Don’t underestimate how vital it can be
A lot of companies we have worked with have either underestimated the importance of market research or were under the impression that the costs involved meant that it was beyond their budget. Market research gives you a window with which to view your clients and should be part of any marketing budget no matter how small.
A multi national Retail Services Company that operated from over 4,000 high street sites world wide were developing an own brand product range to replace an existing house hold name. The range was to be launched in the UK, the territory that we were responsible for. Given that the UK represented over 30% of a £12m global turnover it was important we got things right.
We insisted on carrying out our own research. Our results showed that although the product quality was of a higher standard to its competitors the packaging design left it behind its rivals in terms of consumer choice. We had to spend thousands on new designs. This could have been avoided if the initial research was more thorough but at least we implemented the changes before we launched. Market research can come in all shapes and sizes and the development of online services have made it easier and more affordable than ever before. If you are thinking of carrying out research make sure you keep it simple, don’t try and ask too much. Get the target group right, bear in mind your original objectives. More importantly than anything, be prepared to modify what you are doing based on the results. Don’t go into a research project simply to back up what you believe is the case, more often than not it isn’t.