Are you communicating a clear message to your audience? How does your customer feel about your product or service? Are your customers happy? Do you want to launch a new product or service but don’t know if there is a market for it? These are all questions that can be answered with market research. The last thing you want to do is launch a campaign that no one understands or offer a product that no one wants.
Market research is the first step required to gaining valuable information about your consumer, potential customers or the general public.
Research is not always straightforward. Before you begin it is important to decide what kind of research you need and who you need to get it from. Having a clear objective and knowing what kind information you are trying to obtain will help narrow down your options.
Here are four steps you can take before you begin your market research process to ensure it is effectively targeted, efficiently carried out and generates exceptional results.
- Educate first
Before launching a product or initiative take a step back and ask yourself if your potential customer, or the general public, know what your product or service is. Better yet – don’t ask yourself, find out with market research. Doing this will help you better craft your messaging, allowing your company to communicate clearly and effectively.
- Know your audience
Ensure you are speaking to the right audience when conducting market research, otherwise your results may be skewed or not representative. Many of us have received an online ‘customer’ survey from a company you have never used or heard of before. You also must consider what the demographic of your audience is. For example, if you are trying to get a sample that is nationally representative of the Cayman population, then a random telephone survey may be a better option, as latest statistics show only 65% of people in Cayman have regular access to internet but 99% have a phone.
- Use the right methodology
There are many forms of qualitative and quantitative research, including telephone surveys, online surveys, face-to-face interviews, mystery shopping and focus groups. Choose carefully when deciding what methodology to use. If you are looking for feelings about your product or service or want to provide the opportunity to test your product, then a quantitative method such as a focus group may be the right choice. If you are conducting a year over year customer satisfaction survey, then a qualitative telephone or online survey will be the right choice.
- Ask the right questions
Development of your survey questionnaire, focus group discussion guide or mystery shopping criteria is essential to getting valuable results. A carefully crafted survey asking the appropriate questions in the correct format will provide the base of a successful market research project.
Whether you are starting a new business, revamping a product line or trying to better understand your consumer you need to start with the facts and data generated from market research to ensure your goals are successful.
If you could benefit from market research, reach out to #TeamTower as we have years of experience working with organisations of all sizes. If you would like to know more about what your Cayman Islands consumer base think about your business, service or product without having to do the research yourself, contact us for more information about our upcoming Consumer Survey.