You need to find out about the market you are trying to sell a product or service to, to predict how it will be received by the audience. Market research is a whole lot of information gathering to find out about market segments and product differentiation.
You need to know how your product compares to existing ones in the industry, so you can promote your product as different to all the rest. This data is then used to tailor advertising efforts and decide which of your product’s features are seen as a priority to the consumer.
Market research is a critical tool in helping businesses understand what consumers want in developing products. It also helps you to maintain a competitive advantage over other businesses in your industry.
At Underpin Marketing we have experts with decades of experience in market and consumer research. Experience is vital when it comes to delivering market research, which is one of the most overlooked aspects of modern marketing strategies.
It’s easy to let market research slip down the priority list because businesses like to rely on their own initiative – their gut instincts and decisions. Of course, these are important and have their place, but can also be catastrophic if they are relied on solely when developing your business strategies and products.
Whether it’s market research to understand your customers and what they need, or market research on your competitors, the right approach to conducting, analysing, and utilising this research is the difference between shooting an arrow blindfolded and shooting with full vision.
If you want a marketing strategy based on solid market research, then you’ve found your agency.
Here at Underpin Marketing, we emphasise collaboration with you and your employees to work together to produce the perfect marketing strategy for your business’s individual needs and goals.
When we create a marketing strategy, we combine our own research with interviews and information gathered from you and your team to paint the bigger picture and find out where your business situates in this picture.
Moreover, if your budget and timeframe allow, we can also call on and organise external experts and industry reports as needed to provide even wider context all to help paint that fuller picture for your business.
We completely understand how daunting market research seems and can empathise with why it often gets ignored or side-lined.
It can be difficult to know where to start – do you begin your research on your target customers, on your product, on your competitors, or maybe you’re not even sure what demographics your product would be best aimed at? Then you must decide what questions, polls, surveys, reports, businesses, demographics you need. Do you need quantitative date or qualitative?
At Underpin Marketing we can organise, decide, conduct, and compile all your market research for you, saving you time, energy, resources, and of course, money.
We want to work collaboratively to help guide you or your team when deciding on what market research you want us to conduct so you are fully in control of this overlooked marketing strategy.
As outsiders, we can look at your company with a different perspective to what you and your colleagues can see. As a pair of fresh eyes, we will be able to spot weaknesses and strengths that your team may have overlooked.
This outsider’s perspective is significant for you to gain, because this will be the perspective that your customers, both current and potential, will take on your products and business.
You might have a good handle on your unique selling points (USPs) internally, but that’s not the same as understanding the motivation for why your target customers choose to purchase your product or service rather than the competitors, or a different product entirely.
Your target customers might have reasons completely unrelated to your USP that you are lacking perspective on. If your USP is already strong enough and accurate for your target customers, then it’s a question of how you articulate it to them.
What you tell your staff and job applicants might make sense to them, and anyone else internally in your organisation, but outside of this echo chamber, is it clear enough to cut through the noise for a less captive audience?