Three Kinds of Market Research

Taking decisions without doing the research is simply setting yourself up for failure – as a business owner, your role needs to bare weight to all the information at your disposal to find the right decision in any given situation. If you don’t ensure you’re researching the issues (or getting people to perform the research for you), you’re denying yourself the majority of the information you need to make a good decision, and results might not just affect you: enough bad decisions, failed guesses and gambles could leave your clients without the goods or services they’re relying on, and your employees without jobs!

Today we’re looking at three different kinds of market research to give you an idea of just what’s possible within the discipline and how it could help you!

Going Global

If you’re going to grow your business, expanding to international markets is one of the natural choices to make. The mechanics of taking payment and shipping goods worldwide have never been easier to put into action for your business, but effectively selling your brand in new markets requires international research.

This tells you what your new customers value, and how you can appeal to them to build an audience for your brand!

Brand Tracking

The health of their brand should be important to any business owner. Your brand can be affected by any of the decisions you take, and if your decisions are harming your brand – making your business appear unwelcoming to its customers, then you’ll seen see a drop off in revenue.

Brand tracker surveys can tell you how you’re ranking against your competitors in your industry, giving you a measure over your brand’s strength over time!

Marketing Research

Successful marketing needs to efficiently communicate the strengths of your brand in a way that your customers value. Market research companies can test every facet of your advertising, from the colour palette to the font. As their focus groups or surveys help you to refine your copy and the look of your adverts, you can move on to more advanced forms of testing.

A/B testing involves testing the response to completed forms of your adverts. Releasing two different versions of your adverts to two select audiences, allows you to see how they perform. Tracking the clicks and sales those two different adverts generate shows you in very real terms which is the most effective approach for your brand.

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