What’s Involved with Market Research?
Analyze your company’s performance in comparison with other companies in your industry. It’s important to realize what the similarities and differences are between you and your competitors so that you can capitalize on the things that make you stand out.
Here, consider “positioning” to be synonymous with “perception”. Identify the way your brand is perceived by your clients through focus groups, surveys, and directed communication.
Identifying a target market should be one main objective of a market research campaign. Strive to determine who your ideal clients are and direct your marketing campaign towards them.
Use market research to look forward. Determine what the next move may be in your company–whether it be a new office space, resource, piece of machinery, or gadget. Figure out what your customers want through market research and plan your next acquisition.
By periodically gauging your company’s status in terms of customer satisfaction, versitability, and production level, you are able to reevaluate those same metrics and see what’s working and what isn’t. Judging your personal effect on the market is just as important as evaluating the market’s influence on your company.
Identify what’s hot in the market through market research. Figure out where your company stands among the millions of options available to consumers, and see which direction your market is headed so you can better direct your marketing campaign.
Utilize Focus Groups
We believe that doing a little bit of research can go a long way. Focus groups are not only cost-effective, but they can offer invaluable insights into your target markets’ opinions, preferences, and purchasing behavior. Once you know what makes your target customers tick, you can better craft campaigns that resonate with them.
We highly recommend this research methodology because of the rich information and honest feedback it provides. We customize focus group sessions by selecting participants that match your requested demographics and psychographics. Our knowledge of the best way to frame questions and probe for more information helps trigger the most comprehensive responses from participants.
Following your focus group session, 80/20 Agency will compile and analyze the data so your company can understand perceptions of your brand, products and services, as well as vital information about your target demographic, your industry, and your competition.
We will also discuss with you how to best utilize this data towards advertising and marketing initiatives.