When it comes to your business, knowledge is power. For that reason, market research serves a crucial role for businesses that are entering the marketplace, introducing new products or services, or just looking to grow and strengthen their brand.
Despite the essential part that it can play in laying the foundation for any enterprise’s success, it is not unusual for businesses to skimp on market research, assuming they know and understand the market without the help of hard data and freshly gathered insight. However, expertly collected market research often proves eye-opening for businesses, helping to arm them with the kind of intricate understanding that can spur them to new levels of success.
At Fryed Egg Productions, we help clients embrace the wide variety of ways that market research can enrich their understanding of their business and the landscape where they operate.
Here are the basics to effective market research.
Consider your goals and questions
Market research is only truly effective when it is targeted – a scattershot approach will bring you information but likely not everything you’re hoping to find. Before the research begins, you will want to decide what you hope to learn from it. Where are your gaps in knowledge? What information would be most beneficial to guide you going forward? What are your goals and objectives for the research? Once you understand what you need to know, then you can ensure that you take the best possible approach to research and seek the answers you need.
Sources that matter
Market research ideally will combine quantitative and qualitative research. When you work with a partner such as Fryed Egg, you can identify the sources that will make the most sense for your objectives and your circumstances. A robust market research approach will help you collect data about your customers and prospective customers and the competitors in your market. Interviews, focus groups, surveys, social media and researching competitors’ offerings and services are among the frequently used tools in gathering information during market research.
Interpreting the results
Once the research is complete, it will only be useful if you understand how to comb your way through the results. Working with an expert, you can identify the data points and insight that are most important to understanding your market and how to make gains. You will learn how your product or service is viewed or how it likely will be viewed when it is introduced, and you will better understand who your target audience is and what they want. This information will allow you to make crucial adjustments and better prepare you for the road ahead. Objectivity is essential. An organization’s management might be tempted to view results with rose-colored glasses, but a third-party partner such as Fryed Egg can help ensure you take an honest look at the results so that you can learn from them and build on them.
Fryed Egg can help build a new level of brand affinity for your business, identifying and engaging the audiences most important to your growth. If you want to learn more about how Fryed Egg can help, contact us at (813) 478-0494 or YFry@FryedEgg.com or visit www.FryedEgg.com.