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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Now, more than ever before, our user tools and innovative data make Plunkett Research your go-to place for industry analysis, business trends and statistics. For any further question contact us at customersupport@plunkettresearch.com | voice: 713.932.0000 | fax: 713.932.7080
