Market Research should be at the heart of your business. The insight that this provides will be the knowledge foundation upon which you will define your ideal client, build your business proposition and marketing strategy. Market research can be key not only to understand your customer better but also to understand the competitor activity to help inform and support any new product development.
What is Market Research?
Put simply it is the process of gathering and using information & insights about your business, market and clients to help you make more informed decisions. The challenge is working out the smart questions to ask, understanding the gaps which you have and deciding who to talk to.
There are two types of market research techniques and which can be used to understand different aspects of your business – Qualitative and quantitative:
Qualitative research is defined by the CIM as “research that does not use numerical data but relies on interviews, focus groups, etc usually resulting in findings which are more detailed and subjective.”
Quantative research is defined by the CIM as “research which concentrates on statistics and other numerical data, gathered through opinion polls, consumer satisfaction surveys, etc.
Why do I need Market Research?
Market Research is a great way for small businesses to understand the dynamics of their market place and identify the needs and motivations of their customer base. As a result, the marketing plans you build will be appreciated by your clients and give you a competitive advantage vs your competitors.
How can we help you?
At Rimu Marketing we can help support you, the small business owner, to implement a broad range of market research projects, depending upon your individual requirements:
- Audit: Conducting an audit to help you understand what data you have, define and understand your market, competitors and clients.
- Create & implement a research plan on your behalf.
- Review: Demonstrate how to use the data you already have and showing you where to look to build your knowledge.
- Training: We can also help to train you on how to review all of your marketing channels and how to use key tools such as Survey Monkey, Google Analytics, etc.
The most important thing is to then apply the learning an insight to your moving your business forward and achieving your business growth objectives.