Successful brands deeply understand their customers and have extensive knowledge of their rivals. Before launching any new product or venturing into new markets, it is always wise to have an idea of what lies beyond. Gathering information about the consumer‘s possible reactions to the new product is one way of finding how the next days of business will be.
For many businesses, you have definitely done this before. The only difference is; you might not have known carrying out market research.
At Dr. SEO, our experts that such a process can come with loads of benefits if carried out in the right way. As such, our experienced team is keen in offering this service.
Is it worth your marketing dollar?
Normally, the marketing department of any firm is the one concerned with this critical service. The complexity of any marketing research endeavor depends on the client. What do you need to be covered? What are your main objectives? At the end of the day, the results will also reflect your goals. Before delving deeper into the complexity of the process, you might want to have a good idea of the main aims for investing intensively in this process.
In most cases, companies request for this critical service when there is need to make important decisions on a start-up, a business in course or the 4Ps of any business;
- Price; with extensive knowledge of the markets, you will be able to set realistic and competitive prices based on expected profit margins, financing options and the prices offered by competitors.
- Product; you can make adjustments on your product based on the information gained. Take closer considerations of important aspects such as customer service and warranties.
- Placement; the distribution channel is critical when it comes to business success. The information gathered can be used in restructuring the setup.
- Promotion; at the top of your objectives should be the need to explore and dominate particular markets. How best can you reach them? Which offers seem more attractive for each target group?
Why do you need market research services?
For any business that wants to stay afloat, regular market research is something worth embracing. While intuition can be helpful in running businesses, the research presents you with facts. By engaging our team in the research process, you will stand to gain several benefits. The most obvious one is preventing surprises. Unexpected happenings aren’t so good for business establishments. Staying up to date with recent information help you avert things that might easily cost you in future.
Yet again, conducting a thorough research presents you with the opportunity of understanding your customers. Through the available information, you can easily profile your customers based on age, location, gender, and other credentials. A deeper understanding of the target audience also enables you to route up effective marketing strategies. The location of your customers can give you better ideas on where to concentrate your marketing efforts or ideal locations for setting up new businesses.
Information from the research can be used in fostering growth and increasing profits for the company. Our market research process includes study and recognition of the recent changes in demands. We will offer a detailed report on the existing demand trends and the ways in which they can shift in future. Such information can be critical in launching new products or services. If need be, you can even consider finding newer markets for your existing products with the main aim of boosting revenue.
The markets and the economy keep on changing. There is a need for adequate planning for any pending changes. Our extensive report and analysis will present you with the information you can use to shift factors such as price levels, the number of staff and inventories where necessary. Yet again, market research can provide you with the necessary information for mitigating possible risks. Not all risks are worth embracing. In businesses, you only need to consider worthy and well-calculated risks. This becomes easier when you are in a position to make informed decisions.
A free market cannot be devoid of competition. Instead of ignoring the competition or even hating it, you can grab it by the horn and get the most out of it. Depending on your objectives, our services can entail identifying your major competitors and finding more about them. Together with information on their operations, you will be able to stage a more stable marketing campaign.
How we do it?
Most people consider market research to be a component of the planning stage of business. It is particularly important for start-ups that are setting their feet in new markets. It also comes handy when;
- A company is about to embark on a new marketing campaign
- A firm is opening up business in new location or shifting its business environment
- A company is seeking to boost its production levels
- Business is venturing into new business or releasing a new
Our team will consider the main goal of the research in order to evaluate the most suitable strategies that will guarantee satisfactory outcomes. While some procedures for particular industries, others apply to nearly all the research processes.
This component of market research normally addresses particular questions. At Dr. SEO, we can take advantage of experiments, surveys and observation techniques to run this procedure. What is your target audience? How best can you reach them? Which products or services should you invest in to meet consumer’s demands? Who are your competitors? Although this kind of research takes more time, the outcomes can be so beneficial if the process is conducted ion a credible way.
A secondary research doesn’t involve getting information from the field. Our team can use company records, past surveys and other relevant pieces of information in answering the questions available. It takes less time and is cost effective. Information such as those pertaining to economic conditions can easily be derived from such research.
Ideally, the kind of services our team will offer depends on your needs. If need be, we will incorporate both techniques to ensure you get value for your money.