Market Research Insights For Your Brand

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The Lowdown on Research

Getting to Know Your Customers

Types of Market Research

When to Conduct Market Research

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The Lowdown on Research

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When making a large purchase, most people would have conducted some research before shelling out their hard earned

cash. By doing this it reduces any risk associated with the purchase or eases any potential buyer’s remorse—the same is the case in business. When making important business decisions or when

attempting to define new opportunities for your brand—market research can help to mitigate risk and sharpen your focus.

Understanding the varying nuances among a segment of

people helps you identify actionable opportunities to market to them, which could be a game-changer

for your business.

Annalili Chacon, Brand Strategist

Getting to Know Your Customers

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Research helps you understand more about your customers than you might’ve already known and more importantly, will give you insight into how to market to them properly. Understanding the varying nuances among a segment of people helps you identify

actionable opportunities to market to them.

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Knowing who your customers are starts with understand-ing the demographic data that identifies them. The U.S. Census Bureau offers a unique set of tools that can aid in demographic data mining as a secondary form. Primary forms of demographic data can come straight from either your CRM, Google Analytics, or even just a simple survey. Demographics help you get to know your customers, but they really only scratch the surface. If you are truly seg-menting your audience, you’ll to want to dig deeper and get to know them more personally. Consumer lifestyle re-ports such as those produced by Experian.com tell you a lot about your customers behavioral and attitudinal traits. Once you’ve identified demographics and lifestyle habits, you’ll begin to form customer segments and personas. Personas are the the ultimate manifestation of your customer research and help guide your marketing plan so that your efforts are targeted.

DEMOGRAPHICS

LIFESTYLE PROFILES

PERSONAS

Types of Market Research

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Market research is categorized as either primary or secondary. Primary research is original research you conduct yourself—it is

proprietary and unique to your business. Secondary research already exists; it is not specific to your business, but it could be

based on the industry you are in. Let’s dive into the details of what each type entails...

As mentioned, the U.S. Census Bureau is a great re-source. In addition to the Census, local chambers of commerce have research resources available to mem-bers—this research is often centered around economic trends and market analysis. If budget allows, Mintel is great for consumer trends. IBIS World providescomprehensive industry reports. And finally, Compete.com or Alexa.com provide competitive intelligence. Essentially, secondary research lays the foundation—it is a great starting point for demographics or when forecasting market trends.

If secondary lays the foundation, then primary research builds on that foundation and fills in the gaps. If you’re looking to conduct primary research for your business, there are two methods to choose from: quantitative or qualitative. Quantitative research refers to collecting data that is numerical or quantifiable—typically in the form of a survey. Qualitative research is exploratory and can help you uncover underlying motivations orbehaviors among your audience or it can reveal perceptions of your brand you were not aware of—this can be via focus groups, in-depth interviews, or observational research.

SECONDARY RESEARCH EX AMPLES

SECONDARY RESEARCH METHODS

When to Conduct Market Research

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More often than not, the most pressing question after ‘how to conduct research’ is understanding when to do it. Truthfully, there

is no set standard for when a business should conduct research. The timing for your research could depend on a variety of factors,

which could include: the industry you are in, your goals and objectives, and your budget. In the following section, we’ll

break down the three major events that could warrant a little analysis and exploration.

If your brand is in need of a refresh, you may want to start with a customer survey to identify any gaps in consumer perceptions that your new brand will hopefully serve to close. As far as differentiating your new brand, conduct a thorough competitive analysis.

If you are going to spend a lot of money on a big initiative, it would be wise to do your due diligence and go into launch day with the confidence that you’ve done your research. Be sure to incorporate concept testing, whether that be creative concepts, messaging concepts, or even product prototype concepts. Gather customer feedback early on so that you have time to reiterate and optimize before flipping the switch on your new initiative.

Brand tracking studies help you monitor campaigns and their impact on your brand on a consistent basis throughout the course of year—this helps to account for any seasonality or unforeseen external factors. Set up analytics and monitor user behavior on your website or landing pages for optimization and growth.

BEFORE A REBRAND

BEFORE A MAJOR CAMPAIGN

ONGOING RESEARCH

Connect With MM Brand Agency For Additional Insight On The Market

Research Process

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