Incorporating market research into your marketing approach and strategy can enable businesses to make informed, data-driven decisions that lead to sustainable growth and success.
Market research can be utilised by all businesses, no matter your size, to better understand your customers, the prospective target market, the competition and industry trends. Here are some ways that Insight LED can support your business with data and insights:
• Understanding your customer – what are your customer preferences, needs and behaviors. How well is your business and brand meeting customer expectations relative to competitors, what is motivating your customers? These insights allow business to tailor products, messaging and marketing to be more relevant, impactful and distinctive.
• Identifying opportunities for growth – identify emerging trends, gaps in the market and untapped opportunities, which can lead to innovative product or service offerings.
• Competitor analysis – market research can help to understand your competitors’ strengths, weaknesses and strategies that are engaging customers, to inform your positioning and competitive edge.
• Measuring marketing effectiveness – provide insights into how effective your communication messages and channels are for reaching the target audience and provide insights into the relevance, appeal and impact of your campaigns.
• Product development and testing – we can support businesses to test new product ideas, concepts or campaigns with your target audience to optimise and improve product ideas.
• Pricing strategy – research can test your price points to identify the optimal pricing strategy that your customers are willing to pay, the perceived value and competitive pricing in the market.
• Understand brand perceptions – understand how customers perceive your brand and business, your business reputation and brand position. These insights can inform your brand strategy and brand positioning with consumer truths and insights.
• Customer satisfaction and loyalty – measure and monitor customer satisfaction, identify areas for improvement, how well your business is meeting customer needs and identify opportunities.
Seeing the world through the lens of customers is important for all businesses. That’s why at Insight LED we design, recruit, deliver and provide actionable insight solutions across a range of research approaches.
There is a range of research approaches and tools that we can apply based on the brief, your business goals, the target audience and resources. There isn’t a ‘one fit’ solutions, it’s important to best fit the research methodology to your business needs and the accessibility of your target market.
1. Quantitative surveys – we create customised client surveys which can be distributed to your own database to collect feedback from customers, current, lapsed and prospective. We also have access to over 1.9 million Australians through our panel partners, so we can recruit a representative sample of your local customers.
2. In-depth interviews – we conduct one on one interviews online, via phone and in person to gain deeper understanding and insights, we can recruit these interviews from a list supplied by the client or through our recruitment partners.
3. Focus Groups – our focus groups are conducted in person, online or in stores on location, we bring together small groups of representative customers to engage in depth discussion and gather qualitative insights.
4. Real time mobile interviews – we can conduct place-based research recruiting customers whilst in the moment of interacting with your brand or service to share their feedback in real time.
5. Industry Trend analysis – our team have extensive experience conducting industry desk research with access to industry reports, publications, academic journals, competitor analysis and industry data.
6. Mystery shopping – we can recruit customers to secretly evaluate your business or competitors posing as a customer to assess the quality of your services or products and provide feedback on the customer experience.
For more information about how a Market Research Agency could benefit you, please click here.