October 08, (THEWILL) – A business development expert has identified lack of information, proper business survey and data analysis as the reason for most business failure in Nigeria and the world at large.
Ofonime Eset, Chief Operating Officer of Nigeria’s first online digital market research service provider; MarketInsight made the observation while announcing the launch of an online market research gathering service portal for International and Nigerian companies and organizations.
According to him, the initiative is aimed at gathering insight of the Nigerian market by conducting competitive market analysis, product research and market trend analysis through the online portal, it is also intended to ‘gather real market data in Nigeria for new product development.”
Speaking with select journalists in Uyo, Akwa Ibom State Capital, Eset said that making market entry decisions or making any type of decision involves a lot of work in activities including deciding on segments of the population to get the required data.
He noted that deciding how a product looks in terms of expected outcome and talking to respondents either by conducting face to face interviews, phone interviews or focus groups is crucial in marketing research ànd decision making.
“Once the data has been collected, it has to be cleansed, analysed and made into formats which offer actionable insights.
“We have seen different organizations struggle with gathering data on the streets in Nigeria, some small organizations don’t have the manpower or resources to carry out the activities involved.
“Most organizations don’t conduct market research, the ones that do cannot get meaningful insights out of the data they generated. These are problems we are looking to solve with our online platform” said Eset, the Chief Operating Officer of MarketInsight.
According to him, the market research service is offered through the online platform where organizations of any size can create their research projects with screener questions, scale based, multi choice or other types of questions.
Eset who also identified inconsistency as the band of small scale businesses said upon completion of the project creation and adding of different questions, the project creator submits the project to kickstart the research service adding that the questions submitted would then be taken by respondents and appropriate research methodology and service applied to ensure the organization gets meaningful insights.
“On completion of the research project, the organization is sent the analysis for their use.”
“Many businesses fail because they are not well informed, we are not limiting ourselves to big companies alone, we look at start-ups as well as Small and Medium Scale Enterprises,” he said.
He expressed the hope that the company would fill the yawning gap in assisting organisations and companies take informed decisions that would help them grow their businesses.
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