Market research companies and 4 reasons why you need a good one

Market research companies provide public and private sector organisations with consumer insight to enable them to meet consumer needs.

Evidence-based marketing provides an organisation with information on which to base strategic decisions when developing products and services that appeal to consumers. 

Optimise your budget with market research companies

Discover which strategies will be most effective with regard to pricing, product development and marketing communications. Businesses will be able to avoid wasting resources; both time and budget, on ineffective strategies that miss the mark.

Conducting market research will improve your understanding of how to target the correct segments effectively in your industry.

Increase engagement amongst your target markets

Reaching customers is becoming increasingly challenging as more channels become available. A market research company will help you discover which channels will most effectively reach your customers and prospective customers.

Often, companies make assumptions as to which channels their target markets use. This method wastes budget and renders their strategies much less effective.

The best market research companies will also provide customer insights for developing the right messaging strategy and optimising your marketing content. For example, which features you should advertise to particular target markets, for each product and service. As different customer groups prioritise different features, customer research specialists can assist with selecting the correct ‘hook’ when advertising.

Garner support from senior executives

Data-driven decision-making garners support from the marketing department from more senior executives.  Evidence showing marketing strategies are grounded in data will give senior executives more confidence when approving new marketing budgets and strategies for the business.

Track and evaluate marketing strategy performance

Regular market research and brand tracking can ensure your marketing strategies are achieving the desired results. This type of market research, when conducted on a regular basis, can provide early indications of when a marketing strategy needs to be adjusted in order to continue to be effective.

Ongoing evaluation by market research companies also provides evidence of the success of marketing campaigns.

If you would like to find out more about our key market research services, our solutions, the tools we use and the work that we do, please do get in touch.  We service local, national and global clients across a broad range of industries, from retail to hospitality to town centre management, and more. Click the ‘project enquiry’ button now.