Whether you’re looking to launch a new product, embark on a fresh marketing strategy, or simply to understand your customers better, targeted market research should be your first step.
How well do you know your market? It’s a simple question, but one every business owner should think about. If you think you know yours, ask yourself these questions:
- Do you know how your pricing model compares to your competitors?
- Do you know what your business’ reputation is?
- Are there emerging technologies that are about to revolutionise your industry?
If you are unsure about any of these, then this is likely a sign that you need to conduct market research for your business. These types of questions are incredibly valuable for all business owners to know the answers to, to make sure you truly understand what your customers want. Not only that, but good market research plays a key role in providing you with evidence-based business decisions. Outsource2Us can help you with market research, ensuring you develop an accurate and effective marketing strategy that can drive your business forward.
Give Your Business the Edge with Targeted Market Research – We Can Help!
Still not convinced? Here are three great reasons to engage professional market research services:
1. Understanding The Customer
In this virtual age, your business needs the tools to reach the right people at the right time. As you might expect, this is much easier said than done. Without professional market research, how do you know what new customers are looking for, or how to reach them? When launching a new product, how do you know what set of branding or advertising will give it a good chance of success?
If you are running your own marketing campaigns, consider how you know what social media platform to publish on, or what time will get you the most eyes on each post. Marketing specialists have a unique set of skills that allow them to quantify the most important aspects of consumer wants and needs for businesses to consider.
2. Employee Retention
Think of your very best employee. Now imagine them handing in their resignation and working for a direct competitor. Market research can give you the tools to safeguard against this very scenario happening. Knowing what competitors pay their employees, their work hours, and the benefits they are receiving can be a powerful tool in retaining your own workforce.
The inverse of this could also be true. Are you struggling to hire the right person for your workplace? Maybe you are offering too little compared to your competitors. By the time you find out by word of mouth, you might have already passed on talent that you desperately needed. At the end of the day, paying over the industry average should be a choice you make, not one that ignorance makes for you.
3. Researching Overseas Markets
Has your business reached the point where you are considering overseas expansion? This is a big step for any domestic business, and one you should be both nervous and excited about. Getting an idea of what foreign consumers expect and value in their products is an incredibly valuable tool. Marketing tactics or design choices that might be wildly successful in an Australian context might be in bad taste, or too bland in foreign markets. Finding success in niche or unfamiliar markets can be incredibly difficult and getting some assistance from market research services is almost always a good idea.
Getting quantifiable, unbiased data has never been easier, and this is something that every business owner should use to their advantage. By engaging with market research service professionals, you will be able to answer questions about how your business is being perceived, how you can make your customers happier, and allow you to make informed decisions that could drive profits and give your business a new competitive edge.