In today’s ultra challenging and competitive world, developing strategies and plans that sit at a franchise, portfolio or brand area level are increasingly valuable approaches to help companies focus their resources and activities more effectively. In addition to our core research and brand strategy projects we have built a strong track record in working with clients on franchise level and LCM projects.
Understanding the key levers impacting your brand’s current performance is often the critical first step towards growing your brand. Working with clients to build their brands, we recognised that traditional DFUs and ATUs are rarely to right tool for this job in today’s multi-channel world. As a result we created our novel approach to tracking brand performance.
Whether you're a newbie or experienced with market research, our team will give you a blueprint for conducting a thorough study of your product, target audience, and how you fare in your industry.
Market research is the process of gathering information about your business's buyers personas, target audience, and customers to determine how viable and successful your product or service would be among these people.
Market research tells you where these members of your audience and base of customers are conducting their own buyer research about products and services similar to those you sell. It also tells you what's trending in your industry, what your target audience and customers want and need out of products and services like yours, and what's influencing their decisions to convert and buy.
We offer the five main types of market research:
There are two main types of market research that your business can conduct to collect actionable information on your products including primary research and secondary research.
Primary research is the pursuit of firsthand information on your market and its customers. We can use focus groups, online surveys, phone interviews, and more to gather fresh details on the challenges your buyers face and the brand awareness behind your company.
Primary research is useful when segmenting your market and establishing your buyer personas, and this research tends to fall into one of two buckets:
Exploratory Research: This kind of primary market research is less concerned with measurable customer trends and more about potential problems that would be worth tackling as a team. It normally takes place as a first step before any specific research has been performed, and can involve open-ended interviews or surveys with small numbers of people.
Specific Research: This kind of primary market research often follows exploratory research, and is used to dive into issues or opportunities the business has already identified as important. In specific research, the business can take a smaller or more precise segment of their audience and ask questions aimed at solving a suspected problem.
Secondary research is all the data and public records you have at your disposal to draw conclusions from. This includes trend reports, market statistics, industry content, and sales data you already have on your business.
Secondary research is particularly useful for analyzing your competitors. Here are three types of secondary research sources that make this process so beneficial:
Public Sources: These sources are your first and most accessible layer of material when conducting secondary market research. Being free to find and read — usually — they offer the most bang for your buck. Government statistics are arguably your most common public sources, according to Entrepreneur.
Commercial Sources: These sources often come in the form of market reports, consisting of industry insight compiled by a research agency. Because this info is so portable and distributable, it typically costs money to download and obtain.
Internal Sources: Internal sources deserve more credit for supporting market research than they generally get. Why? This is the market data your organization already has in-house. Average revenue per sale, customer retention rates, and other historical data on the health of old and new accounts can all help you draw conclusions on what your buyers might want right now.
Now, let's take a look at how we can conduct the market research for your business. Just contact us!