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Market research is at the heart of any successful marketing strategy. A lack of market research can result in a failed campaign or one that doesn’t work as hard as it could for your business.
Today’s consumers are well positioned to research your product or service independently and make their own decision about purchasing, entirely independently from your sales team. Your marketing strategy must cater to this and hit the right touchpoints. You need to understand your buyers and what influences their behaviour and their decisions.
Only with a thorough understanding of your market can you develop products or services that naturally appeal to your customers. Market research is the only way to understand your customer habits and demands. However, you also need to understand your industry and your competitor landscape. Are your competitors big or small? How does your company compete on brand awareness? How much does their target market overlap with yours?
Types of market research
Market research can take place in many forms including surveys, polls, interviews, focus groups and observations. The type of research you need depends on which channel is most appropriate.
We offer consultative advice on research topics to spearhead key messages and resonate with and engage target audiences. Our research arm, in collaboration with OnePoll, can develop and manage qualitative and quantitative surveys. This includes initial consultation, data analysis and press office support and management.
Following analysis of raw data sets, we design, implement and run research-rich publicity campaigns that engage stakeholders and generate positive media coverage, favourably positioning the clients we work with as credible thought leaders.
Magenta has previously sponsored i-FM’s Brand Survey research within the facilities management sector. Using the survey results, we produced a comprehensive report on the status of FM service providers’ brands, which is used by marketing professionals across the sector.
Market research is the power behind business development.
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