GIVING YOU THE CONFIDENCE TO MOVE FORWARD
We go beyond the usual market research findings.
Customer Needs and Benefits
Promoting product features is not enough. Companies must determine how a product’s features connect with functional consequences and, in turn, how these connect to customers’ higher-order needs and values. Being able to connect with customers’ needs and values provides a powerful vehicle for marketing communications and sales implementation.
Market Segmentation and Re-Segmentation
Who and what is the market? We know that “one size does not fit all” but where do your products and services fit? Which customers have the highest value for your business has to offer? What segments promise the best return for your investment? Are there new segments emerging that provide your business with new opportunities for growth? These are important questions that can prove difficult to answer. Profound changes in modern society and the evolving global economy suggest that every business will encounter different customer groups that respond very differently to its products, the channels used to distribute them and the messages used to promote them.
The pricing decision is the opportunity for a business to extract the benefits-driven economic value of a product from the marketplace. Market research provides crucial information to the pricing decision: from the “relevant range” of prices for a product to price sensitivity and the impacts from competitive response. Pricing research can also reveal market segments that have especially high value for a product or service – revenue potential that a business does not want to miss. Pricing research can also reduce the chances of a business “leaving money on the table” through an arbitrarily-set low price that falls short of buyer value.
Customer Decision-Making and Purchase Processes
It’s not enough to know who makes the final decision to purchase products in your category. Knowing all the key players and influencers and what each brings to the table – and how those viewpoints affect the final decision – is essential in designing marketing interventions that guide customers to choosing your products and services.
Product Design and Evaluation
Effectively utilizing your scarce R&D and technical resources means knowing what products, features and functions are most valuable to customers. Research is a powerful tool to establishing a focus for your product development – while saving time and money and increasing your chances of success in the market.