Here’s how market research companies like CMI can help your business.
Do you want to improve your company’s results, outperform the competition and make a success of your brand? Someone has probably already told you about market research and how beneficial it can be to your earnings and reputation.
Our advice, however, is not to make the mistake that so many companies make, which is to try to conduct market analysis on their own, summarily investigating Google and failing to dig a spider out of the hole.
For analyses of this kind you need to rely on real market institutes, such as our company: Central Marketing Intelligence (you can call us friendly CMI)!
You may be wondering how we can help your business and marketing efforts? “Simply” offering you the tools to correct past mistakes, learn more about your market, target customers and competitors, and get your reputation and brand visibility off the ground.
Today we want to talk to you about why you should turn to Market Research Institutes and how their analyses can help your business improve.
But let’s go step by step…
What is market research?
A market research is the process of collecting, analyzing and interpreting information aimed at helping companies solve marketing challenges.
For example, a market research helps companies make sound decisions, such as determining the feasibility of launching a new product before devoting time and money to the project, adopting the right advertising strategies (online and otherwise), understanding the methods and channels of communication with customers, and much more.
Simply put, market research is critical to a company’s development.
If done properly, not by you or your staff but by real market research firms, they can help you better design your business marketing activities.
Are you wondering when they are needed?
In fact, market analysis should be an ongoing activity. SMEs and Large Enterprises should always be familiar with the market in which they operate, the needs and preferences of their target customers, the activities of their competitors, and you name it.
The market undergoes constant changes, so it is important to constantly make sure what factors are changing and what events might have a positive or negative impact on your marketing plans.
Read also: Statistical sample for market research: here’s when it’s valid and when it’s not.
Why should you not think about DIY but rely on a market research company?
The reason is simple. If you analyze the market without the right tools (or without knowing how to use them to the fullest!) you rely on your instincts… Combined with superficial information you can glean perhaps from small surveys or from rough exploration of Google results pages, blogs, forums, and social networks.
A market research institute guarantees you completely unbiased reporting that is as comprehensive as possible.
Be careful, however: it is not necessarily the case that all market research agencies conduct truly useful research.
For example, there are those who still rely on surveys, interviews, and focus groups, perhaps without realizing that the results of these methods are biased and may give false results regarding, for example, consumer needs and opinions.
Here, these are not the methods we use at CMI.
Relying on Central Marketing Intelligence means getting actionable market research, that is, translatable into direct action by your company.
Specifically, we probe the web, listen to the web by analyzing Big Data using special software with the goal of answering precise questions.
By asking the right questions (related to your target market, your target customers, your brand, and your competitors) and querying Software using the right algorithms, we are able to “talk” within days with hundreds of thousands of people or, in the case of big brands, with millions of people at the same time.
And now, we come to what you are probably most curious about.
Read also: Research and surveys: the (necessary) questions to get to the right answers
What are the benefits of market research as far as your marketing activities are concerned?
We don’t want to be long-winded, however, we recommend that you prepare to read a good list. Here are the main benefits of market research for your company:
- They strengthen your position in the market.
- They help you have a better awareness of your market, target audience and competitors and adopt the proper strategies to stay ahead of the game (or earn it).
- They minimize any investment risk.
- They identify potential threats and market opportunities.
- They help you discover the strengths and weaknesses of both your company and your competitors. You can then use the research results to adapt and file down your weaknesses and understand your strengths, while at the same time taking advantage of competitive analysis so that you can fully benefit from it (by not making competitors’ mistakes and adopting, and improving upon, winning marketing strategies).
- They facilitate strategic planning, giving you great opportunities to achieve your business goals.
- They identify current and emerging market trends.
- They help you keep up with the competition and outperform it.
- They show the needs, demands, and preferences of your customers but also what your target customers do not like.
- They help you understand how to communicate with customers and what channels to use to do so.
- They evaluate the success of your business.
And much more!
We at CMI, in addition to getting you actionable, understandable and truly useful market research for your business, can also offer suggestions aimed at improving your business through our in-depth marketing expertise.
Would you like more information about our method and what we can do for you? Contact us now-we are ready to help you!
