How Can Market Research Inform Your Marketing Strategies For 2021?

Market research is a powerful tool that can save you precious time and hard-earned capital by giving you highly informative data. Through this, you avoid poor business decisions on new ventures and products.

Using market research services as the foundation for your marketing strategy will bring you priceless insights into your target audience and amplify your organisation’s listening capabilities.

When To Invest In It?

Market research is traditionally carried out at pre-launch. However, it can also be used to assist with continual observation of the market, your customers and your product/s in the market.

This will enable you to avoid making key business decisions blindly; you won’t be crossing your fingers and hoping for the best.

Research Types And Methodologies

Field research involves feet on the ground, gathering new data from participants face-to-face. Remember, the quality of the data is dependent on the quality of the questions.

Desk research is the collating of data that has been collected and organised for you. This could be data from a book, funded studies, government or corporate reports, archives, and statistics.

Qualitative methodologies are exploratory using focus groups, in-depth interviews, questionnaires, focus groups, participant-observations, recordings made in natural settings, documents, and artefacts and is non-numerical.

Quantitative methodologies test theories, shaped by empiricist and positivist philosophies, using objective measurements and numerical analysis. Data is sourced from surveys, polls and questionnaires.

The Approach

When you compile the work scope for a market research company, you need to be clear about your goals and objectives. Include a clear definition of the target audience, business objectives and challenges you are currently facing. If you know your market size, include that as well.

Your market research company will help you ensure the sample size is appropriate and that the applicable research and data collection methodologies are used to achieve your objectives.

They will help you curate research questions, ensuring questionnaire neutrality and the exclusion of leading questions. Their team will also assist with cross-check questions and open-ended questions, applying analytics to interrogate and decode the collated data.

Is Market Research Effective?

In global expansions, it is important to know the culture and language divergences per region.  We have all seen how humorous product names fail in foreign countries such a Pajero by Mitsubishi, Nova by General Motors and Creta by Hyundai.

Market research will help determine your marketing strategy and consider the wider environment and brand impact before making final business decisions. It is a powerful tool to support your marketing strategy with key insights. It will give you deeper understanding of your customer needs and competitors’ strengths, leading to increased sales for you.

Conclusion

Market research is indisputably vital for the development of your marketing strategy. The insights into the marketplace, consumer opinions of your business and customer expectations are powerful marketing strategy elements that minimise business risks.

Good market research is the foundation for good marketing strategies.

Chat to the Market Instinct team today for market research trends and market insights for 2021 in Johannesburg and beyond. We offer consumer surveys, marketing research services, product testing, concept testing and competitive benchmarking to boost your business in 2021 and onwards.

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