By Eric Brandenburg, UK Manager, Marketest
Established businesses often fall into the trap of missing out on valuable opportunities by not conducting thorough market research. Businesses are often prepared to discover more information on how their customers perceive their product or service but rarely spend adequate time seeking out new opportunities available within the marketplace.
Knowing what consumers like about your products or services is extremely valuable as it allows you to focus on specific areas within your business in order to increase customer satisfaction. However understanding the improvements customers would like to see within the market generally and specifically for your product or service would provide significant value.
Unfortunately conducting one piece of market research isn’t enough to effectively develop your marketing mix (Four P’s). Successful companies will frequently carry out market research on new opportunities within their marketplace to discover innovative ways that will improve customers brand loyalty and satisfaction levels.
How market research could help your business develop: Understand how customers feel about your current product or service, especially regarding the things they dislike and the areas they believe could be improved Highlights customer satisfaction and dissatisfaction with your product, service or brand in the market place It allows you to compare the sales performance of your product/service with your competitors' and increases your product awareness/knowledge Helps determine if your current marketing efforts are working the way you initially intended Allows you to find out more information regarding your customers’ expectations and their current buying habits. Helps you to determine gaps in the market that can be filled with a new product or service or an existing product when modified.
In an increasingly competitive market place, taking an objective view at your products and services can only act as a positive step towards improving your overall operations and future success.
Regularly following market trends is not always the easiest way to stay up to date with changes in your industry. It is often extremely hard to anticipate changes within the market, which makes it increasingly difficult to stay ahead of your competitors. This isn’t due to a lack of willingness but a lack of available resources, which is a common reason why some companies avoid regular research altogether.
Nowadays there is no real excuse for not conducting valuable market research as it can be conducted online, or outsourced to professionals at affordable prices. Experts can offer constant support throughout a research project and ensure your results are extremely effective by helping to produce a questionnaire that ticks all the boxes of your company’s research goals.
Marketest is a leading online market research company. Marketest primarily works with; pre-start-ups, start-up entrepreneurs, and companies launching new products or services. With more than 12 years experience helping start-ups test their target markets, provide local, national and, international market research by using more than 950,000 targeted panellists.
Marketest will help tailor your questionnaire to suit your research objectives and host the questionnaire to a sample of your target audience through their established international panel, avoiding any bias or invalid results.