4 Advantages of Hiring a Market Research Company
How much do you know about your company’s market? Australia’s e-commerce market was projected to spike to AUD35.2 billion in 2019, according to Statista. This creates a highly-competitive market and makes it worth considering a market research company. Today, this is more important than ever to provide benefits like finding a target market, more web traffic, and higher conversion rates. Here are some of the main benefits:
This is basically a snapshot of your target market. In the past, marketing strategies include door-to-door sales advertised to “everyone.” The problem is that some people are more likely to purchase your company’s products and services than others. This is based on various factors like:
Finding your customer profile can provide many benefits for your business. For example, you can find out who your “average” customer is so you can tailor your online marketing towards them.
Another benefit is your online marketing will be more cost-effective. The process of finding your customer profile is very meticulous due to several factors. However, an investment you make can pay for itself over time due to sales boosts.
Part of this process is creating a demographic profile with facts and figures related to your company’s target market.
However, a customer profile also includes non-demographic info. It can also include information like personal interests, buying patterns, and pain points. These are also important because they address more subjective issues, like what types of products and services they prefer.
How big is your company’s online presence? It is critical for a larger percentage of your target market to be aware of your company. This includes learning the different products and services it offers. Market research can help create an ad campaign that boosts brand awareness.
Brand Mission & Vision
These are related yet different features of your company. For example, what is the purpose of a particular brand? There are various reasons you should launch a new brand, like earning sales.
However, it is important to distinguish your brand with competitor brands. For example, there was nearly a 3% increase in the number of new Australian businesses from 2018 to 2019, according to the Australian government. It is critical for your products or services to be different from other companies.
Then there’s your company’s vision. For example, where do you want your company to be 1, 10, or 100 years from now? This provides a blueprint that your company can adjust slightly or significantly after launch.
It is one thing if you or your company seems to have a possible game-changing idea about a
new product or service it might launch. The problem is that sometimes new ideas look good on paper and displays, but there is only a small/niche market that would be interested in purchasing it.
As the name suggests, concept testing involves asking people for feedback about ideas or concepts for new products or services. This will provide your company with a snapshot of how marketable your new product service might be if launched.
In some situations, you might determine after doing concept testing that the idea you had would produce fewer sales than you projected. The concept testing’s results could be wrong. It is still important to get objective feedback before you invest in research and development, product design, ad campaigns, etc.
One of the keys to effective online marketing is doing your homework. Investing in the services of a market research company can provide various key benefits. It can help test product ideas, find target markets, and make potential customers aware of your business.