4 Ways to Use Market Research for Smarter Decisions

 

With some planning ahead, market research projects can be designed in a way that will serve multiple purposes at once. This not only lets you be more cost-effective, it also will help you to make smarter strategic decisions. Here are 4 tips that will help you make the most of your own research projects.

 

1) Consumer studies—Design your market research project for multiple purposes, including:

•  Determine the strength of your brand
•  Understand consumers' product needs, likes and frustrations
•  Understand evolving consumer attitudes and desires
•  Understand how consumers search for products/services in your category
•  Understand what drives consumers’ final buying decisions
•  Identify areas where consumers are frustrated by choice, price or service

 

2) B2B and Industry studies—Design your project in a way that will develop strategic insights, such as:

•  Verify the size of your market and its growth patterns
•  Verify the need for a new product or service
•  Identify points of pain and frustration among potential customers
•  Understand your competitors

–  Who are they?
–  What are their strengths?
–  What are their weaknesses?
–  In which areas are they investing or innovating?

 

3) Build a competitive intelligence database—build a custom database that will enable you to better monitor competitors, disruptions and potential acquisition candidates, such as:

•  Competitor’s locations
•  Competitor’s products and prices
•  Competitor’s patents or R&D activities
•  Competitor’s structure and revenues
•  Identify potentially disruptive startups and new technologies
•  Identify foreign firms with the potential to take market share from you
•  Identify and rank/score acquisition candidates

 

3) Build a competitive intelligence database—build a custom database that will enable you to better monitor competitors, disruptions and potential acquisition candidates, such as:

•  Identify potential customers
•  Identify potential distributors or partners
•  Research and identify potential suppliers

 

Download our new Brochure: 4 Ways That Market Research Can Help You Make Smart Decisions

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