The first trait of a market leader is that they intimately know and understand the marketplace. Industry leaders use market research to keep their finger on the pulse of the market. They anticipate needs. They can predict change. They test and measure response. They’re proactive instead of reactive. Good research helps companies make good decisions.
Research comes in 2 varieties; quantitative and qualitative. Quantitative research deals in numbers, logic and the objective, while qualitative research deals in words, images and the subjective. Both can be valuable tools. Both can offer insight into your prospect’s and customer’s perceptions about your company’s products and services and how they rank compared to your competition. John Madden (Superbowl-winning head coach and pro football commentator) has said “the game is won in the match-ups”. The same is true in business. How do you match up to your competition? More importantly, how does the market feel you match up to your competition? What are your strengths and weaknesses? What is your competitive advantage? What feature or benefit is most important to your market and how do you rank compared to your competition? Research can help answer these questions and shed light on the reasons you are winning or losing sales.
Nonneman Communications can structure and facilitate your next research project. We’re here to help.