What is Market Research?
And how does it work?
In this guide, we'll explain the whys and wherefores of Market Research. You'll learn why businesses use it consistently to underpin and inform their growth and development strategies.
We'll explain how Market Research works, who uses Market Research, and what questions it can answer for a business.
And as well as the 5 biggest benefits from Market Research, we'll also explain exactly what the process is and what results can look like.
Click the dice below to jump to each key section, or just read on.
Market Research is the process of collecting and analysing data to help answer questions about your business so you can make evidence-based decisions, reduce risk and boost growth.
Market Research can be used to answer very specific business questions and objectives. It can also be more exploratory, helping you understand the micro or macro environment in which your business operates.
Basically, Market Research is a useful tool whatever the unknowns in a business. Making important business decisions without supporting data can be a risky strategy.
Good quality market research provides data-driven, robust insight to support business strategy and inform choices.
Read our blog: can you really know your customer?
Market Research can answer almost any question, by independently targeting your key audiences, who ultimately influence the success of your business.
Just a few examples of questions market research can answer include:
Almost every business sector can and does use Market Research, both B2B and B2C, to uncover insight into their markets, customers and internal business performance.
Assessing current performance against future potential, understanding customer behaviours and responses, in order to make the right decisions going forward, make Market Research an invaluable tool.
Here are just a few examples of businesses that now rely on Market Research:
Explore how well you deliver high quality customer experience at every stage of the property journey; understand customer motivations for using your services or not; identify specific pain points and learn how you can improve specific aspects of their service; quantify how likely customers are to recommend the company to others.
Measure the customer experience you deliver in store and online; understand how customers perceive and rate your product range and layout; track your employees’ satisfaction; explore product or service innovation concepts.
Assess the customer journey from initial research phase online/via brochure or in person through to the booking process and the travel experience itself; explore new product ideas; gather wider insight into customer travel habits and preferences.
Every market research project is carefully designed to meet your company’s specific objectives.
Every project is different and often combines multiple stages and methodologies. However, they should all share some characteristics and components.
Click each step on the typical timeline below, to see what each step entails:
Discuss and define (if feasible at this stage) objectives, scope, timeframes and budget.
Yomdel will create a fully costed research proposal to meet the brief, often with different price options depending on approach.
Once commissioned, Yomdel will create a master project management document, start the recruitment (if required), write/program the questionnaire(s) or discussion guide, and organise any fieldwork or operational tasks required.
Online surveys dispatched; focus groups / video diaries / depth interviews conducted.
All research results are collated and analysed, before being presented in an action-oriented report providing specific and detailed recommendations.
We can come and de-brief your team in person or guide you through the findings online.
The most important part of any research study is the reporting and analysis.
Yomdel prides itself on providing practical, actionable insights, tailored to the relevant audience and stakeholders.
Reporting requirements are discussed right at the start of the project and tied in directly to your research objectives so your business extracts maximum benefit from the findings.
The outputs will typically be a mixture of dashboard charts, verbatim quotes, word clouds, text commentary and recommendations as appropriate, all collated into a user-friendly action-oriented PowerPoint presentation.
Any multi-media data and excel data sheets will also be available where relevant.
Market Research is a strategic requirement for any business intent upon achieving growth and development targets in the most efficient and effective manner.
Understanding your customers, anticipating their needs and reactions, planning your product and service development are all key components of that success.
The advantages of conducting market research are many and varied. Here is an overview of our Top 5:
See your business afresh through your customers’ eyes
Measure the relative importance of different criteria to focus time and energy effectively
Gather in-context insights to identify and eliminate pain points
Increase brand advocacy through listening and responding to customers’ needs
Recognise high quality performance through positive customer feedback
Identify training needs and provide additional support and solutions
Empower staff to improve their own performance and tweak processes
Improve your empathy and understanding of other roles in the business
Make more informed, better decisions
Implement more effective strategic planning
Improve success rates for new initiatives
Increase sales and boost revenue through accurate price modelling
Understand how your business fits within the broader sector marketplace
Check brand positioning and profile as seen by your customers
Learn from what your competitors do well and what they do less well
Ensure competitive pricing and USP product/service delivery
Test new ideas in a low-risk environment
Explore user journeys through mobile diaries or online focus groups to optimise processes and uncover new areas for innovation
Use A/B testing or MaxDiff / Conjoint studies to focus R&D funnels and target the most promising areas
Guide new branding, advertising, marketing messages with quick online panel testing
Click here to Schedule a Chat about your own research requirements.
Keep a copy of this page in our handy guide to Market Research