Market Research is all about reducing risk. We use the right tools, ask the right questions, to the right audience. Creating the road map for a successful journey.
Market research serves as the foundation of business strategy from sales and marketing to product development. Our team of experts conducts extensive competitive research AND consumer market research to analyze a thorough picture of our clients’ markets.
Data on customer demographics and preferences is used to explicitly define an audience and target campaign strategies.
“Consumer preferences and behaviors are in a constant state of flux, meaning it’s important for businesses to stay up on the latest trends. Consumer market research is the key to successfully targeting and servicing today’s customers.”
“With the advent of digital channels and changes in consumer behavior, we believe the only competitive advantage companies will have is systematically understanding and then serving these increasingly powerful customers. It means taking a view and changing your inside-out view to an outside-in view, and reinventing the way you go to market, as well as your organizational design around the customer,”
Sheryl Pattek, a VP and Analyst at Forrester
HERE ARE SOME OF THE MAJOR GOALS OF MARKET RESEARCH. ALTHOUGH THIS IS BY NO MEANS A COMPLETE LIST, IT SHOULD GIVE YOU A GOOD IDEA OF WHY MARKET RESEARCH IS INVALUABLE FOR EVERY BUSINESS.
Specifying target demographics
When you can clearly define who you are trying to reach and the best way to communicate with them, you can strategize marketing campaigns that are cost effective and that will ultimately increase sales. During this process, we identify characteristics such as gender, age, household makeup, income level, geographic location, communication preferences, other brands they purchase, media preferences, and values they identify with.
Understanding current customers
Consistently reviewing customer market research is necessary to determine what is working and what isn’t in your campaign. Market research can be used to identify how your customers learned about you, why they chose you over a competitor, if they would recommend your company, and to determine loyalty incentives.
Defining business goals
It’s important to establish realistic business goals to continue to drive your business forward. As you collect information through market research, you’ll have a better understanding of what those goals should be. For example, areas of potential growth (geographic or industry niches), revenue targets, budgeting metrics, and positive public recognition.
Developing marketing strategies
Using a shotgun approach – targeting as large of a customer base as possible – for your marketing strategy is often financially wasteful and not results-driven. The more targeted you can make your marketing campaign, the higher chance you will see a return on investment and greater loyalty base. From the research, you will be able to justify how to price your product or service, what demographics are interested in your product, and what medium you should use to reach your audience.
Solving business problems
When facing hardship, market research can be used to identify the source. You may find that brand awareness has lessened, a new competitor has entered the market, or an alternative product has emerged. Market research can also help you understand internal employee dynamics.
Preparing for growth
When you are ready to expand, market research can reflect the best place to open a new retail store, customer response to a new loyalty program, and the right time to enter the online marketplace. In addition, competitors’ strengths and weaknesses can be determined from market research.
Market research is necessary throughout the life of your business. Investing in it will allow you to make sound business decisions based on your niche in the market.