Market research: innovative insight solutions for smart decisions

1. Market research: innovative insight solutions for smart decisions If you want to improve the performance of your business or organisation, market research is an essential tool in this process. It allows you to collect data using specific qualitative and quantitative research techniques to gain insights into consumer motivations, behaviour, market trends and industry competition. We’re here share what you can expect when you embrace market research and marketing science for your business. How is market research used? Market research can be utilised by organisations or businesses in several ways, including to: Understand consumers –gain insight into the psychographic and demographic profile of your consumers, so that you can better meet their needs and anticipate their behaviour. Monitor brand and communications –track the performance and effectiveness of your current strategies and initiatives to ensure continuous improvement and the ongoing health of your brand. Product testing –test the market reaction to a new product or service so you can respond appropriately to consumer feedback. Sensory evaluation –measure the sensory response to products using scientific methods to enable optimisation of the sensory experience. Create new strategies and initiatives –use the data from research to develop innovative strategies and brand development to meet your business objectives. Find new markets –discover what gaps may exist in your current market or expand into a new market for continued growth. Research competition –explore the competition in your market so you can be more competitive and remain up to date with industry trends. How is market research conducted? It is possible to conduct market research yourself (known as DIY market research). However, there are a number of potential risks associated with this that could put you and/or your entire organisation or business at risk. A non-professional may or may not be aware of these risks. Poorly constructed questionnaires, discussion guides and sample frames as well as poorly executed fieldwork or analysis and interpretation of results can compromise the integrity of the research. Other risks that revolve around ethical obligations as well as privacy and data protection can also be commonplace with DIY research which could result in litigation. To avoid these risks, the most reliable method of conducting market research is to use a market research company that has the expertise and experience required to undertake your project. Colmar Brunton’s market research consultants and brand consultants follow a

2. rigorous 8 step process when designing and implementing innovative research solutions. This research solution will provide risk mitigation strategies across the end-to-end research process giving you the confidence that the results will be valid and reliable. Our team of skilled market research and brand consultants work to global best practise standards to ensure the insights they deliver give you with the confidence you need for your strategic decision-making. What are the benefits of market research? ●Informed decision making –takes the risk our of decision making by providing you with evidence-based data and insights. ●Optimises success – optimises the potential financial impact by enabling you to test new ideas, products, services and communications. ●Focus on consumer needs –enables your business to respond appropriately to consumer needs by providing high-quality insights into their motivations and behaviour. ●Reveals new opportunities –identifies new opportunities for your business to expand or develop new ideas by providing market and competitor insights. ●Identifies weaknesses –identifies and addresses the areas of your organisation or business that are not performing as well as they could. ●Strengthens market position –evaluates your position in the market so you can ensure that you remain competitive and keep on top of changes and emerging trends. ●Allows for ongoing evaluation –measures in market performance with a focus on continuous improvement for your business. Colmar Brunton leads the industry when it comes to market research in Australia and we are committed to delivering insights to inspire big ideas. Our consultants are thought leaders who have experience and expertise with a range of sophisticated market research techniques so you can better understand the needs and motivations of your customers. To gain insights from one of Australia’s leading market research companies, speak with Colmar Brunton today.