"If you fail to plan, you plan to fail" - Benjamin Franklin (allegedly)
At Mäd, we value informed decision-making and utilise market research to solidify the foundation of any project.
Understanding the market is incredibly advantageous. Undertaking market research will vastly improve decision-making and is the starting block for any well-executed strategy. Quite simply, it allows a business to understand the value of their product or service in alignment with potential customers and competitors.
When pitching for a new business idea, one of the most commonly asked questions among business owners is, "will it sell?"
Whilst it is important to evaluate the survival rate of a product or service in an existing market, the question should be rephrased to "how will our products respond to consumers' needs?"
Businesses often forget that consumers are the stimuli behind what drives the market. Hence, it is important that businesses have a clear image and understanding of who their target audiences are before jumping head-first into an ocean full of competitors.
Market research will provide businesses with an in-depth insight of their target audiences accompanied by ideas and roadmaps on how they can tailor their product or service to meet the customers' needs at the right time and place.
Following the ongoing competition in the business world, it leaves limited room for new players to enter and compete in this highly competitive environment. This has resulted in many small businesses going out of business within their first five years.
20% of small businesses fail in their first year, 30% of small business fail in their second year, and 50% of small businesses fail after five years in business. Finally, 70% of small business owners fail in their 10th year in business.
Brand positioning refers to the place where the brand stands in the customers' minds. By performing market research, it allows businesses to better position themselves in a way that would make them stand out from their competitors.
When it comes to long-term benefits, businesses will be able to maximize opportunities whilst minimizing the risks as much as they can by using the information from the research. To simply put, market research will act as an informational hub for your organization, ensuring that you have all the resources that you need to accomplish your goals.
Overall, market research will significantly improve the quality of your decision-making as you'll be able to identify the pain points early on in the process. Not only does it save time, it also ensures that you're using your resources wisely.
The Market Research Process.
Classically, market research is split into qualitative and quantitative methods such as interviews, surveys and focus groups. Valuable information about consumer behavior, gaps in the market, competitor perception, and the overall customer zeitgeist can be identified via primary research.
Whilst we advocate primary market research as fundamental, secondary market research offers a wealth of extra useable data.
By intelligently structuring questions formed from clearly defined goals, you are able to gain a detailed understanding of consumer behaviors and attitudes in relation to your particular product or service.
From here, you can then analyze the data to make thoughtful recommendations based on reliable and accurate data from carefully targeted, relevant, audiences. This can be backed up with existing, secondary market research data, by analyzing trusted (and validated) data sources relating to the focus area.
At Mäd, we analyze the data, and optimize our findings into an easily digestible report. With all our utilized mediums provided, from audio recordings of interviews to in-depth survey analysis, our final report is designed to effectively display concise information is the most productive format. Dependent on the scope, we can explore various outcomes based on our recommendations.
By having carefully recorded data from start to finish, we can learn from our successes and failures equally, and ensure we have the information available to strengthen our projects continuously.
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