Creative thinking that delivers results

22 Oct

Every Business needs Market Research

Category: Marketing strategy
Market research, marketing research, marketing strategy

Too often today, companies are eager to go to market with their latest and greatest widget even though they’ve put minimal thought into the strategic marketing aspects of their launch. As a result, they often lack a coherent plan to be successful. This occurs because many don’t fully understand the role market research plays in helping businesses make better decisions.

What is Market Research?

When businesses think of market research they often envision complex and extensive surveys and studies posed to a random audience. While this can be the case for bigger companies, in reality market research can take on many different forms.

In the case of smaller businesses, it can simply involve asking key questions to your best customers, or better still asking similar questions to those customers that decided against hiring you for your services.

It can also observing your competitors and seeing what works and doesn’t work for them – what products resonate with their customers and why and which don’t. Oftentimes smaller companies don’t need to invest hard dollars in market research if they can’t afford it. They simply need to be creative and work with the resources and sources of information they readily have at their disposal.

Where to invest your Market Research $$

One of the easiest and most cost-effective solutions for your market research needs is surveys and polls. While they aren’t random samples and thus can’t be considered to be statistically significant in the true sense of the word, they can nonetheless provide critical insights that can influence and even guide your business decisions.

The true beauty of surveys and polls today is that with the internet, companies have a very simple and highly cost-effective way to get these out to your audience, and to even monitor their completion rate if you want to. Surveys and polls can be sent out frequently in order to get a quick ‘snapshot’ of your market and products/services.

But as noted earlier, the biases inherent in such a methodology make them somewhat unpredictable and at times even unreliable, which need to be taken into consideration when interpreting the results they generate.

When more robust research is needed

Another cost-effective approach to market research is completing your own secondary research in conjunction with a marketing agency or research firm. They can help you better define the necessary parameters for conducting your research and the data you should aim to gather and can guide you through the process of collecting and analyzing it.

Once again, the internet has put a number of these resources at your fingertips. Knowing where to go to find this information and how to then decipher and interpret it can provide powerful insights into your industry, company, services and customers.

When in-depth research is a must

Critical decisions, such as whether or not to launch a new product, service or division of your company often require comprehensive market research given the large financial risk involved in making the wrong decision, not to mention the financial investment required.

These situations often entail hiring a market research firm to conduct primary research (i.e. new data) for you, which can take the form of one-on-one interviews or surveys with potential customers along with in-person focus groups with prospective user groups to better understand their perspectives.

Market research firms provide the skill-set, experience and know-how to conduct this research in an effective manner that will deliver statistically relevant data and information that can be relied upon to make these important business decisions.

If you’re looking for a firm to assist you with your primary or secondary market research needs, we can help. In most cases we can take care of this research for your, however when your needs are more complex, we will partner with respected market research firms that can deliver the kinds of results that will make your decision-making easier.

Contact us today to learn more about how we can help you make smarter, more informed business decisions that can you drive your bottom line in the right direction!