Market researchs kills to boost organisational strategies

In Rwanda, extensive research has been carried out at times with emphasis on issues concerning the 1994 genocide; at other times as a background to different topical papers especially those relating to economic development and as a means of combating deadly diseases like malaria. However, not many sources will reveal how much research has been done by most companies or organizations as a means of achieving desired set goals especially as far as their target market is concerned. Many are good at intensive advertising yet experts emphasize the need for market research as a clear means of targeting the right market. The research is basically a practice of gathering information from different sources in order to assist strategic and tactical marketing decisions. Since research helps one to gain appreciation for the practical applications of knowledge, globally a number of renowned organizations that specialize in market research exist to offer consultancy services, survey design, data collection, data analysis and report findings that are used by companies as a basis of decision-making. Last week for example, two consultants from Research Solutions Ltd, a Pan African organization held a one-day workshop in Rwanda with the theme “Information is power.” Through their different presentations, they educated Rwandan marketing and sales managers on the right tips on carrying out efficient market research. The consultants mainly provided information solutions and added value to market research processes of different organizations. Among the participants were representatives from organizations such as; Compagnie Rwandaise d’Assurances et de Réassurance (CORAR S.A), Sulfo Rwanda industries, SMS media, EBC engineering and Banque Populaire. “We came to share the material and tools we use in research in order to help organizations make strategic and tactical marketing decisions,” explained Kahiga Wachira, the Regional Research Manager, West and Central Africa. Market research may be wide but some of the narrowed down topics that were exhaustively discussed included; scope and value of research, customer satisfaction measurement, retail census, pricing research and brand health measurement. According to Kahiga, such skills help marketing managers to achieve a competitive advantage within their markets since they use the research as a basis for making marketing decisions. In his presentation, Kahiga also emphasized the need for customer satisfaction adding that the most successful companies are those that know their markets and customers as this helps them build strategies that meet their needs. As it was an interactive seminar, many participants managed to pose questions relating to the markets of the organizations they represent and were very pleased with the responses given by the professionals. Teresa Oino, the Regional Research Manager for the East African hub advised that since cultures are different, it is important to know how to communicate with the customers adding that research helps one to acquire information from the local people as a way of avoiding the risk of losing out in business. Atma Prakash, the Sales and Marketing Manager of Sulfo Rwanda industries S.A thanked the research professionals for passing on such important information. “Personally, I am a research professional but I have learnt a lot that I intend to teach my fellow colleagues in the marketing department so that we can improve our weaker departments,” he added. Participants were also trained on the appropriate research that should be carried out in order to come up with solutions to particular market problems. Research Solutions Ltd is one of the many global market research organizations and it is based in Kenya. It is also an ISO 9001:2000 certified company that has been in existence for over twelve years and applies very high standards in qualitative and quantitive fieldwork, coding and data processing for its clientele. The company also operates throughout the continent and so far, the consultants have held seminars in several West African countries, including Madagascar and Rwanda. Researching potential markets helps a company find where its products are likely to sell, determine both domestic and international competitors, understand customer needs and establish fair prices for the products among others. Since marketing plays an important role in any company’s strategy, Rwandan companies should be ready to adopt market research strategies as a means of increasing competitiveness especially owing to the fact that Rwanda joined the East African Community hence the need to be more competitive. Contact: keishaed@yahoo.com