Growth requires change. Market share cannot increase if you target the same people with the same message. Change is not daunting if you have data to define opportunities. McKinsey & Company released findings last year that found companies who fuse data and creative thinking grow twice as fast as those who don’t. The International Journal of Marketing found that Marketing Managers are consistently experiencing information overload and often end up relying on personal experiences to make decisions; research can improve this and provide frameworks to communicate effectively with consumers.
Research uncovers insights into the demographics, psychographics, motivators and challenges of who buys your brand/category and, arguably more importantly, who doesn’t. The analysis of the data builds an architecture of how to best to communicate with your current audience and those that pose as the greatest opportunity. Research allows brands to have long-term growth as they search for greater share of market, and stay ahead of competitors who continue to sell the same thing to the same people. Recently Marketforce has run workshops and focus groups that have enabled clients to:
- Discover the cause of trends, sentiment or appetite
- Test concepts, ideas, brand/product positioning and tone of voice
- Discover motivators to enter product’s category
For more clarity on your target market, products, brand or working with internal stakeholders, reach out to find out how research can help.