Consumer Research & Insights

Overview

Whether you’re eyeing markets in the next town or across country, the importance of knowing what consumers watch and buy is paramount. Study of consumers across geographies provides the most complete view of trends and habits. And we’re constantly evolving, not only in terms of where we measure, or who we measure, but in how our insights can help drive profitable growth.

Whether your business is a multinational enterprise or a single storefront, we believe innovation is the key to success, in both what you create and how you market your products and ideas.  That’s why we continue to develop better solutions to help you meet the needs of today’s consumers, and find out where they’re headed next.

Our Perspective

Insights into customer behaviour aren’t just valuable; they’re essential to predicting customers’ actions in an increasingly complex marketplace. If a business wants to succeed in its industry, it must understand its target market. Significant research and understanding of the business, its competitors and its customers must be done to gain insight into the overall economic picture of the sector. It allows a business to discover untapped potential in the field.

Most industries have client needs that are either under-served or undiscovered altogether. But with the power of market research and industry intelligence, one can discover and utilize these areas to stand out from the competition and provide your customers with a service they have been sorely missing or discover methods of becoming more efficient.

All businesses do not operate in a vacuum; they serve the needs and desires of customers, wherever they are, and by whatever means necessary. Market research helps businesses understand those needs and desires, so they can better address what customers are searching for, and how efficiently and securely it can be delivered.

Market intelligence also helps businesses reach out to their target market more effectively using best methods and most cost-effective channels.

Challenges

The major challenges that face today’s business owners is in determining whether a business is economically viable or feasible to operate. Launching new products or offerings to the consumers also needs to be weighed to arrive at the right conclusion. Business owners need to realize that it is essential that they offer their products and services to the right segment and through the right channels. Having the right combination product, channel and market offering will lead to success of the enterprise. As such, it is important to identify and activate this combination. The product being offered needs to be tested in the target markets. Thereafter, the identified and successful could be replicated in similar markets for business expansion. Also, enterprises must stay flexible and alert to changes in market dynamics and environment, react quickly to such changes to stay ahead of the competition and de-risking obsolescence.

Impact

• Determine the feasibility of a new business. Gaining insights is an essential component of a business plan for start-up businesses – if market research does not indicate a demand for the product or service, the proposed business will not likely be viable.
• Test interest in new products or services to respond to customer needs.
• Find and develop new markets.
• Monitor industry and economic trends and develop strategies to adapt the business to the changing environment.
• Determine optimal product placement – when, where, and how should a product or service be distributed.
• Improve aspects of their businesses, such as customer service.
• Develop competitive strategies – for example, setting competitive pricing for products or services or determining how your products/services and customer service compare to the competition.
• Develop optimal strategies for: 
  • Promotion – how to get the message out to the target market via branding, traditional advertising and/or social media, etc.
  • Price – how to decide on the optimal price points at which product to be launched in the market
  • Channel – how to decide the various channels to reach the customer in the most cost-effective manner
  • Market – how to decide the most appropriate model to enter into the market

Aggregation and understanding of customer data helps develop customer insights for a thriving business. Leveraging customer insights to define the benefits and values of each of the offerings, and to develop competitive advantage thereby giving the marketing team the knowledge they need to influence customer behaviour.

Custom research: Market Research could be of various depths —custom, consultative market research or more standardized, ongoing research. Whatever the research the business needs to see the bigger picture, to help gather the right intelligence to make decisions and investments confidently.

Get Better Outcomes with Better Customer Insights – Understanding the increasingly complex industry to design creative, effective solutions specifically tailored for the business will help improve market share. Market research helps answer the questions about customers’ behaviour with data-driven research implemented by an experienced partner.