Market Research

Market Research allows you to investigate your customer and business needs, to understand whether these needs are met, and to further investigate the viability of products and services to meet these needs. In a world which is changing more dramatically and faster than ever before, understanding your products, services, and customers is more critical than ever.

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MARKET SEGMENTATION

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.

MARKET SIZING

So, you found your perfect target market… But, are there enough interested customers out there to build a successful business, or launch a new product for? Market sizing takes the guesswork out of the critical business decisions you need to make, minimising the risk. It answers questions such as the geographic spread of your target market and the potential size of your target market.
Make informed decisions and take the guesswork out of your business planning processes.

FEASIBILITY TESTING

Okay, so now that you know you’ve got the customers out there, how will they respond to the products/services you have to offer? Is the demand really worth the supply? 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. Feasibility testing is your way of testing before investing.
Great products consider the real-world problems they are solving for their customers. It adds confidence to your decision-making process and often stimulates better product development.

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PRICE TESTING

Pricing is such an important component of your marketing mix, while finding the right price point can be one of the hardest parts of launching a new product or service. As such, doesn’t it make sense to test out the correct pricing strategy using proven research techniques? We can help make this task much less daunting and help you formulate an optimal pricing strategy based on real feedback from existing or potential customers

CONJOINT ANALYSIS

Conjoint analysis is used to investigate the aspects that impact the purchasing decisions of customers. So, when you need to know which product features and functionality is most important to your customers, conjoint analysis is the option for you. Allowing you to invest development effort on refining and enhancing the features most important to your customers.

AD TESTING

How do you know if the message you are putting out there is well understood? Is it interpreted as intended by your intended audience? Is it well received? 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 may seem excessive that we’ve got to a point where ad testing is legislated in certain sectors, but don’t forget, it does provide valuable insights that you can put to good use and further build trust with your customers.

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