Market Research is Your Company’s Roadmap to Success
Competition has never been so fierce. Customers have never been so insatiable. Markets have never been so saturated. Brand loyalty has never been so fluid. And a marketer’s job has never been so fraught. More than ever, your marketing strategy must be based on proven, data-driven insights.
But where do you get the data to obtain the insights you need for a winning strategy? Do you have it on hand, or do you need to go out and collect it? Where do you look for it? What questions do you ask? How many people or sources must you consult? It can be daunting.
Luckily for you, Analysights has expertise in a wide breadth of market research designs and techniques to help you identify your marketing challenges and get you the insights you need to take them on and overcome them. Some of the questions we can help you answer include:
- How large is our addressable market for our new product? Is the market growing, stagnant, or shrinking?
- How do we price our new product so that we remain competitive and still make a profit?
- Which subject line will generate more open rates in our e-mail campaigns?
- How are customers using our product? What do they like and dislike about it?
Analysights can help you determine the best approach to obtaining the insights you need to drive a winning marketing strategy. Your marketing strategy may dictate one or more of the following three research designs:
- Exploratory – Sometimes you don’t know what you don’t know. We can conduct research that gives you background information about your business problem and clarify the questions you need to ask; define the concepts your research needs to delve into; and establish priorities for deeper research. Often, exploratory research is done at the outset of most research projects.
- Descriptive – Often, you will want to understand the characteristics of consumers and the markets in which you operate. Descriptive research – the most commonly used design – helps you answer questions like “Who are my customers?” “What brands do they buy?” and “How much do they buy?” Descriptive research often entails surveys, the results of which can be projected to a larger population in order to predict demand and forecast sales.
- Causal – Sometimes, you will want to determine if manipulating one variable has any impact on another. For example, if a promotional email has Message A in its subject line, will it have a higher open rate than an email that has Message B in its subject line? If we lower the price of our widget in the Southwest Region, will it increase sales? Causal research usually involves experimental designs such as A/B testing.
With over 30 years’ experience in survey research, market-sizing studies, forecasting, and experimental design, Analysights is well-equipped to provide you the insights you need to craft a successful marketing strategy. Click here to tell us about your market research needs.
