Author: Serena Berrey | Editor: Elizabeth Zuponcic
The secret to having a competitive advantage as a company in 2023 is simple: market research. Market research is the process of collecting, analyzing, and interpreting data about a target market. It is an essential tool for businesses of all sizes, as it helps them better understand their customers, competitors, and industry. By conducting this qualitative research, businesses can identify opportunities for growth, as well as potential challenges and threats; and become the leader in their industry by utilizing valuable information to set themselves apart from the rest.
Market research can give a business a competitive advantage using qualitative marketing data in many ways. Qualitative data consists of non-numerical information, such as customer feedback and opinions, which can provide valuable insights into how consumers think and feel about a product or service. By collecting and analyzing qualitative data, businesses can identify key drivers of customer satisfaction and loyalty, as well as areas for improvement.
Market Research is Useful in Many Industries
The most captivating and valuable aspect of market research is that it is applicable to any industry. Porch.com is a renowned website that provides a platform for homeowners to find and connect with home improvement professionals; it also provides a wealth of information and resources on home improvement topics, such as articles on design trends and how-to guides for DIY projects. Their goal is to make it easier for homeowners to find the right professionals for their projects and for professionals to find new customers. Because of their aspirations, they’ve highlighted the world of marketing research in their latest article.
Marketing Strategies for Home Professionals & Beyond
In their latest article, Marketing Strategies for Home Professionals: Expert Tips, our Director of Marketing at Focus Insite, Elizabeth Zuponcic, shared insights with Porch on how home professionals can utilize successful market research strategies to their own audience and network:
“Market Research can be divided into two categories: quantitative and qualitative research. In summary, quantitative research is the process of collecting and analyzing numerical data, whereas qualitative research is understanding the intent behind consumer decision making. Each type of market research can serve a beneficial purpose. But when it comes to standing out in a competitive market, qualitative research will be the most effective method for profitable results.
“It is important to remember that market research isn’t just about marketing; it directly affects the types of business decisions you should make. Speaking with potential customers that fit your target audience will provide you with the insights you need to save time, money, and frustration.”
Zuponcic advises to invest in qualitative marketing research as it will effectively answer these pivotal questions:
- Who is your customer?
- What does your customer want?
- Do customers like your product or service the way it is?
- Would they consider taking their business elsewhere to fit their needs?
“Knowing the answers to these questions will guide you in making the right decisions with confidence. Today’s data shows that customers want to be heard. Taking the time to discover these preferences through focus groups or one-on-one interviews will give you the critical information you need to create a more accommodating business structure.” (Zuponcic, Porch.)
Market Research as a Business Strategy
Overall, market research is a crucial component of business strategy, regardless of your industry. By leveraging the power of qualitative data and research, businesses can gain a significant competitive advantage. Whether you are launching a new product, entering a new market, or simply looking to improve your existing offerings, market research can provide the insights and information you need to succeed. Marketing research can give businesses an advantage because it provides them with valuable insights and information about their target market, competitors, and industry. By understanding these key factors, businesses can make informed decisions about how to position themselves in the market and develop strategies that will help them succeed.
At Focus Insite, we specialize in providing businesses with qualitative research services. We offer a range of services, including qualitative market research recruitment, moderation, transcription and translation, and more. By working with Focus Insite, we can help you gain access to valuable insights and perspectives from your target market, which will help you make informed decisions and stay ahead in a competitive market. For more information, contact firstname.lastname@example.org today.