As leaders, we’re tasked with solving problems. Market research helps you make more informed decisions. We want to help you gain a more accurate and deeper understanding of the customers you serve; the industry that you are part of and the people you work with.
I am your perfect customer. I’m out there but how do you know who I am, what my interests are, where I live and what challenges I face? Market segmentation helps you define and group your customers according to common interests, values and challenges. When done well, it allows you to communicate far more effectively with them. It gives you the opportunity to present them with relevant and meaningful information. It’s a crucial first step in personalising how you communicate with your customers. Find your perfect customers (target market), engage with them on their terms and build your business around what makes them happy.
So you found your perfect target market. Are there enough perfect customers out there to build a successful business around, or launch a new product for? Market sizing takes the guesswork out of the critical business decisions you need to make. It answers questions such as the geographic spread of your target market. The potential size of your target market. Make informed decisions and take the guesswork (risk) out of your business planning processes.
Okay, you know you’ve got the customers out there. How will they respond to your product/service? Is the demand really worth the supply? Feasibility testing is your way of testing before investing. Great products consider the real world problems they’re solving for their customers. Is the product that you’ve created really going to solve your customer’s real world problems? Feasibility testing sets out to answer these questions. It adds confidence to the decision making process and often stimulates better product development.
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Price is such an important component of your marketing mix. Doesn’t it make sense then to test out the correct pricing strategy using proven research techniques? Finding the right price point can be one of the hardest parts of launching a new product or service. We can help make this a much less daunting task and help you formulate an optimal pricing strategy based on real feedback from customers that will or do use your product.
When you need to know which product features and functionality is most important to your customers, conjoint analysis is the option for you. The results of a well designed and executed testing program guides product development (invest development effort on refining and enhancing the features most important to your customers) and marketing strategies (focus your messaging, conversations and other promotional activities on the benefits that resonate best with your target market).
Is the message you’re putting out there well understood? Is it interpreted as intended by your intended audience? This is no longer a “nice to have”. In fact, regulations such as “Treat Customers Fairly” (TCF) actually requires formal evidence that product advertising has been tested. It’s crazy that we’ve got to a point that ad testing is legislated in certain sectors, but don’t forget, it does provide valuable research that you can put to good use and use to build trust with your customers.