For a new business, market research is extremely important, but existing brands may also get to a point where they need a deeper understanding of their customers. With market research you can find answers to any kind of marketing question. Through market research you can also define your target audience, you can learn more about the target group that engages the most with your product or service, and you can understand their relationship with your brand.
If you define your target group, you can reach customers with focused and effective campaigns. In addition to your advertising, a marketing strategy can also inform long-term strategic decisions which require current and accurate information on the brand’s consumers and competitors.
With market research you can understand opinions, attitudes and actual customer benefits. This means that ideally market research precedes product launches, development and design modifications.
About market research
To explore a certain marketing situation, the brand/company needs well-planned and systematically gathered information. In addition to data collection, market research also involves the informed interpretation of data to gain actionable insights.
Market research methods
The methods of market research include secondary and primary research. This means we also analyse existing and accessible data, but we complement the results with the responses of real users to our research questions and the findings of their testing.
Depending on the specific issue, market research may involve qualitative and quantitative questions.
The market research process
Several approaches may be used in marketing research, and specific questions and decisions call for individual solutions. However, generally speaking the first and most important step in market research is the clear definition of the problem you seek to solve. Research plans are based on this: we identify the methods to be used, taking the available resources into consideration. With that, we can collect data in a precise and focused research process conducted by our specialists.
The next step of market research is the analysis of these data to obtain easy-to-understand and actionable information you can use when you build your brand.
