Market research is a key factor in maintaining competitiveness over competitors. Market research provides important information to identify and analyze the market need, market size and competition. Market-research techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys, and analysis of secondary data.
Market research, which includes social and opinion research, is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.
- Knowing Market information
Through Market information we can know the prices of different commodities in the market, as well as the supply and demand situation. We have a wider role than previously recognized by helping their clients to understand social, technical, and even legal aspects of markets.
- Focussing on Market trends
Market trends are the upward or downward movement of a market, during a period of time. We help you to determine the market size, if one is starting with a new innovation. We will help you to derive the potential figures from the number of customers, or customer segments.
- SWOT analysis
SWOT is a written analysis of the Strengths, Weaknesses, Opportunities and Threats to a business entity. We focus to understand SWOT in the creation stage of the company but could also be used throughout the life of the company. We help to analyse the SWOT against the competitors to understand how to develop the marketing and product mixes by
- Customer analysis
- Choice modelling
- Competitor analysis
- Risk analysis
- Product research
- Market Segmentation
When conducting market segmentation studies we generally ask survey questions aimed at capturing needs, values, attitudes, behaviors and demographics. A B2B company might also want to investigate firmographic data such as company size, revenues, and product category that are relevant to the industry in question.
Marketing can’t effectively speak to every type of person or business at the same time, so one of the main goals of our company for market segmentation is to allow for more efficient and effective marketing tactics. Without market segmentation companies are shooting in the dark and wasting valuable bullets. They may hit a customer by accident, but they would miss a lot of others.
- Product Testing
A detailed understanding of how your product meets (or doesn’t meet) your customer’s needs is crucial both to product development and marketing, so these types of market research studies need to be conducted throughout a product’s life.
Ultimately you should be able to make informed “go” or “not go” decisions about new features and products before launch, and thus save capital, time and effort.
We focus on product testing by helping our clients by:
- Giving insight into product/service viability by investigating competing and substitute alternatives along side customers’ willingness to embrace new products/services.
- Determining competitive advantage as well as possible threats from similar products/services.
- Identifying the products with the highest revenue potential.
- Clarifying what improvements should be prioritized before a product launch (or re-launch).
- Pinpoint which product features (both existing and potential) are most important to your target audience.
- Helping produce marketing messages to change or enhance existing perceptions about your products/services.
- Advertising Testing
Like product testing, tests of your advertising campaigns can save you valuable time and resources. By taking potential campaigns directly to your audience and gauging their response you can focus on creating truly impactful advertising.
- Satisfaction and Loyalty Analysis
Satisfied customers aren’t necessarily loyal customers, but consistently measuring customer satisfaction is a great way to increase customer retention.
This type of research is aimed at identifying key drivers of satisfaction and measuring the likelihood of customers to continue using a company’s products and services.
We help our clients by
- Determining what factors influence loyalty, advocacy, and repeat purchases, including product/service attributes, company operation, customer service, price, etc.
- Carefully monitoring overall satisfaction, recommendation likelihood, and defection likelihood over time.
- Providing early warnings about emerging gaps in product/service performance, customer service, and processes that might lead to customer defection.
- Helping our clients to identify areas of the product or service that need improvement to meet changing needs.
- Guiding the creation and/or ongoing development of customer loyalty and retention programs.
- Signal when organizational changes need to be made to improve operations and customer retention.
- Brand Awareness and Reach
By conducting regular, well-designed brand awareness surveys you can keep tabs on how effective your marketing campaigns really are.
When done right, a brand awareness survey can help you measure:
- Brand Recall: Can a customer spontaneously recall your brand, or do they think first of a competitor?
- Brand Recognition: When presented with a list of brands, does your audience recognize yours as a reputable option?
- Brand Identity: Brand identity is what you as a marketing team create. It’s important to determine whether these efforts are being successful.
- Brand Image: While brand identity is created by the brand itself, a brand’s image is based in the customer’s perception alone. Tracking disparities in these two can reveal gaps in your marketing efforts.
- Brand Trust: In an era of data breaches, keeping tabs on your levels of brand trust is key. If your brand doesn’t appear trustworthy, you will have difficulty retaining customers.
- Brand Loyalty: Loyal customers can become evangelists, but you need to consistently track loyalty levels to determine how often this transformation is happening.
- Customer Profile: Changes in your core customer base may signal the need for a pivot, either in the product or your marketing messages (or both).
For more on starting your own brand awareness initiative, see our guide on these critical marketing surveys.
- Pricing Research
Surveys that ask customers to choose between different products with unique features and price points, typically done via conjoint analysis, can help you identify what features are most valuable to your audience and what they’d be willing to pay for them.
Combined with some basic research on your competitors’ pricing, we can give you a distinct advantage in pricing your products and services.
- Knowing Which Type of Research to Use
When to use each of these different types of market research data collection methods and types of research depends on the business issues we are dealing with in one or more of four key areas:
- Awareness: let the market know that the product or service exists
- Targeting: reach the target segments with the highest profit potential
- Acquisition: optimize the marketing message, offer, and price that will close the sale
- Retention: generate repeat purchases from current customers
The chart below, which we call the Relevant Wheel, shows when it is most appropriate and relevant to conduct different types of research.
Our clients at Relevant Insights often use this chart as a reference to determine when a particular type of research is needed. Once this is defined, we then discuss the most appropriate qualitative or quantitative data collection methods.