Knowing your audience is a critical part of any type of communication. Failure to understand an audience has been at the core of many of the most famous brand failures of all time. A classic example is the Ford Edsel. Basically, this was the wrong product released at the wrong time. At the beginning of a recession in 1957, when market research indicated that consumers were looking for fuel-efficient economy cars, the Edsel was seen as too expensive with poor fuel efficiency. Due to this lack of understanding of what consumers were looking for in the marketplace, the Edsel was discontinued by the 1960 model year.
These same market research principles apply equally to successfully launching a new product, expanding market presence, taking market share or even when implementing a marketing communications program. Knowing your objectives, mapping the strategy, researching who your audience is, and how they make purchasing decisions, is imperative to successfully implementing a marketing strategy.
Let us help your marketing campaign reach its full potential. We offer the following market research services:
Industrial/Market Segmentation Analysis: We can conduct an in-depth evaluation of industries, markets or products. This analysis is based on several data elements, including market size, growth, competitors, suppliers, customers, governmental/legal issues and economic conditions.
Industry/Market Monitoring: For a quick and on-going look at your market conditions, this service includes defining market size, segmentation, growth targets and forecasts.
Economic Monitoring: We can assist you with developing econometric models and pressure curve analysis on industry segments. You can use this data in business planning, when adjusting strategies or when allocating resources.
Surveying and Focus Groups: There is no better way to take the pulse of the environment than surveying or focus groups. This service offering includes voice of the customer mapping and customer satisfaction surveys, ‘client versus competitor’ and media message delivery effectiveness. We incorporate various tools to execute these services, including telephone surveys, face-to-face focus groups or formal or informal discussions at trade show and professional conferences.
Competitive Intelligence: We can conduct competitive profiling and market share evaluation, SWOT (Strengths / Weaknesses / Opportunities / Threats) analysis, next likely moves and strategic roadmaps to help you get a better understanding of your competition.
Looking for more information on market research services? Contact Jonathan Ebenstein today.