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Successful businesses seek the help of market research companies to keep up with trends, understand market dynamics, and make better decisions. Whether starting or expanding your business, market research plays a critical role by providing insights that can drive strategic planning, product development, and marketing efforts. By leveraging the expertise of market research companies, businesses can unlock new growth opportunities, mitigate risks, and stay ahead of the competition. In this blog, we will explore five impactful ways partnering with a Market Research company can significantly enhance your business.
Here are some niche areas where market research companies can help you build a robust business:
Most companies find it challenging to monitor their brands constantly. They ask themselves: How do customers perceive us? How does the brand stack up against competitors? How do we boost customer loyalty towards our brand?
Market research companies can help you improve your branding efforts by exploring the following:
Brand awareness—Do customers know your brand and are familiar with your brand values?
Competitive comparisons—How do customers perceive your company compared to the competition?
Personification—What traits and aspects of your brand do customers associate with?
Market research companies can conduct surveys and collect feedback on content from marketing campaigns about factors such as logos, brochures, websites, etc. Brand research is typically conducted by interviewing those associated with or in focus groups. This lets you explore different topics in-depth and get participant feedback. The results will assist you in developing brand positioning and improving your marketing assets.
In some cases, companies need more information on the market, their target audience, their market share, and how to best reach the audience. Market research companies give insights into market sizing and product market fit problems. Borderless Access, for example, recently worked with a client who wanted to explore how well their customers would perceive their off-road cycling equipment. This case involved the Insights Solution Company conducting extensive research on market share, brand perceptions, and customer preferences. Here are some questions that the company used to find out customer needs and opinions on the new product:
How old is the target audience?
What is the male-to-female ratio?
Where do they reside?
Are they interested in outdoor sports?
How many of them own a bicycle?
At what frequency do they use the cycling equipment?
This kind of study by an insights solution company can help brands understand the target audience's profile. By doing so, you can develop a hyper-targeted brand positioning plan. This plan will focus on the right target audience for faster results and improved efficiency.
Businesses always look for a better way to do brand promotions and sales generation. Market research companies can help you do them both better and achieve more. They provide information on the effectiveness of marketing campaigns. Borderless Access also designs studies to collect customer feedback on marketing campaigns' look and feel. We can also get insights into customer awareness and their reaction to specific elements of the marketing activities. Collecting this type of data can help your company maximize its marketing budget by helping you design marketing campaigns that reach and resonate with your target audience.
Market research companies can help your business identify new market opportunities that might suit your company. Insight solution companies can also identify geographic regions for expansion or test the market's readiness for your product or service.
Market research studies can help you identify the next market and its potential, plan a change in your distribution channels, or determine how an upgrade would affect your customer base.
To get insights on the same, these sources provide data in such areas as:
Market size
Demographics
Market share statistics
Industry dynamics
Major industry suppliers
Key competitors
General industry data (number of firms and their geographic distribution)
Access to this data type is a necessary first step for companies to assess the new market and determine the optimal business model.
When your business develops a new product or service or improves an existing one, it is essential to know whether the new offerings meet customers' expectations. Does it have the proper packaging and features? Market research companies can provide insights that can be used to refine your products before you commit to expensive production costs.
Market research companies can gather consumer feedback on a concept or idea through prototypes while designing new products. We also collect insights based on consumer reactions to the latest offering, including the look, usability, design, colors, variables, and packaging parameters.
At Borderless Access, we go beyond and ask for customers' shopping patterns and how they prefer to buy the offerings to gather insights into the distribution channel plans. Through concept and idea testing, we get real-time insights into how the customers feel about the marketing messages, creative content, and promotional ideas planned for the launch.
Usually, we start with surveys and focus groups and build on the research with other qualitative and quantitative methods to get rich insights. We follow a conversational format that ensures we gather in-depth feedback. After the data collection, we validate the research insights with detailed surveys of a similar audience but with a more extensive sampling set. This would give us rich data to make informed decisions about finalizing the product concept and design. Following these tips and selecting an efficient market research company will help you in bounds and leaps to grow your business exponentially.
