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, 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 they’re interested in. 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.
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.
The business that knows their customers more tends to win more. If you can beat your competitors at finding out your customers’ needs and you aim to fulfil those needs, you’ve got a better chance of standing out from the competition.
With market research, you’ll 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?
When you don’t have a team of research experts in-house, YTKO is here to manage everything for you. From designing your study to finding respondents, fielding it and reporting on the results, we can help you with your market research planning and implementation.
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.