Research leads to knowledge which allows you to make better informed decision
For over 20 + years we have conducted research on behalf of clients to find out information on customers, competitors, products and services, pricing and digital investigations.
Market Research – Giving Your Marketing Activities Direction
Market research is the process of collecting and analysing information about a particular market or industry to identify potential customers, competitors, and market trends. The main goal of market research is to gather data and insights that can be used to make informed business decisions, such as developing marketing strategies, launching new products, and expanding into new markets.
Market research typically involves gathering data through various methods, including surveys, focus groups, interviews, and online analytics. The data collected is then analysed to identify trends, preferences, and behaviours of consumers and businesses. This information can help businesses understand the needs and desires of their target market, identify potential opportunities and threats, and make informed decisions about how to allocate resources and drive growth.
Benefits of Market Research
Market research can provide a number of benefits to businesses, including:
- Understanding the customer: By conducting market research, businesses can gain a better understanding of their customers’ preferences, needs, and behaviors. This can help companies create products and services that better meet the needs of their target market.
- Identifying market opportunities: Market research can help businesses identify untapped markets or unmet needs, allowing them to develop new products or services that cater to these opportunities.
- Assessing competition: Market research can provide insights into the strategies of competitors, including their strengths, weaknesses, and areas of opportunity. This information can help businesses refine their own strategies and gain a competitive advantage.
- Mitigating risk: By conducting market research before launching a new product or service, businesses can identify potential risks and barriers to success, and adjust their approach accordingly.
- Improving marketing effectiveness: Market research can help businesses create more effective marketing campaigns by identifying the most effective channels, messages, and tactics to reach their target audience.
Overall, market research can help businesses make more informed decisions, reduce risk, and increase the likelihood of success in a competitive marketplace.
Keyword Research – Giving Your Web Activities Direction
Keyword Research – Why Its Critical
If you are looking for customers to find your website but don’t know or if you are looking to build a website but don’t know
- What search terms your customers are using
- How many people are searching for that term
- Whether or not the search term has any commercial value
Keyword Research allows you to identify
- The high volume search terms that are being used in search
- Potential niche products or unique product opportunities
- The long tail keywords i.e. those words (or strings of words that are searched for) e.g.
- Television – a high volume word (but possibly pretty useless on its own)
- Television LCD 42inch – will be searched for allot less (i.e. long tail) but there is a better chance that the person searching for this term is likely to be taking some form of action
- The commercial intent i.e. is there a likely hood that the person searching for the word will eventually purchase
- Which words you can win on from a search perspective and how much effort would be required to get a number one position
- When you need to complete additional activities outside of keyword optimisation to get visitors to your website
Customer Research: No Customers = No Business
It’s a harsh fact, we might think that we have the best product or service in the world, but if people don’t want to buy it, we don’t have a business.
Therefore it makes perfect sense to understand the issues of value and importance to a prospective customer. We have a number of well proven techniques and approaches that can provide significant customer insight and help in the identification and targeting of customers.
Market Research Provides Important Points About Customers
1. Not everyone will want to buy your product or service
2. Depending upon the complexity of your product or service it may take some time before a prospective customer is able to take action and purchase.
3. Some customers will purchase earlier than others
4. Emotional behaviour plays a significant role in the purchasing process
The fact that all customers are different, yet groups of them can be shown to behave in a similar way because of their motivations, needs or values. The process of identifying these groups is called segmentation.
Segmentation is generally based upon some combination of
• What is purchased (quantity, frequency, format, etc)
• Who buys (the type of person)
• The reasons for buying (motivation)
Understanding your customer segments is a critical activity because each segment may require a different approach to sell them the same product.
The following approach may help you identify your customer segments
• Can each segment be clearly described
• Is each segment distinctly different
• Is each segment large enough to generate sufficient business
The ability to identify and then target specific customer segments where it is known that these segments have a requirement to purchase your product or service is a critical marketing role. Contact Andrew Goode for more information or click here for information on strategic marketing
Competitor Research – Would You Like To Know How They Perform
Make informed business decisions through improved business knowledge
Would you benefit from knowing how your competitors actually perform as opposed to using anecdotal evidence?
Market Research provides knowledge of competitors
• Pricing – how much will they charge as opposed to the price they publish
• Delivery – how long will it take them to supply
• Availability – when are they able to start
• Sales process – how do they respond to a sales enquiry and do they follow the enquiry up
• Quality – just how good is the product or service provided
• Capacity – how much can they do, how much work do they need coming in just to stand still
• Capability – how capable are they of dealing with unusual requests, do they have a wide skill base in house
• Future plans – what are they looking for growth, consolidation or exit