Your company might have started experiencing a decline in sales despite being the market leader for the past two decades. If you don’t understand why this is happening, it’s time to employ the market research professionals. It could be that the new generation simply isn’t aware of your brand, or they might think your website performs too slowly compared to your competitors. Perhaps they believe the competition conveys more professionalism than your company, or maybe your products are a little outdated. Regardless of the problem, market research can find the solution to help you get back on track and secure the sales you need.
According to Communications for Research, “the most successful businesses in the world are those that anticipate changes in their marketplace, and make proactive adjustments that put them in the right position, at the right time, with the right products, programs and pricing.” Embracing change is crucial if you want to stay on top, and the only way to find out how you should adapt is by researching the market thoroughly. Here’s how market research can help you:
Improve Your Branding
Your branding is your identity, your crest, the first impression you set to new customers. Perhaps your branding was perfect when you were a startup, but all good things come to an end – or more accurately, they reach a point of needing to change. Market research allows you to gather feedback regarding your marketing content, logos, website, and copy.
Additionally, it’s important to remember the need to continually attract new customers as new generations becoming the driving force behind business growth. Are customers familiar with your brand? Do customers prefer your competitors’ branding? What do customers feel you represent by your website and marketing material? Detailed market research will answer all those questions and show you how to update your brand to win new, valuable customers.
Check Whether Your Marketing is Effective
You can only generate sales if people know you exist, and even if your branding and website are flawless, they won’t mean anything if customers can’t find you – or if you fail to send the wrong message. Professional market researchers can interview customers, recipients of your marketing materials, and focus groups made up of your target market, to find out what’s working and what isn’t. Marketing strategies change rapidly, and newer generations don’t find traditional methods appealing. If you haven’t changed your advertising style for years, now might be the time to make some changes. Market research will tell you what your customers want to hear.
Identify Opportunities for Growth
Expansion may be the answer to your declining sales troubles, even if you think the investment is too risky at this time. However, there may be customers in a different geographical location or demographic that are now ready to hear what you have to say. Mobile phones were mainly targeted at executives when they first became a hit, but just about everybody in the country owns one now. Market research will tell you how and where your sales could expand.
For example, if you own a line of retail shops, you need market research to decide where and when to open a new store. You can find out your potential customer base, which precise location would work best, and highlight the competition you’ll face.
Perfecting Your Product
If you’re working on a new product that you hope to see on the shop shelves as soon as possible, you’ll need to gauge whether it’s going to be a hit and if not, and what improvements you need to make. Even if your new product remains a concept scribbled on a piece of paper, market researchers can conduct surveys to see whether your target audience will be interested in the idea. Additionally, market research will help you create a distribution plan, a marketing strategy, branding ideas, and a product launch plan.
We’ve recently seen even the largest companies aren’t immune to bankruptcy, but many fail because they become too assured of their future success and fail to adapt to the changing world and find new inspiration. If you hire experienced market researchers to highlight weaknesses and areas for improvement, you’ll be equipped with the required knowledge to outshine the competition, win new customers, and elevate your company to new heights.