MARKET RESEARCH PROJECTS
Streets Marketing are available to project manage market research projects for your business.
Your business can use the results from insights and research to produce competitive products or services that customers want to buy now and in the future.
Valuable information exists on your current customers’ behaviour – look at your customer database or CRM system.
- Website stats – Google Analytics.
RESEARCH AND INSIGHTS IDENTIFIES
- Who your customers are: demographics such as gender, age, status, where they live, occupation, how much they earn, their interests and lifestyle.
- What products/services/events/outlets they buy from/visit presently and in the future.
- When they buy, and how often; will this change in the future?
- What they think of your product.
- Why they buy it? What needs are they satisfying?
- How much they spend or are prepared to spend?
- When, where, and how, they consume or use your product.
- Other similar or different products they may be interested in.
- Other similar products they buy from competitors.
- Who else in the market they currently buy from or will buy from in the future?
- What customers think of your brand compared to your competitors?
- What your customers think about the different aspects of your product, for example: price, packaging, customer service, design and quality. How could it be improved?
- Your customers’ media and digital habits so you know where to target them.
It can also tell you
How many customers are like this: the total market size, value and what is your market share?
MARKET RESEARCH TECHNIQUES
- Digital surveys.
- Email newsletter surveys.
- Internet website panel surveys.
- Internet, website surveys online – these can include video clips and images.
- Mobile phone surveys.
- Digital magazine surveys.
- Telephone surveys.
- In-magazine surveys.
- Exhibition surveys.
A focus group is a form of qualitative research in which a group of people are asked about their perceptions, opinions, beliefs and attitude towards a product, service, concept, advertisement, idea or packaging. Questions are asked in an interactive group setting in which participants are free to talk with other group members.
This is considered to be the best form of data collection when the researcher wants to minimise non-response and maximise the quality of data collected. The main advantage of the face-to-face interview is the presence of the interviewer, which makes it easier for the respondent to either clarify answers or ask for clarification for some of the items on the questionnaire. Face-to-face interviews can be conducted anywhere: in the street, shops, restaurants, airports, exhibition centres and events.
Market Research Steps
Identify your goals
Define the problem and agree the objective. At this stage you will be gaining insight. Define your brief.
Develop your research plan and budget – decide who is to be researched? Your sample size. Use existing secondary data, primary data and information from the Marketing Information System.
Choose your preferred agency.
The agency will decide which method to use for this project, analyse the data and turn it into information.
The agency will present the findings, conclusions and make recommendations to you.
WE BRING BRANDS TO LIFE
If you want to discuss a research project for your business call Streets on 01780 591172 M: 07855 44 7968 or email Maddie@streetsmarketing.co.uk.
Join the Streets family today.
Or connect with the MD, Madeleine Lillywhite on LinkedIn