Retail Market Research
Retail market research is crucial to understanding customer needs. We specialise in providing comprehensive market research solutions tailored specifically for the retail industry.
Market research provides invaluable insights into your target audience, allowing you to understand their preferences, behaviours, and needs. We gather data on customer demographics, psychographics, and purchase patterns to inform the foundation of your marketing strategies. This improved consumer understanding empowers retailers to deliver improved shopping experiences, anticipate customer needs, and build long-lasting relationships.
Market research helps retailers to be competitive by providing insights into their rivals’ strategies, pricing, product offerings, and customer experiences. These insights enable retailers to identify gaps in the market, differentiate their brand, and position themselves as the first choice for customers. Continuous monitoring of the market enables them to respond quickly to emerging trends and remain competitive.
Development and Innovation
Market research enables you to develop services that align with customer preferences and market trends. We conduct concept testing, satisfaction surveys, and focus groups to provide you with feedback to refine your offerings. This customer-centric approach ensures that your products resonate with your target audience, resulting in higher customer satisfaction, increased sales, and improved brand loyalty. Market research also helps identify opportunities for innovation, enabling you to introduce new products that captivate your customers’ attention.
Setting the right price is a delicate balance between maximising profitability and appealing to your customers. Market research provides insights into customers’ price sensitivity, willingness to pay, and perception of value. Pricing studies, enable you to optimise your pricing strategies, determine the optimal price points for products or services, and align them with customer expectations. This data-driven approach ensures that you remain competitive while maintaining profitability.
Targeted Marketing and Advertising
Effective marketing and advertising campaigns require a deep understanding of your target audience. Market research helps you identify your ideal customers, their preferences, media consumption habits, and purchasing behaviours. Using this information, you can develop targeted messages, select the right marketing channels, and create engaging campaigns.
Retail Research Tools
In the retail market research sector, we offer the following services:
- Focus groups or cluster groups
- Depth interviews (one-to-one interviews)
- Catchment analysis
- Customer surveys (intercept surveys, shopper surveys and exit surveys)
- Online surveys
- Telephone surveys
- Mystery Shopping
Our retail clients include Unilever, KFC, SPAR, Ralph Lauren and Starbucks. We work throughout the UK, Ireland, Europe and beyond providing actionable insights to companies throughout.
If you would like to find out more about our services, please get in touch.