Market research is the process of discovering what your Brand is in the market place. What your customers, suppliers, investors, employees, business members and the public think, say, and believe about your company.
Market research is the process of gathering, recording and analyzing data about customers, competitors and the market. Market research can help your company create a business plan, launch a new product or service, fine tune existing products and services, expand into new markets etc. It can be used to determine which portion of the population will purchase the product or service, based on variables like age, gender, location and income level.
The purpose of market research is to help your company make better business decisions about the development and marketing of products and services. Market research represents the voice of the consumer to your company.
- Demographics & Variables Research – is used to determine the market potential in a defined market area for a product or service and the characteristics of the market area.
- Competition Research – Compares your products, services, pricing and company to your competition's
- Industry Research – Focusing on suppliers, distributors, and clients identifying opportunities to improve in your product or service development and marketing.
- Target Market Research – Find and identify individuals and or companies who need your products and services – through focus groups, online surveys, telephone surveys, e-mail surveys, mail surveys, or one-on-one interviews.
- Existing Client Research – Involves contacting your clients to identify your company's strengths and weaknesses.
- Mystery Shopping – This is available for clients seeking in-house reviews, or to greater information on competitors.
- Product Study – Involves testing a product or service on a group of customers before investing in production.
- Marketing Campaign Research – Involves testing an advertising concept before executing the campaign.