Your Eyes and Ears
Marketing research is invaluable at all stages of a product or service life-cycle, from market entry right through to withdrawal. Through the gathering and analysing of relevant information, businesses can better understand their customers, competitors and the market as a whole; providing the insight for more effective decision making.
With the economy becoming more and more competitive with each passing day, having apt knowledge about the concerns and preferences of your customers has become integral for any business. Market research is the best way to increase customer satisfaction, understand the factors that affect your business, and elevate your performance.
What does Marketing Research do?
- Identify the problem areas in your business
- Understand key macro drivers
- Assess your competition
- Carry out a product demonstration
- Confirm the needs of target customers
- Identify new business opportunities and changing market trends
- Recognise new areas for expansion, and increase your customer base
- Set achievable targets for business growth, sales, and product developments
- Make well-informed market decisions and develop effective strategies
But even as important as it is, marketing research doesn’t have to cost the earth. At JBPRM, all costs are communicated upfront along with the who, when, why and how. To address the unique needs of your business, we begin with a simple, seven stage process which we complete in a close working relationship with our customers.
Our Seven Stage Process
- Formulate the Customer Problem
- Specify the Research Design
- Specify the Data Collection Method
- Design the Sampling Procedure
- Collect the Data
- Process and Analyse the Data
- Present our Findings to our Customer
For meaningful and consistent marketing research, our team of professionals can help you leverage the power of information to your advantage. Get in touch.
Types of Project
Understand Key Macro Drivers
These drivers are wider than just your current market and should be fully understood, for example:
- An unfavourable economy could slow revenue growth
- Governmental/legal impacts could affect business expansion
- Social concerns on the environment drives buying decisions
- New technologies may be challenging current methods
Assess your Competition
JBPRM can look at other similar products / services on the market:
- Who are they (indirect and direct)?
- What can we learn from them?
- What do they do well?
- What do they do badly?
- How is your product going to be better than everything else that is available?
Confirm the Needs of Target Customers
JBPRM will look at your target customers:
- What are their needs? A questionnaire is a good way of finding out what your customers want. But technical products often require a more in-depth discussions and therefore a focus group may be more fitting. A survey can also look at their behaviour.
- There is also the option of speaking with relevant experts and there are several ways in which this activity is carried out.
Investigate Target Market Attractiveness?
JBPRM will always advise that a continuous assessment of the attractiveness of the market, is a very wise activity:
- Can the needs of the target market be fulfilled?
- How easy is it to serve the target market?
- What are the growth rates?
- Is there a sustainable target market?
- How profitable is the target market?
Marketing Research is not rocket science, but can be the difference to achieving success. If you feel we could support you with finding that edge on your competition, get in touch.