Market research

Do you understand your current customers and where to find new ones?

All successful businesses need to have a strong understanding of potential and existing customers and the marketplace they operate in. Market research contributes to your marketing in five vital ways:

• Finding and locating potential customers - in order to grow your customer base
• Learning more about your current customers - in order to understand them better
• Identifying market opportunities - for current and new products and/or services
• Developing the right products and/or services - to meet the needs of your current and potential customers
• Understanding your competitors better

Market research forms the solid foundations on which to build your marketing strategy and is an invaluable tool for branding and positioning initiatives.

Customer profile

Identifying who your customers are and what motivates them is central to business success. If you don't understand your customers you can't hope to communicate with them effectively. You need to ask the perceptive question: who are our customers?

If you are selling business-to-business you need to investigate issues such as the size of those businesses, what industries are they in, what characteristics they share as a group, and, crucially, who within those organizations actually makes the buying decision.

If you are selling to consumers you must ascertain as much as you can about people so you can plan to satisfy their needs and desires.

Information on market trends and competitor intelligence

Getting a good understanding of market trends is important if your business is to make the most of its opportunities and remain competitive. You’ll need to understand your competitors and keep an eye on what they are doing. To build competitor intelligence we will help you with information on:

• Demand for your product or service - is it growing or shrinking?
• General economic and market trends
• How customer requirements and buying behaviour could change in the future
• What new products are in your competitor's pipeline - could they make yours look outdated?
• How competitors are changing – what are their plans?
• What competitors offer and the prices they charge
• How your competitors advertise and promote themselves

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