What Is Market Research?
Prior to any commercial endeavours, whether starting, running, or selling a business, restructuring, or diversifying your products and services, market research can help you to develop and improve your business, financial, and marketing plans by providing relevant and timely insights about how best to propel the business and tap the most promising opportunities. When combined with the power of data analytics, it can help you better understand the various parts of your business, change or update the business strategy, improve the business model or processes, understand and manage the risk associated with the business, and future proof the business thereby ensuring its sustainability.
Market Research Methods
Our market research methods include qualitative, quantitative, or mixed-method research studies. We use many different survey techniques including online, mobile, paper-based, postal mail, and telephone surveys. We also use face to face interviews and focus group discussions; as well as data analysis and data visualisation of structured and unstructured data. You can read more about our market research services below.
Audits – Reviewing an organisation’s structure, resources and processes for a function to improve efficiency;
Facilitation – Leading workshops to tackle a specific challenge and identify strategies to achieve a desired outcome;
Planning – Development of the strategies, actions and measures to achieve desired goals and objectives;
Decision Support – Providing a fresh set of eyes and an independent perspective on marketing and business decisions.
Our benchmarking services provide a snapshot of your business performance against the performance of others. It involves detailed data gathering, measurement, and analysis of your business, comparing various aspects of your business processes in relation to best practice standards, usually within a well-defined peer group, according to the specification contained in your brief. This information helps determine your business strategy and direction.
Brand Research & Insights
Determine the strengths and weaknesses of your brand;
Understand how your brand is performing relative to your competition;
Identify growth opportunities and potential threats to your market share;
Uncover which brand benefits are most engaging and valued by consumers;
Develop compelling brand propositions to facilitate growth;
Identify opportunities to improve your conversion through the sales funnel.
Business Feasibility Studies
A business feasibility study is a controlled process for identifying problems and opportunities, determining your objectives, describing situations, defining successful outcomes and assessing the range of costs and benefits associated with several alternatives for solving a problem. The study is used to support the decision-making process and is based on a cost benefit analysis of the actual business or project viability. The study is conducted during the deliberation phase of the business development cycle prior to commencement of the business plan. It is an analysis that includes recommendations and limitations which are utilised to assist the decision-makers when determining if the concept is viable.
Uncover advertising insights that will resonate with your target market and have the desired impact;
Create effective advertising via development, testing and refinement of concepts with consumers;
Evaluate and monitor the effectiveness of your media and creative execution;
Identify opportunities to improve the effectiveness of media and creative.
Corporate Strategy Or Reinvention
How do we grow the business? Is diversification or concentration best? If we diversify, do we use product or service differentiation, cost leadership, related product or service growth, or do we look to acquire other businesses or parts thereof? If we use concentration, do we participate in more activities, or do we expand into new geographic locations?
How do we stabilise the business? Can we get more out of our existing business? Can we eliminate threats, reduce barriers, minimise regulations, refine processes, cut costs, reduce waste, optimise operations, minimise taxation?
How do we defend the business? How do we change a negative trajectory or repair or remove non performing areas? How do we turnaround the business, manage a crisis, or financially restructure including divesting of under performing areas?
How do we reinvent the business? Can we unlock additional value for customers? Are there new technologies or ways of doing things that can deliver more?
Customer Experience & Loyalty
Evaluate the performance of the customer contact points you offer;
Uncover the drivers of customer loyalty for your organisation;
Identify any fragile links in your customer experience;
Identify opportunities to reduce customer churn.
As a business, you want to stay competitive. In order to do this, you need to constantly analyse your existing market for any relevant changes. As a business owner, the information you find and interpret is essential to your survival. In order for you to be successful, you need to adapt to any changes in the market or else you'll lose money.
Data Analytics can help you better understand the various parts of your business so you can make more informed and thus better decisions. In this context, understand the various parts of your business could include changing the business strategy, or improving the business model or processes. It could also mean understanding and managing the risk associated with the business, and in doing so, future proofing the business thereby ensuring its sustainability.
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Employee Experience & Loyalty
Employee satisfaction including their objectives, roles, opportunities, and future vision;
Employee engagement including feedback, participation, training, work-life-balance, rewards and recognition;
Organisational development including goals, values, bias, motivation, and culture;
Employee exit including likes and dislikes, company policies, superiors, colleagues, and additional thoughts.
Environment monitoring provides a periodic and/or ongoing monitoring of published market data, trends and other relevant information to help you stay in touch with what’s happening in an industry sector. We can help you find the right information and provide that to you either ad-hoc, or via regular email updates.
Market Insights & Segmentation
Market Insights provides a comprehensive analysis of a specific market, drawing on secondary data, market interviews and expert consultation to enable effective decisions about market entry, growth or direction. Market Segmentation divides your market into distinct segments based on needs, characteristics or behaviour. It seeks to identify profitable consumer segments best suited to your offering, and make your segmentation actionable for users across an entire organisation, not just the marketing team.
Marketing Return On Investment
Determine the right metrics to gauge the financial effectiveness and efficiency of your marketing investments;
Identify opportunities to improve the efficiency of your media spend;
Determine the financial asset value of your brand.
Product & Service Experience
Uncover opportunities to develop new products and services;
Evolve existing products and services;
Explore, test and refine new product and service ideas;
Determining the optimum mix of features for a product or service;
Quantify the demand for your product or service and identify the optimum price point.
Sales & Marketing Strategy
Develop strategies to achieve your top-line and bottom-line objectives;
Develop frameworks to plan and evaluate your sales and marketing activity;
Engage internal stakeholders to embed the strategy across the organisation;
Understand what top performers do differently in order to achieve success;
Develop insights and action plans that help you achieve similar results.
If you're new to market research, consider reflecting on these questions. They'll help clarify your thinking and prepare you for your meeting with one of our consultants. During that meeting, you'll be asked a series of questions which will help to build a brief for our researchers. Please include all your concerns. Doing so will ensure that we address all of your needs and provide you with the best possible outcome.
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