Market research is an essential part of building a business. Whether you’re in the catering industry, develop pharmaceuticals, or work with social media, knowing what your consumers want, and what the competition is getting up to, is essential. You can do your own research, or you can hire an industry specialist to do pharma market research, exit surveys, subscriber followers or other information gathering for you.
If you’re not quite convinced about what market research can offer you, then check out these infographics. You might be surprised at what market research can do for your brand.
Market Research Gets Social
This infographic highlights how marketers are gathering brand insights, and how they’re increasing sales in the digital world. The numbers might surprise you. We all know that buyers pay attention to peer recommendations, but did you know that 70% of people trust online consumer reviews – even when they don’t know the person leaving the review.
If you want to learn what people really want, and what people think of your brand, watching conversations that take place online is a good way to get insights.
The CEO Gut
There’s always one person willing to buck the trend of following market research, and this infographic highlights how going with your gut can be a good idea. Successful CEOs know that market research can be misinterpreted, and sometimes going with your gut, even if market research disagrees, is your best option. This infographic shows some glaring examples of where market research has failed, and explains how, if you have a good knowledge of the niche you’re trading in, instinct can be valuable.
The Nitty Gritty of The Research Industry
This infographic explains what clients want, where people go to share information, which technologies have the most impact, and which market research companies are currently the most popular. All of this information is quite general, and doesn’t reflect any specific verticals, so if you’re particularly interested in, say, the hospitality industry or pharma market research then you might be disappointed. However, most of the basics will still apply – people want cheaper, faster and better, and mobile is fast approaching the traditional web as a way to get and share information.
The key to success is to combine market research with a sound understanding of the product or service you’re working with. If you think that a product or service has a good chance of success, then look for evidence to back that up – but don’t look only for the answers you want to hear. Consider the possibility that you could be wrong, and that you’re asking the wrong questions. Remember that having a better product than the competition isn’t a recipe for success. Apple’s iPods don’t have the best sound quality out of all MP3 players on the market – however they are the market leader because they’re easy to obtain, look good, and are easy to use. Don’t make the mistake of assuming that consumers only care about quality. Think about price, convenience, and aesthetics too.