We conduct research so you can make informed decisions.
Market research is the systematic process of collecting, analysing and interpreting information, through research directly conducted on the target market or industry. This method allows organisations to discover their target market, collect and document opinions and make informed decisions. Market research is the foundation of any successful company. It can take the guesswork out of innovation and resources required that hold the most potential for ideas and projects.
Market research allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service.
Types of Market Research
Primary research refers to first-party data or information. First-party data or information is all the data and information you’ve collected on your own. You’re not quoting any other source’s work. Examples of primary market research include:
- Focus groups
This type of market research can help strengthen your marketing strategy with data and information that comes directly from your customers. It’s arguably the most valuable type of market research because it’s particular to your customer base. This allows you to get candid details on business strengths and weaknesses to understand the overall customer experience.
Secondary research refers to second-party or third-party data or information. Second and third-party data is collected from information that already exists within the market. The research is not done by you, but by other businesses or organizations. Examples of secondary market research include:
- White papers
- Government reports and studies.
- Trade or industry-specific journals, magazines, newspapers.
- Television and radio.
- Academic papers and educational resources.
- Literature reviews.
- Online articles and case studies.
This type of market research can help you get a better understanding of your industry. You’ll be able to identify how competitors operate, important industry statistics, and other valuable insights that you can use to help create a more informed marketing strategy overall.
Qualitative research refers to the collection of data that is not numerically measured.
Qualitative research can be primary or secondary. You can use primary market research methods such as interviews, polls, and surveys to find out how customers feel about your product or service. The goal is to understand how they think. You can ask open-ended questions like:
- What made you buy our product or service?
- How do you think our product or service stands up to competitors?
- What features do you like about our product or service and why?
- In what areas do you think our product or service could improve and why?
This type of market research gives us insight into what customers are thinking. It’s the only way to discover why a customer decides to trust your - or another brand. When you conduct customer research, you can ask customers specific questions about your product or service. The answers to these questions will help you form better marketing strategies that take all their feelings and thoughts about your product or service into consideration.
Quantitative research refers to collecting numbers for statistical analysis. Like qualitative research, quantitative research can be primary or secondary in nature.
This type of market research is all about having the figures to back up your marketing strategy. The statistics aren’t interpretations, they are empirical evidence. Quantitative market research can look like:
- Alexa Rank
- Bounce rate
- Share of voice
- Social media followers
- Social media engagement
This data can act as a benchmark for where to spend more time and money in your marketing efforts. Once you know where you stand in a market among certain dimensions, like your pageviews or subscribers, you can adjust your marketing strategy accordingly to reflect your findings.
Market research allows a company to discover the target market and obtain opinions and other feedback from consumers about their interest in the product or service.
Why Market Research?
Successfully running and growing your business depends on understanding your target market. Once you have a clear picture of their goals, needs, and values, you are more able to drive them towards your offering. Market research is one of the best tools you have for understanding your customers. It gives you hard data that you can use to drive your strategy, making both marketing and selling easier and more effective. Without research, it’s impossible to understand your users.
The Value Propositions
Make more informed decisions.
The more research that is embedded in the strategic plans of a firm, the better equipped it is to deal with the changing environment within which it operates.
Strengthen the business position.
It helps businesses strengthen their position. Knowledge is power. Use market research to gain a better perspective and understanding of your market or target audience and ensure that your firm stays ahead of the competition.
Minimises any investment risk.
This is a simple but vitally important and often business critical consideration. Spending what is often only a small proportion of your investment on researching and testing the market, product, concept, or idea makes sound business sense.
Identifies potential threats and opportunities.
Both primary research (fieldwork) and secondary research (desk research) can be utilised as an insurance policy against both obvious dangers on the road ahead. Coupling this with some qualitative research for deeper probing can highlight certain opportunities or reveal warning signs that may otherwise have been missed.
Discover strengths and weaknesses.
It’s vitally important to adopt an ‘eye’s wide open’ approach to any market research project, which is why it’s often advised to work with an external market researcher to ensure completely unbiased reporting. Use your research findings to adapt and learn from your own weaknesses, all whilst capitalising on your new-found knowledge from competitor analysis, to take advantage and forge ahead of the pack.
Facilitate strategic planning.
What is the foundation of your business strategy? If it is evidence-based and you’ve taken the time to invest in your own (and hopefully ongoing) research, you can be confident that you’ve given yourself the best chance to achieve your business goals.
