Outsource2Us explains how market research will help your business thrive in today’s competitive environment.
Understanding how your customers think and feel and then how best to position your brand is a fundamental step in planning for the growth of your business.
Think of it as a short-term investment that will provide returns and minimise long-term expenses, saving time, and preventing costly mistakes that may arise in a mismatch of brand identity with your target market.
The insights from target market research will allow you as a business to create better products, and time strategies better, and execute services with a higher satisfaction rate amongst your customers.
Here are the four steps involved in implementing market research for your company:
1. Speak with Your Team to Establish Your Needs
In marketing research, defining the problem you need to solve will determine what information you need and how you can get that information. From this, you should be able to identify the best methods to collect insights, whether qualitative, quantitative or both. This is essential to ensure maximum productivity is achieved and your unique value proposition is identified.
2. Create a List of Research Questions
The next step is to create a list of research questions, broken down into multiple categories. This may include understanding your customer’s demographics, psychographics, service experience, top products, etc. When collecting data, make sure it’s valid and unbiased. Try asking both open-ended and closed-ended questions (for instance, a multiple-choice question asking what income range best describes you).
3. Market Research Will be Conducted Within Your Given Timeframe
Now that you have identified the information needed, it is time to conduct your market research. This can be done in several ways including in-person interviews, phone call interviews, online surveys, etc. We recommend running an online survey for large quantitative data followed by some in-person or over-the-phone interviews for deeper qualitative data. Although time-consuming, this can help you to better understand the pain points your customers face or the emotional triggers that make them purchase.
4. Analyse the Results
Now that you’ve gathered all of the information you need, it’s time for the fun part: analysing the data. It’s important to look for trends and make connections between the demographics of your customers and their purchasing decisions. Even if you don’t need a formal marketing research report, be sure that you review the study and results so that you can articulate the recommended course of action.
Using these comprehensive steps, you will learn more about the market as well as your own business.
Outsource2us specialises in market research. Whether you are an already established firm, or a brand-new company building from the ground up, no task is too great or small for our professional team to bring you the results you are after.
So, if you are ready to take your business to the next level, contact our friendly team at Outsource2Us and we will take care of the rest. Having worked in various industries for over 11 years, the team is well-equipped to conduct market research to provide and inform you with valuable business decisions that will boost your company’s profile.