Online Briefing Template
Once-off market research to determine one’s market share is never enough. Sure, you’ve conducted primary market research – new data which has not been collected – and secondary market research – data that has already been collected. However, a once-off is a no-no. To properly determine one’s opportunities in a real-time and real-world example, the importance of market research through consumer surveys is essential. With consumers rapidly changing buying behaviour, attitudes, and spending trends up the one day and down the next, continual research and up to date data is essential.
To bring the point home – that once-off original research data needs to be updated through regular consumer surveys – we’ve provided a case study below.
Our team at Market Instinct assisted an international client who wished to evaluate the South African market and the potential to bring its premium range of vitamin products to this country. Qualitative research findings found that South African consumers experience an extreme level of confusion when buying vitamin products; they lack an understanding of daily vitamin requirements and a strong desire to supplement the daily diet to enhance health. Therefore, although they want to take supplements, consumers do not know what to take or how much.
Quantitative follow-up through personal interviews with 400 individuals found that brand awareness of specific brands was limited to two or three stronger brands; that there was an opportunity to launch a new brand and establish it as a contender. However, consumers were unlikely to pay a premium price for the product range. Because of their lack of knowledge regarding vitamin products, consumers would not be able to justify the price difference between a superior quality product and other brands in-store.
The concept test research results showed that consumers really loved the idea of a comprehensive, quality range of products. Based on this, the client decided to launch their premium product range through a number of self-contained stores inside the major shopping centres, i.e. specialist vitamin stores. The client specifically avoided the usual route to market to ensure that their brand could be clearly identified as different/superior. Staff were trained to give expert advice on the product range, further enhancing the brand experience. The original launch was most successful, and soon the pharmaceutical retailers began negotiations to introduce the range in their stores, with their own designated shelf space and gondola ends.
Given the results of this case study, it is clear that ongoing market research is needed. Furthermore, as stated by small-businessstart.com, “This can give you a great boost to the next level of your business. CMR is about maintaining an open communication channel with your target market. This helps you stay abreast of changes in the opinions, needs, desires, and behaviours of your ideal clients. It provides you with regular, ongoing data, information, and insights on your market. Unlike the initial market research, the data you get is real-time data that help you position your business to serve your market better. For a business that desires to grow, following the changing needs of your market and providing services that meet them is a given. So you need to know what your market needs in real-time. This is only possible with continuous market research.
Consumer surveys will help you to align your business with a greater portion of the market since you’ll be in direct communication with those in it. Through spotting new business opportunities through consumer surveys, as stated on small-businessstart.com, “Continuous market research helps you stand out from the competition. This is because you know what they need at any particular time. You’re in tune with changes in the interest of your ideal clients. You are unrelenting in providing the exact value they need at any time. Part of what you do during continuous market research is to look for loopholes in what the competition offers. Check the kind of reviews they are getting and identify what they aren’t doing right. If you’re able to satisfy a competition’s dissatisfied customer, you’ve won one over them.”
Now that you know the importance of ongoing market research through consumer surveys, contact us at Market Instinct and let us assist you in determining your opportunities and making your market circle bigger. Click here now!