Every marketing initiative begins with a thorough Market Research process that enables to understand everything we can about your company’s mission, products, services, target market, competitors, short-term marketing goals and long term plan for growth. There are generally two types of Market Research we conduct for clients to discover what customers want, need, or believe.
They are Primary and Secondary Research. Primary Market Research involves our research consultants engaging in direct testing with focus groups, conducting surveys, scheduling interviews, doing field testing and recording observations, and any other interactive actions we conduct that is specifically tailored to the product or service. Secondary research uses information previously compiled from third-party sources that appears relevant to the client’s product or service. Secondary research is relatively inexpensive and easily accessible, however, it is generally not as specific or focused as primary research and the data used can be biased and/or difficult to validate.
Examples of the types of questions we answer during the market research are below. This is for public consumption. We do a more in-depth analysis for our clients.
- What is the number of potential customers or customer segments?
- Who are the customers, the market segments and what are their motivations?
- Where are they located and how can they be contacted
- How do consumers talk about the products in the market?
- What are the differences and motivations of the market segments e.g. geographic, personalities, demographic, use of product, and psychographic differences?
- Which needs are important?
- Are their needs being met in the marketplace?
- What quantity and quality do they want?
- When is the best time to sell?
- What is the size of the market size?
- Who are the competitors?
- What is happening in the market?
- What are the Market Trends?
- What are the risks?
- What does the Product Research reveal?
- What is the appropriate Marketing Mix?