- To launch a new product or service
- To help create a business plan
- To fine tune existing products and services
- To expand into new markets
It is through market research, it is possible to determine which
portion of the population will purchase a product/service, depending on
various factors like gender, age, location and income level. Some
questions that are to be answered in market research are as follows:
- What is the latest marketing trend?
- What is happening in the market?
- Which products consumers prefer and why?
- Who are the competitors?
- Which needs are important?
What is Marketing Collateral?
In marketing and sales, marketing collateral is the collection of media
which are used to help in the sales of a product or service. The basic
objectives of marketing collaterals are to make the sales effort easier
and more effective. Marketing collaterals take the form of
- Sales brochures
- Visual aids used in sales presentations
- Posters
- Signs
- Demonstration scripts
- Web content
- Product white papers
- Sales scripts
- Product data sheets
- Newsletters
- Business cards etc.
Importance of Translation of Market Research and
Collaterals
Market research does not mean that you are conducting research for one
particular region only. It is very essential that to rise in your
business, you should also know the market of your product or service in
other regions as well. Similarly, market collaterals giving information
about you , your product or service should be made known to a wider
group of people belonging to different regions. That is why translation
of market research materials and market collaterals is very important
and it is here a professional translation company plays a vital role.
To carry out international market research, an understanding of the
local culture is required together with the language of the people being
researched. A translation company, specializing in language solutions
exclusively for the Market Research Industry, can make an important
contribution. Accuracy, linguistic idioms, correct vernacular - all
these elements should be absolutely correct in the research materials
and collaterals for foreign language markets.
The accuracy of translations helps international market researchers to
extract the same information from interviewees irrespective of where the
research is being conducted. It means a translated market research and
market collaterals provide reliable, informative and accurate results.
Most translation companies employ qualified native speakers with the
specialized skills and experience to understand the basic needs of
market research translating. They cover virtually every sector, whether
consumer or business, from IT to healthcare, from pharmaceuticals to
finance.