Effective market research enables you to listen to the voice of your customer, find out what your competitors are doing, analyse the competitive landscape, discover and quantify new market opportunities, determine key decision-drivers and unmet needs, gather insights for product development, and measure your brand equity.
Qualitative research methodologies can include in-depth interviews (conducted by phone or face-to-face), focus groups (conducted face-to face, phone-web, or completely online), ethnography, and usability.
Quantitative methodologies can include online surveys and CATI (computer-aided telephone interviewing).
After you’ve done your market research, it’ll be clear to you who you want to reach out to (your target customers), where you can reach them (your marketing channels), and what their wants and needs are. Regular market research will be your way to check in with your current customers and potential customers to ensure that you’re still meeting their needs. This knowledge is a key business asset.
One of the problems that small business owners face is a limited budget. Because of this, your marketing budget should be optimised to give you the best returns possible. Your market research can help ensure that you’re reaching your intended audience in the channels where they’re most likely to see your message.
With market research, you’ll also be able to determine the specific directions you want to grow your customer base. For example, do you want to grow your customers via a new untapped market segment? Or do you still have room for growth among your current target audience? Which of your products and services best satisfy your clients’ – and prospects’ needs? Are those needs changing, and is your business still well-positioned to retain them?
YTKO is here to manage everything for you. From designing your study to finding respondents, implementing the research and reporting on the results, then integrating the findings into your growth strategy.
Without Outset I would have had to do a lot more research myself and as a busy mum of two, I may not have got around to this as quickly, if at all.