If you have a product or service that isn’t selling well or you want to sell it better, our Market Research services can help you uncover hidden insights that will enable you to achieve your business goals.
Market Research saves the day when you have business questions that you cannot answer with existing data. We use data science to help find the answers. If you’re unsure of your questions or are not entirely clear, we can help you formulate and refine them.
How Does the Process Work?
The process of market research depends on how established your business is as well as your overall goals:
Early Stage: At the beginning stages of a business, the market research project is usually exploratory in nature.
Our exploratory research will highlight the landscape of the market or potential answers to a research question with options to dive deeper into any areas of interest.
The main goal of the research is to identify any problems or potential for entry into a market.
Mid Stage: At the early-to-mid stages of a business, the market research project tends to be more descriptive, focusing on collecting relevant data to answer specific marketing questions.
For example, we can use a focus group to determine the perceived benefits of a product or service. We can also use it to ascertain the strength of a website or marketing campaign.
Since the business is relatively young, the goal is to obtain useful data from research methods to provide detailed answers to specific marketing questions.
Established Stage: As the business continues to grow and amass their data, more sophisticated market research can be done by looking internally and by combining internal data with external data.
For example, a predictive model can be built by combining both available native data and data synced from elsewhere to make specific predictions about a marketing problem.
We can also use internal customer data and social media data to predict which segments of existing customers will respond better to which type of messaging. The goal here is as varied as the possibilities enabled by the quality of the available data.
Contact us to secure a quote for your project.