Marketing research is invaluable at all stages of a product or service lifecycle whether it be market entry or withdrawal. To make the right decisions, we first need to know certain key pieces of information that provide the insight for better business decision making.
Marketing Research is Affordable
At JBPRM, we don’t dress Marketing Research up as some black art that can drag on and on, and ultimately cost the earth. Instead we suggest it is a process by which information is gathered to enable useful insight for supporting effective decision making. Believe it or not, marketing research does not have to cost the earth and all costs are communicated upfront with who, when, why and how. The trick is simple, keep it simple.
Our Four Key Questions
We focus on four fundamental questions:
- What decision needs to be taken?
- What information do I need to know to take it?
- What data is needed to deliver the information to enable the insight required to take the right decision?
- How will we get the data?
Our Seven Stage Process
To address our four fundamental questions, JBPRM operates a simple seven stage process. We complete this process in a close working relationship with our customers:
- 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
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.
Carry out a product demonstration
- You could show your product to some of your target customers and ask them for feedback before you start selling it. In this case JBPRM may use a focus group.
How Attractive is the Market?
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 for results to be meaningful, it needs to be either done or overseen by a trained marketing professional.