Leveraging Market Research for Business Success

1. ARROWPOINT-MARKET RESEARCH AND INSIGHT SOLUTIONS Strategic Insights: Leveraging Market Research for Business Success

2. Market Research Outlook on Value for Money context Deciding that market research is an additional expense one cannot afford might be a common perspective. However, it could be more beneficial to view it as a form of insurance for advertising. Similar to insuring the substantial investment in homes, spending a few thousand dollars on market research can yield invaluable market intelligence. This intelligence, in turn, ensures that significant amounts of money (potentially hundreds of thousands or more) spent on campaign creative and ad placements are utilized in the most effective ways. A recent scenario with one of our clients exemplifies this concept. They sought our assistance in updating a company logo and tagline that had been in use for decades. Naturally, such a decision was not made lightly by management, given that the new brand elements would be applied to everything from stationary and business cards to signage and company trucks. While this represented a considerable investment, the evolution of the brand aimed to convey positive changes in customer service and new product lines, enhancing the solutions they provide. Recognizing the importance of building upon the company's existing brand equity in the market, we approached the task with strategic consideration.

3. Our clients concurred that the most effective method to ascertain their customers' true sentiments was to directly inquire. To execute this approach, members of our team accompanied company sales representatives, conducting field research interviews with various customers. The outcome provided a significantly clearer understanding of how customers presently perceived our client. In many instances, the interview results surprised the company management, offering insights that were previously unforeseen. Furthermore, it provided a clear roadmap on how to guide the creative process based on these newfound perspectives. • Market research can provide a great deal of extremely valuable information, for example: • Are there customer needs currently unmet by you or your competitors? • What specific ways do customers wish you would improve your products or services? How about your competitor’s product and services?

4. Does the new advertisement or brochure you are developing really tell customers and prospects what they need to hear to want your product? • Where do customers actually look for information on your product category (e.g. are you spending your money in the right places)? Market research doesn't have to be a costly endeavor, yet it holds immense value for your business. Understanding your customers' opinions and identifying your competitors' weaknesses can unlock crucial opportunities for newfound success. In the realm of outperforming your competition, having knowledge is genuinely the most powerful asset you can possess.