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Market Research and the Search for Eureka
Why market research?
One obvious reason is that a shot in the dark is just that. Without it, you may get lucky and hit something, but more likely, you’ll keep firing away and missing by a mile.
Market research gives you a clearer insight of your brand, and tells you what’s working, what’s not, and most importantly, what you can do to change that. The best research results, the ones that make a difference to the bottom line, come from having a well thought out research plan that determines what data is needed, and the best collection method for gathering that data.
It helps you get to know your audience up close and personal. And, gives you the straight answers to the tough questions, like what are their behavioral patterns? How, why and where do they shop? If they’re loyal to your brand, why? If not, why not? Are you ignoring a huge, untapped audience, and if so, what can you do to entice them?
Simply put, if you know what they want, you can give it to ‘em.
It helps you find out what your competition is up to. And, can help you avoid getting killed by them. The right research gives you the intel that allows you to revamp, reinvent, reinvest, revive and rejuvenate your brand, your sales and your status.
It helps you prepare for action—and reaction. If your research is correct, you could very well see a surge in demand, website visits, phone calls and profits. But along with this good news comes a word of caution: make sure you have the product on the shelves and the boots on the ground to accommodate any upswing. Because in today’s gotta-have-it-right-this-second world, if you have to tell customers to “please hold,” chances are good they won’t.
It helps you to create the right communications mix. The late, great adman David Ogilvy once said, “Some people use research like a drunkard uses a lamppost: for support, not illumination.”
Which basically means knowing the answers is no guarantee you’ll ace the test. So, whether it’s print, broadcast or digital, find the perfect media mix, take aim and and hit ‘em where they live. And work. And play. And shop. And so on.
The bottom line? Market research can increases your rewards, decrease your risks and just plain makes you smarter. About yourself, your industry, your audience, your potential audience and your competition. And, it’ll help keep you up-to-date, relevant and poised for the future.