Imagine playing a new sport for the first time. Not only is it a type of sport you’ve never heard of before, but no one has even told you the rules. Now imagine playing it with your eyes closed, so you have no idea where the other players are or what they are doing.
This is essentially what you’re doing with your business when you don’t conduct any market research.
Market research helps you gain a clear understanding of the market you’re operating in – who your ideal customer is, how to engage them, who your competitors are, what strategies they are employing, how the industry is performing as a whole, and countless other factors.
It holds a mirror up to your business, places a magnifying glass over your target audience, and allows you to step back to absorb the big picture… all at once.
Here are some of the key ways that market research can help your business:
- See your business (and competitors) through the eyes of potential customers
- Identify exactly who you’re trying to appeal to (and why), where to find them and how to entice them
- Determine whether or not your business is satisfying your current customers’ needs
- Test whether a new concept for a product or idea for a business sits well with your target demographic (if not, you’ll now have the feedback to improve the idea)
- Hone your brand messaging and marketing to better reflect the needs of your key segments
- Identify ways to improve the performance of products and services you already have in market
Here’s an example… What’s your Social Responsibility Score?
Regardless of what industry you operate in, 88% of Australian consumers believe it’s important for businesses to act in a socially and environmentally responsible way. Almost two-thirds (64%) claim to take a brand’s social and environmental behaviour into account when purchasing products.
But do you know what consumers think of your brand’s ESG/CSR performance?
Market research can help you figure that out. And where to focus moving forward based on the things your customers and prospects expect of you.
Glow even has a unique Social Responsibility Score (SRS) tracker that enables you to see how well you are doing via a simple single metric. This helps to paint a very accurate picture (in real-time) of exactly where your business sits in regards to customers, competitors, and the industry as a whole.
So, how does market research data help your business? Whether your goal is to speed up sales growth, defend your market share or increase your margins, market research produces actionable insights for enhancing your brand and refining your tactics.
Market research doesn’t need to be slow, expensive or tedious
Whether you are an advisory and consultancy firm , a consumer brand, market research agency or advertising and media agency, measuring where you and your clients stand today is critical, so you can make better decisions about the future.
Gain direct access to over 100 million consumers and 6 million businesses worldwide, plus a team of experts on hand when you need them.
Use fast-paced on-demand market research platform Glow, to answer all your questions. Right. Now.
Book an intro today and make better decisions, faster.