Market research
Market research is a detailed assessment of your target market, including the competition. This analysis enables you to reposition an existing product or service according to the results of this study, to adjust it so that it is a better match for the aspirations of your prospects, to differentiate your company from the competition, to analyse successes and failures, to optimise your marketing and communication campaigns, and much more besides.
Market research collates a wide range of quantitative data:
- Market size
- Demographic data on your target group (age, gender, occupation, income, hobbies, etc.)
- Prices that consumers pay your competitors or are prepared to pay for your product/service
As well as qualitative data:
- Values
- Aspirations
- Reasons for buying
At Spike, we’re olds hands at conducting market research in very specific and complex sectors. The methodology remains the same, but the interpretation is more technical. Market research generally saves you a huge amount of time and cuts down on the errors involved in selling your products or services. So before embarking on a large-scale communication campaign, we generally recommend taking the temperature among your potential target audience.
Are you due to launch a new product or service soon? Are you considering repositioning to boost sales? Would you like to optimise your communications based on hard facts? Then market research is just down your street!
Let’s talk about it and draw the unmistakeable parallels with brands that have once been in your shoes and see how market research worked in their favour.