In the past, it was just large companies with huge budgets that conducted brand and market research. Thanks to the internet and easy access to information, small companies can also perform brand and market research to make smarter decisions and increase profitability.
Market research enables you to quantify the demand for your current and future products and services. You don’t want to launch a product or service that no one wants. As a result, you must research your market in advance to see whether there is interest, and to define that interest so you create a product and service that people want and need. Once you truly understand the consumer, you can develop strategies that directly match your products and services to your customer’s desires.
Business market research typically involves answering the following questions.
- Who makes up my target market?
- What does my target market want?
- When do they need it?
- How do they usually go about fulfilling that need?
- What does my target market think of my competitors?
Business market research should be conducted when you want to identify potential new markets, as well as opportunities and threats within those markets. Business market research can be an effective tool to track marketing and sales trends and predict future trends. It can also be used to measure the effectiveness of marketing, advertising, and other communication programs and strategies.
Brand research is conducted to find out how customers perceive your products and services. It allows companies to determine how attractive they are compared to their competitors. They can find out why their customers choose them over the competition or why they don’t. It helps them to invest their advertising dollars into the right targeted message and image that will generate the most demand from their niche market.
Below are five critical success questions that brand research answers:
- Why do customers prefer you over other brands?
- Are you competing in the right product or service category?
- What new products and services can you offer that your customers will love?
- What makes your customers trust you?
- What messages resonate with your preferred customers?
Brand research is most valuable when launching a new company, a new brand, a new product or service, or when two companies merge. It can also be useful for maturing companies that need to recreate their image or products in an effort to stay competitive.
Whatever stage your business is in, Research Optimus can provide you with expert, professional research that gives you the power to make smart decisions that will take you to the next level. We have the tools and capabilities to get you the information you need at the right time to leap ahead of your competition.
– Research Optimus