Market research ensures you stay competitive, aware of trends and provide your customers what they need and want.
Market research is required for two main purposes:
1. New product and service validation
2. Existing product and service innovation
Market research helps your business:
✔ Validate an idea
✔ Connect with your customers
✔ Identify growth opportunities
✔ Reduce risks
✔ Make informed decisions
✔ Compete effectively and intelligently
✔ Keep up with trends
Market research is an often overlooked but vital part of your business.
We can help you conduct market research for:
✔ Brand research
✔ Campaign effectiveness
✔ Competitor research
✔ Consumer research
✔ Customer segmentation research
✔ Product development
✔ Usability testing
Key market players and stakeholders
How We Approach Market Research
Market research at its simplest is finding out what consumers want, and whether your product meets those needs. Data like the social media people are using to find your product or service, the demographic most likely to use it, and customer complaints about your competitors all fall under the market research umbrella.
Market Research is Divided into Two Phases:
〉Primary market research: Primary market research is comprised of direct conversations with current and potential customers. Analyzing surveys, your customer insights, finding out which techniques your direct competitors are utilizing, and looking to see what customers are looking for right now are all examples of primary market research.
〉Secondary market research: Secondary market research is the term for learning by analyzing datasets produced outside of your business. Published studies, government data, and social media statistics are all useful secondary market research.
Within these types of research methods, there are a few different types of data collection methodologies that can be used, such as:
〉Qualitative research is an exploratory approach and uses activities such as focus groups, in-depth interviews and ethnographic research (CX, UI/UX).
〉Quantitative research uses objective measurements and numerical analysis of data that is collected through research methods such as surveys, polls and questionnaires.