The following blog post is a summary of a recent project completed by Research & Marketing Strategies, Inc. (RMS).
A regional retailer recently partnered with RMS to conduct market demand research. The retailer wanted to better understand the consumer perception of its brand, understand the potential consumer and customer profile, identify brand perceptions, and assess market demand for furniture.
RMS created and administered two online surveys — one to community members in the retailer’s target market area, and one survey to their customer base. Each survey was segmented to target two geographical areas. This allowed the RMS team to determine how customers in “location 1” compare to “location 2,” how general community members in “location 1” compare to “location 2,” and how customers compare the general community members overall across locations. The online surveys explored awareness and perception of the retailer’s brand, purchase history, and the decision-making process for furniture purchases. The client provided a customer database, and RMS obtained general community feedback using the RMS ViewPoint Research Panel. The ViewPoint Panel is a fully vetted panel of individuals across the country who have opted in to provide feedback on various market research projects. Fieldwork lasted approximately one-month total for both surveys. Following the data collection and analysis period, a comprehensive report was delivered to the client, which included a visual dashboard of the findings, as well as next steps and recommendations that can be used to inform strategic planning.
Here are some highlights of the study’s findings:
- Difference in household income and population trends were identified among audience type (customers and community members) and across geography
- Brand recognition was high among customers, and moderately high among general community members in both geographical locations
- The amount spent on total household furnishings and equipment is not expected to change between 2017 and 2022 in both geographical locations. However, there is opportunity within the floor coverings category in both markets, which is expected to see a moderate increase in average spent per household
- Top competitors for both geographical locations were identified at a high-level
- The most influential factors in the furniture purchase process were identified across both markets, with an overall summary of the decision-making process for furniture purchases provided as well
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 Vice President of Corporate Development at SandyB@RMSresults.com or by calling 866.567.5422.