Market Research

Market research is a critical function in a modern organization. Without sufficient research, companies are flying blind, dependent on the whims of the market to determine whether or not their development, production, training, and launch time were a waste of time. Market research is most appropriately integrated at every stage of a business's functions.

The Five W's of Market Research

Instead of just looking at the "Four P's" of marketing, let's consider the "Five W's."

Who
Using proprietary market research databases and quantitative primary research, we can segment the U.S. population by demographic, psychographic, behavioristic, geographic, or product usage. By identifying the segment of the population that is most likely to be receptive to a product or service, we can develop a deep understanding of a potential customer's behaviors, demographics, and geography. Market research helps you learn who your customers are.

What
Market research provides a holistic understanding of the relationship between brands and customers within the competitive landscape. The primary goals of market research are to find a target audience that will be receptive to a product, judge the size of that audience, and determine the best way to reach that audience. Market research helps you learn what your product means to your customers.

Where
Market research can determine how large a company's target market is in each of the different regions of the United States. This can help inform new branch locations, advertising spends, and messaging. A typical goal when sizing a market is to determine which regions of the U.S. are denser in terms of the target audience. In regions with a high concentration of members of the target audience, we can recommend very efficient decisions. On the other hand, some regions will simply have too few prospective customers to be considered. Market research helps you learn where your product is needed.

When
Market research can help us identify an audience’s patterns and determine how to reach them as they go about their day. We can determine how they spend their time at work or at home, which websites they visit, or what their favorite television shows are. We can learn what issues they are involved with, their habits, where they shop, what they buy, and how much they tend to spend. Market research helps you learn when to reach out to potential customers.

Why
Armed with this knowledge, your company will have the business knowledge it needs to make smarter decisions. Market research helps you understand why a certain path of action is most efficient.