Market research is all about understanding your consumer base better. It involves gathering data to learn more about target demographics and consumers so a business can market itself more effectively and, ultimately, succeed in the market. It is, also, a vital part of any business strategy whether that business is B2B or B2C, big or small, new or old. It provides the answers companies need to make decisions that will move them forward. It helps companies better understand market opportunities, consumer behavior as well as the competitive environment and barriers to evaluate the viability of a new product or service.
Benefits of Market Research:
1.Maintain a Customer-Centric Approach
One of the most effective ways to be customer-centric in your market research is by using a segmentation-targeting-positioning (STP) model. This marketing model involves:
a. Segmentation
b. Targeting
c. Positioning
2. Connect With Your Audience More Effectively
3. Identify Opportunities for Growth. For eg. you may discover:
a. Unreached segments
b. Business partnerships
c. Product improvements
4. Reduce Risks by Testing Concepts
5. Make More Informed Decisions
Here are some examples of decisions you can make more accurately with the help of market research:
a. Choosing a different consumer base to target through a new marketing campaign
b. Determining which channels to include in your advertising campaign
c. Selecting design and personality elements to form a brand persona that will connect with your audience
d. Choosing whether to open a new retail location
e. Deciding whether a product should be discontinued or modified
f. Pricing products in a way that maintains margins and appeals to customers
6. Compete More Effectively
7. Stay on Top of Trends
There are several methods of primary research used to learn from consumers:
a. Surveys:
b. Focus groups:
c. Interviews
d. Observation
e. Field trials
It all depends on the type of studied business, the needed consumer behavior insight and the target market dynamics. Each research project has it’s own methodology and challenges.
We collect data using one or multiple of the following techniques:
- Computer assisted telephone interviews
- Focus groups at our office or online.
- Digital observational analysis
- Field visits
- Mass surveying (Digital or in person)
- In-depth interviews
- Expert panels
Promising:
- 15 day delivery
- Competitive pricing in two easy installments
- Quality execution
- Accurate and objective understanding
