Our market research tools allow us to understand the major concerns and priorities of key audiences. Not only what dominates their thoughts and conversation, but also their emotional response to products, services, organisations or issues.
What is market research?
Market research is a marketing process to gather information about customer or stakeholders needs and preferences. What many people overlook is that market research is a statistical science that must be conducted using tried and tested methodologies. If these processes aren’t followed then the findings and insights might be wrong or inaccurate, which ultimately leads to poor or catastrophic decision making. Your business needs to work with experts.
The types of research we conduct are:
- Panel research collects data from a panel of people
- Market segmentation divides customers into groups based on shared characteristics
- Product testing helps measure consumer reactions to products
- Advertising testing evaluates how effective an ad is for a particular audience
- Satisfaction & loyalty analysis measures customer satisfaction levels & willingness to continue buying from a company
- Brand awareness & reach measures how many people are aware of your brand
- Pricing research helps determine if prices are acceptable for customers
Why is market research so valuable?
Market research is essential for business growth, to identify new opportunities and to protect your business from unnecessary risk. If you have a new product, or need information on your competitors, customers, or just need broader business intelligence then market research can be a valuable process.
Market research is fundamental for any business to ensure that it remains competitive and profitable in the long-term. Market research can provide a wealth of information such as customer needs and wants, target markets, competitor analysis, pricing trends, product design and marketing strategy.
Market research helps businesses make informed decisions about their products and services, allowing them to stay ahead of the competition and increase their brand value. Market research also offers important insights into public relations (PR) initiatives, helping a business identify areas for improvement or expansion. Market research can be used to inform strategic decisions such as product launches, pricing strategies, or establishing customer loyalty programs.
Market research is essential for businesses that want to stay ahead of the game in their industry. Market research can provide vital insight into customer needs and preferences, competitor activities, emerging trends and potential opportunities that could help a business increase its market share. Market research is an invaluable resource for businesses looking to develop successful strategies for long-term growth.
Ultimately, market research allows businesses to take informed decisions and respond quickly to changing markets, providing valuable information for decision-makers. Market research can be conducted using a variety of methods such as surveys, interviews, focus groups and online analytics tools. Market research is an invaluable tool for any business looking to stay ahead of the competition and remain competitive in its industry.
Reputation Key to Understanding Markets
Key to understanding audiences and markets is to establish what drives reputation. By examining how audiences feel about sectors, issues and brands, we can identify opportunities for growth, test the likely reaction to new products and services, and show how to create greater levels of trust and audience engagement.
These insights are coupled with our expertise in building better reputation to provide clear paths for earning higher status with customers or other key audiences.
We are able to benchmark perceptions with competitors or even track changes in perception over time or in response to specific events or issues.
We work with clients to use these insights to build reputation:
Reputation Measurement and Tracking – showing where strengths and weaknesses lie and how reputation is being affected by campaigns and issues.
Coaching and training – working with organisations to positively change customer service and product development.
Communications strategy, stakeholder engagement and media relations – maximizing the effectiveness and impact of PR, marketing and digital campaigns.
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