You have probably heard people talk about market research many times. However, you may have never really understood the its significance. The reality is that accurate market research can be the difference between a business succeeding and failing. Why is this the case? It all comes down to understanding the likes and dislikes of the general public - the customers. Companies that fail to acquire this information are destined to be left behind. The importance of market research can't be overstated. Here are some examples of what a good market research company can do for you.
Market Understanding Research
Whether you are looking to enter a new market, or if you know there has been significant change recently and want to re-evaluate, this method helps uncover details that allows you to identify the gaps in the market and recognise opportunities. Specifically, this helps your business understand the size of the market, what your competitors are selling and at what price, and what the future of the market looks like.
Focus Groups
Focus groups have been used for decades because they continue to be a valuable source of information to companies in a wide variety of industries. Random people are brought into a controlled environment and asked to use a specific product, watch a commercial or do some other activity related to the product or service of a particular company. They are then asked to give a detailed review of the product. They describe everything they liked or did not like about it. This information is then used to improve the product and make it more appealing to the general public.
Opinion Polling
Opinion polls about products can be taken in a number of different ways. People from the market research company can go to public places and ask people a series of questions. These polls can also be done over the phone.
Customer Satisfaction and Retention
Customers are the lifeline of many businesses and keeping customers satisfied is always a top priority. There are available tools that can be used to measure satisfaction. A good market research company can use analysis to provide great insights around customer satisfaction over a period of time or in relation to competitors. Understanding how customer stay loyal, and how to retain loyalty, is a must in ensuring your business maintains a healthy customer base that continues to grow.
Redshift Research UK is one of the leading companies in the market research industry. Their services include:
- Audience Understanding
- Market Understanding
- Content Generation
- Brand Strategy and Positioning
- Product Development and Price Testing
- Customer Satisfaction and Retention
- Research Consulting Services
Find out more about them and the services can offer you by visiting their web site.
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