Market Research is Vital for a Successful Marketing Plan
Dallas Market Research ExpertsEvery marketing initiative begins with a thorough Market Research process that enables to understand everything we can about your company’s mission, products, services, target market, competitors, short-term marketing goals and long term plan for growth.
There are generally two types of Market Research we conduct for clients to discover what customers want, need, or believe. They are Primary and Secondary Research. Primary Market Research involves our research consultants engaging in direct testing with focus groups, conducting surveys, scheduling interviews, doing field testing and recording observations, and any other interactive actions we conduct that is specifically tailored to the product or service.
Secondary research uses information previously compiled from third-party sources that appears relevant to the client’s product or service. Secondary research is relatively inexpensive and easily accessible, however, it is generally not as specific or focused as primary research and the data used can be biased and/or difficult to validate.
STEP 1 - Deep ResearchWe find out everything we can about your market, your customers, your competitors, your industry, and all the factors that effect or influence these things. This involves a deep level of research, not just assuming that you already know everything there is to know. Many times we find our clients are too close to their products and are influenced by the status quo. Our specialty is developing creative solutions that produce marketable results.
STEP 2 - Determine your company/product DNAWhat does your company stand for? How do you want your customers to experience doing business with your company? How do they your products? We take your company's core values and the core values inherent in your product and develop a cohesive Brand Statement that drives our initiatives going forward.
STEP 3 - Determine your customer DNADeep below the surface, there's an essential value a customer expects to get from buying your product. The essential value your customer expects isn't always apparent. In fact, it can be quite elusive and requires digging beyond the obvious to identify it. But when we do identify it, the payoff will be immense.
STEP 4 – Understanding your industry/competitor’s DNAIn order to find that competitive edge, we study what is going on in the market, what is and is not working. We will uncover best practices and new ideas to increase your effectiveness in the marketplace.
Examples of the types of questions we answer during the market research are below. This is for public consumption. We do a more in-depth analysis for our clients.
• What is the number of potential customers or customer segments?
• Who are the customers, the market segments and what are their motivations?
• Where are they located and how can they be contacted
• How do consumers talk about the products in the market?
• What are the differences and motivations of the market segments e.g. geographic, personalities, demographic, use of product, and psychographic differences?
• Which needs are important?
• Are their needs being met in the marketplace?
• What quantity and quality do they want?
• When is the best time to sell?
• What is the size of the market size?
• Who are the competitors?
• What is happening in the market?
• What are the Market trends
• What are the risks?
• What does the Product Research reveal?
• What is the appropriate Marketing Mix?
If you are in business, you need to know the answers to these and other critical questions. Contact AgencyMarketing today and let the marketing experts help you find the best ways to extract more customer satisfaction and profit from your customers.