The following post was written by Josh Elander, Research Associate at RMS.
Jumping into the world of market research can be a daunting idea, especially when your business isn’t accustomed to the research process. A great market research firm will be able to customize the project to suit the needs of your business, and help you get the answers you need to make impactful and strategic decisions. Below are a few of the most common reasons why businesses turn to an experienced market research firm.
- New Product Testing
Launching a new product can be an exciting yet equally crucial time for any company. Not only will it have an immediate impact on the bottom line, but it will also have implications on your brand image. Fortunately, there’s a research solution for both. Product and market demand studies can be fully designed around your particular initiative. Whether it’s a new piece of consumer technology, a new beverage line, or anywhere in between, there’s a range of options for this type of research. Surveys can gauge general consumer interest in a potential product while focus groups or in-depth interviews can put the product into consumers’ hands. Approaching a new product launch utilizing multiple research methods can dig into every detail to make the launch as successful as possible. When working with a firm on a new product launch, ask them to discuss the array of options they would recommend for your particular product, rather than relying on a cookie-cutter research approach.
- Optimizing a Marketing Campaign
Effective marketing is an invaluable tool, but can be challenging to accomplish. The greatest marketing campaigns produce an emotion in the consumer; an ad that makes them laugh or a logo that catches their eye, for example. But how do we know what kind of marketing is going to work with your target customers and demographics? Well, you could certainly come up with a few concepts that your team likes and hopes your consumers will too. Or, you could put your mockups in front of a test audience and gauge the great and the not-so-great aspects of those ideas. More brands are turning to research to acquire insight into the latest consumer marketing trends in the digital world – what works best for your target demographic, the media platforms you should use, and common mistakes to avoid in your marketing. Who better to judge your marketing campaign than your customers?
- Solving a Company Issue or Question
Not all research is conducted on consumers. In fact, an increasingly common recent trend is utilizing research methods to conduct studies on other facets of your business. Employee satisfaction surveys are one of the most common examples of this kind of research, in which employees may give anonymous feedback regarding their experience in the workplace. Results provide the organization with a punch list of information specifying what makes employees happy in the workplace, and where there are opportunities for improvement. Both of which can have a positive impact on the company’s bottom line by reducing turnover and the associated costs of new hires. Client satisfaction surveys are also a powerful tool to gauge the effectiveness of your relationships with business partners or clients. These surveys can be especially powerful for B2B organizations. The results of the research reveal areas of strength and points for improvement, allowing your company to identify opportunities to better serve your target audience.
RMS is a full-service market research firm located in Syracuse, NY. If you are interested in learning more about our research capabilities, please contact Sandy Baker, our Senior Director of Business Development & Corporate Strategy at SandyB@RMSresults.com or by calling 1-866-567-5422.
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