Market Research and Your Business

The art of good decision making is founded on gathering plenty of information. If you’re not in possession of all the facts, then you can’t use those facts to steer your business towards success. Market research agencies can help you by getting your business more information to go towards making better decisions, and encouraging better outcomes.

Today we’re having a look at some of the ways market research agencies can help your business, starting today!

Brand Tracking

Determining the health of your brand gives you a shortcut to understanding if you’re making good decisions for your business. Your brand is affected by almost any decision you can make for your business, so if your decision making is on the right track, you should see your brand getting stronger and healthier. If you’re making poor decisions, you’ll see people feeling less positively about your business if they recall it at all.

Brand trackers use consumer surveys to rank your brand against the main competitors in your niche so that, over time you can see how you’re performing in relation to them, and either feel reassured in your decisions, or recognise that you need to make some changes.

International Insights

Expanding into a new market is one of the natural stages of a successful, growing business but it’s not always easy. As well as ensuring you get the best possible advice about taxation and regulation in your new market to avoid fines, you need to ensure your marketing is tuned to the new customers you’re targeting. Getting some international research from a market research firm will ensure your advertising is communicating what you need it to, in the right way to really reach the new customers whose loyalty you need to capture.

A/B Testing

The end result of a marketing push with all new advertising can be boosted revenue, word of your brand reaching more customers, and a boost to your reputation! If it goes badly, however, you could see your reputation harmed and the resources invested in developing and placing your ads wasted, without enough additional revenue coming in to cover the costs!

A/B testing helps you feel confident about your adverts before you finally commit to a campaign. In this form of research, two different versions of your advert are released to small, select audiences. You can use cookies to track how each set of people responds to the adverts – the one that gets the best response in terms of clicks, sales, or your metric of choice, is the better advert!