Market research is the process of conducting analysis to collect information about target audiences, markets, and clients, starting with who they are. Market research determines the viability of a new product or service through collaborative efforts with potential clients. It is arguably the most important component of business strategy and a major factor in maintaining competitiveness.

Successful marketing campaigns are always backed by research. Market research should be carried out when you embark on establishing your business, before launching a new product or service, and whenever an unexpected threat or opportunity arises.

You need to be informed of your potential customers’ thoughts and opinions, as well as what they believe they want and need. Determining this by collaborating directly with your customer and asking clarifying questions is considered primary research. The information you are seeking to gather will be centered around factors such as products or services, pricing, brand image and awareness, customer care (including after-sales service), and competitivity in your market. The two most questions to ask are:

1. Are you offering precisely what your target customers want?

2. Is your price right?

Your options for primary research include face-to-face interviews, telephone contact, and mail or email questionnaires. Face-to-face interviews are especially useful if your goal is to showcase a product and analyze your audience’s reaction. In-person interviews allow you to share photographs, a prototype, or packaging designs and assess reception to that product. They are also appropriate when working with those who are not already customers.

It is advisable to utilize phone interviews when speaking with established customers or if completing a business-to-business survey. Mail and email contact should generally be avoided, as the likelihood of a response is lower. If unable to offer an alternative, consider presenting a worthwhile incentive.

Current data extrapolated about your market size, trends, and changes will keep your organization on the cutting edge. The best sources for collecting this data are trade associations, government websites, online research providers, and business journals. This is known as secondary research.

A SWOT (strengths, weaknesses, opportunities, and threats) analysis may be useful to focus your thinking on the current state of your company and its needs.

The Linger team will work with you to conduct an in-depth SWOT analysis to best determine how we can expand the development of your voice and brand to reach target audiences. We will help you answer important questions, such as:

1. Where are the market opportunities not filled by competitors?

2. What is the demand for your product or service? What is its price level, and is it subject to seasonal or cyclical variations?

3. What benefits of your product or service need to be highlighted?

4. Who is your target audience? What is the potential to reach this audience?

5. How can you reach and sell to this audience most cost-effectively?

6. What are the problems in delivering your product or service (sourcing components, design, legislation)?

7. Can you make a profit, and what are the implications for your business plan?

Like tools in a toolbox, research methods may be more suited for one task than another. The two major categories of market research are desk research and field research. Desk research is conducted exactly as it sounds – leveraging online and print resources at hand to gather information. Field research may include customer-focused efforts (e.g., focus groups, street interviews, Central Location Tests [or CLTs] of your products), product research, and pricing studies.

The key to successful research is to first identify what information is needed to move forward. Once Linger has assisted you in doing so, we can weigh your plan for priorities such as speed over detail, or scientific accuracy versus emotive reception. These parameters will ensure you choose the most suitable research method.

It’s true that market research can be completed in-house without the assistance of a third party. However, choosing Linger as your partner in market research can excel your company to new heights. Conducting do-it-yourself analysis empowers you to familiarize yourself with how your audience thinks and may cut costs in the short-term, but it can also be time-consuming and create unnecessary distractions in daily business practices. Further, most business owners are ill equipped for successful market research and design. What seems like creating a simple questionnaire can be more complex than it sounds when implementing a strategic process for gathering information.

Linger will team up with your company to extricate your highest needs and strategies for addressing them based on your budget. We guarantee this project will be completed quickly and thoroughly. At Linger we understand the tricks of the trade, aiding our clients to maximize their reach and revenue.