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Overview of Market Research
By Ibhade Inegbenekalo - General Manager, Market Surveys International Limited
Nigeria has the largest population of any country in Africa with an estimated population size of over 140 million people. Nigeria's population growth has increased gradually from about 2.8% in the 1960s to roughly 3.3% today. This significant population size signals a large, growing market for goods and services and a vast supply of human resources. However, these market factors cannot be the end-all guide for success in Nigeria. A company's success in this market depends not only on the size of the market but also on its own business activities.
Along these lines, many companies in Nigeria have yet to realize the importance and benefits of market research. These companies believe in mass production because of the large size of the population without taking into account the importance of consumer reactions. This has over time led to the failure of products and huge losses for such companies. In fact, some companies have failed because of this mistake. Additionally, the Nigerian government and other governmental organizations were previously not interested in market research. However, this is changing. Now non-governmental organizations, international development agencies and multinational companies are the largest buyers of research in Nigeria.
Market research emerged recently in West African countries, including Nigeria, providing steady growth in the field. For over a decade there was one research agency (Research Bureau -- a division of Unilever) in Nigeria because the market was at a stage of infancy, and research experts were few in number. A number of agencies sprang up, thus introducing new skills and practices. The increased competition and the emergence of new entrants force agencies to be more conscious about the quality of outputs that they submit to client.
Technology support programs in the field of market research are generally lacking in Nigeria. For instance, the use of CATI, CAPI and web interviews, which are popularly used in Western countries, are new in Nigeria because of the low penetration of telephone, internet, as well as poor network services and low computer literacy. The major means of interview remains face-to-face interviews at respondents' homes and offices. Telephone and web interviews are sometimes used for small scale projects.
The level of respondents' co-operation in granting interviews and participating in group discussions has been encouraging--less than 20% refusal rate. This response rate has increased the quality of information sought as well as improved the length of time necessary for completing fieldwork.
Contributing Company:
Market Surveys International Limited. Lagos, Nigeria.
Contact: Ibhade Inegbenekalo. ibhade.inegbenekalo@misi-ng.org +234 1 7911603.
Market Surveys International Limited. Lagos, Nigeria.
Contact: Ibhade Inegbenekalo. ibhade.inegbenekalo@misi-ng.org +234 1 7911603.
Market Surveys International Limited is one of the leading research agencies in Nigeria with network operations across several African countries. The agency specializes in all kinds of qualitative and quantitative studies.
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