Spots emerging trends.
Staying ahead in business is often about being the first, being the best or doing something that no-one else has thought about. Regularly taking the ‘pulse’ of what’s hot and what’s not in your industry is a key discipline. Speak to your research consultant about the range of techniques you can employ to identify and exploit these trends.
Research keeps you from planning in a vacuum.
Your team might be amazing, but you and your colleagues simply can’t experience your product the way your customers do. Customers might use your product in a way that surprises you, and features that seem obvious to you might confuse them. Over-planning and refusing to test your assumptions is a waste of time, money, and effort because you will likely need to make changes once your untested plan gets put into practice.
To stay ahead of competitors market research is a vital tool to carry out comparative studies. Businesses can devise business strategies that can help them stay ahead of their competitors.
How We Do It
We help you uncover quantitative data such as size and demographics, and even qualitative research data like psychographics to get a better understanding of the size and scope of your industry. We provide an analytical understanding of what your customers want, and what your competitors are doing to succeed.
Market research will be the driving force behind your customer journey because it helps you understand exactly what they want and need. The dynamics of your market can change rapidly and often without much warning. That’s why it’s always important to make sure you’re conducting the market research process regularly. This will help you stay up to date with your industry, customers, and competitors at all times. This will, in turn, help you create stronger marketing strategies. There are four main types of market research. Each of these 4 types can help you extract data and information about your market in different ways.
Types of objectives
Help a company or business development, through proper planning, organisation, and both human and material resources control, and thus satisfy all specific needs within the market, and at the right time.
Satisfy customer’s specific needs through a required product or service. The product or service should comply with the requirements and preferences of a customer when it’s consumed.
Determine the economical degree of success or failure a company can have while being new to the market, or otherwise introducing new products or services. This will provide certainty to all actions to be implemented.
We are a specialised risk management consultancy implementing the latest technologies and best practices for businesses to manage their risks, build their business resilience and accelerate their growth.
The Vision of Eagle Edge is to be the catalyst for risk transformation, resilience creation and growth acceleration of our client's enterprise value. We turn risks into opportunities.
Ahead of the competition.
Being the best demands a persistence, to keep getting the basics right, combined with a curiosity and willingness to innovate. Knowing how to leverage the findings and insights you extract from market research, audience research and data research are the keys to both getting and staying ahead.
Provides revenue projections.
A market forecast is a core component of a market analysis projecting the future numbers, characteristics, and trends in your target market. Potential customers can then be divided into segments. You will want to focus on the best market – which is not necessarily the largest one or the market with the highest growth – it will be the one that matches your own company profile.
Focused customer needs and demands.
There are so many important reasons to keep your customers at the centre of all that you do in business - and the same goes for research. With so many ways to reach customers using online panels, web communities, telephone survey’s, depth interviews and focus groups, market research keeps you attentive to where you can improve your proposition, customer service or product offering
Success of a business against benchmarks.
A survey found that companies that benchmark achieve 69% faster growth and 45% greater productivity than those that don’t. Use market research for competitor research, employee engagement surveys, and to highlight performance or knowledge gaps and areas for potential growth. This will open your company up to thinking about new methods, ideas, and tools to improve your business effectiveness.
Market research drives your communication not only with your current customer base but with target prospects as well. Market research shows you where your customers can be reached, as well as what language will be most effective in attracting their attention and resonating with them on an emotional level.
Market research helps you identify both high-level and more accessible opportunities for reaching and converting new customers. It can be the best way to discover new platforms for advertising, consumer concerns you were unaware of, and gaps within your market that you can fill.
Concrete data keeps you focused on the real opportunities and helps you avoid unproductive effort. When you understand your customers, you can use your resources to reach them more effectively, with less risk of wasting time, money, and effort on marketing initiatives that don't work. Market research also helps you identify low-risk, high-reward areas where your company can expand or offer new services.
Gives the ‘why.’
Big data, user analytics, and dashboards can tell you what people do at scale, but only research can tell you what they’re thinking and why they do what they do. For example, analytics can tell you that customers leave when they reach your pricing page, but only research can explain why.
Beats assumptions, trends, and so-called best practices.
Have you ever watched your colleagues rally behind a terrible decision? Bad ideas are often the result of guesswork, emotional reasoning, death by best practices, and defaulting to the Highest Paid Person’s Opinion (HiPPO). By listening to your users and focusing on their customer experience, you’re less likely to get pulled in the wrong direction.