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How can market research help my business?
September 23, 2021
Welcome to Attest Explains! In this series we explore the wonderful world of market research, to help you better understand it, use it and ultimately grow your business as a result of it.
Whether you’re new to market research or just need a little refresher, this is our quick summary of how it can help you and your business.
Think about every decision you make in your business. Wouldn’t it be great to know you’re making the right ones by checking in with your target customers on a regular basis?
Of course, the unknowns that market research solves can vary hugely. So we’ve pulled together a list of typical marketing challenges that are common among our network, and how market research can help solve them. Hopefully one or two will resonate with you!
Challenge number one: you don’t know much about your target customers and their habits.
Finding out who your target customers are and how they make decisions is super important. Knowing their interests and behaviours gives you that much-needed knowledge of how likely they are to become a customer and how you should communicate with them.
Challenge number two: you’re unsure whether a piece of branding resonates with your audience.
The first thing you need to do when developing a new product is to find out what people are looking for and use that insight to shape your product or service.
Take Lego for example, they realised girls weren’t buying their toys. So they tested their concepts and found that girls prefer building interiors and complete environments, rather than individual structures.
They launched the new range and tripled the market for girls’ construction toys in just two years.
Challenge number five: you don’t know how your brand is perceived or how it compares with your competitors.