Unlock Greater Customer Loyalty with Business Market Research Services..

 You must have heard of the adage that goes “The first rule of fishing has always been: fish where the fish are.” Obviously, you won’t waste resources on “fishing” for the wrong customers in the right place or the right customers in the wrong place. This is where market research helps you to find “where the fish are.”

In this piece, we will be discussing the challenges with traditional marketing research and how intelligent marketing research firms help you take the lead and step forward.

You can’t deny the fact that marketing has become more competitive than ever. Businesses braw over the same consumer base, which is why it is essential that you use insights to gain an edge in your strategies. Besides, getting a deeper and broader knowledge of your audience is always good; but there’s a new and effective way that enables you to augment your efforts and streamline your process: marketing intelligence.

Challenges with Traditional Market Research

Before probing into the challenges, answer the simple question—what comes to your mind when we say market research? Surveys, polls, and focus groups might be some of the things that pop up in your mind.

Though these tools have their sacred space, they come with their own challenges. The latter can be broadly categorized into two sections:

· Unconscious Biases

Humans always have an inherent desire to seek approval, even from strangers. Likewise, we have deeply entrenched unconscious biases that we carry around all the time.

To better explain this point, let me quote one of my favorite books entitled Everybody Lies. It says, “There’s often a willingness among respondents to want to impress the person administering the survey. We want to make a good impression, whether we’re anonymous or not.”

The book illustrates this concept via an example, “If you were answering questions from someone who looked like your dad, you might be unwilling to detail college drug experiences. It’s a human propensity to tell untruths, which makes surveys unreliable when it comes to trying to understand behavior, thoughts, desires, and beliefs.”

The book also highlights the importance of unfiltered data collected via online behavior. It points out that people hardly lie when they’re entering search terms or browsing the internet either consciously or unconsciously. And this is where business market research services play a crucial role.

· Unactionable Insights

A survey or a poll may provide you with some generic facts and figures to chew on, but what really matters is how actionable those insights are.

Take, for instance, the result of a survey that demonstrates that 40% of Australians between the ages of 18-and 35 enjoy eSports. Sounds great! But what are you supposed to do with this information? Which social media platforms do they prefer to cheer for their favorite sportspersons? Or which eSports do they enjoy the most?

What I am trying to say here is, that just because you have insight doesn’t imply that you’ll be able to frame a winning marketing strategy around it.

Moving on to Better Solutions

Do you know what exactly marketing intelligence is? On a broad note, it can be defined as the data derived by an organization from its target market that can be used to guide its marketing decisions. This may include data from sources such as email marketing platforms, social media platforms, blogs, forums, websites, search engines, mobile apps, video platforms, and so on.

The main aim of marketing intelligence is to enable leaders to make well-informed decisions using the data points collected from across the internet. Here’s why investing in professional market research services makes perfect sense for any business.

· Marketplace Competition is Fierce

Market intelligence isn’t just about understanding your consumers, but also about understanding your competitors. Now that customers have far more options in terms of products, prices, etc., you need to understand the strengths and weaknesses of other brands in your space — you can emulate their strengths and outdo them using their weaknesses.

· Rapidly Changing Consumer Behavior

Think of platforms like TikTok that inspired all social media channels to introduce reels and short videos of less than a minute. Changing technology has led to rapidly changing consumer behavior. Brands must be willing to give their customers what they need and be ready to adapt as needed. Recent history is full of examples of organizations that resisted change and went out of business.

· Flying “Half-Blind”

Without market intelligence, you’re flying half-blind—the majority of marketing teams already know what their existing customers want. But what they may not have is an understanding of the larger potential audience that exists outside the scope of the company’s present ecosystem. Marketing intelligence offered by professionals helps you build a complete picture by combining data from internal and external sources.

Conclusion

With business market research services, you can look beyond the individual pieces of the marketing puzzle such as focus groups, surveys, and polls, and get the complete picture. Market research professionals can help you fully utilize marketing intelligence. As a result, you can mitigate weaknesses, focus on strengths and identify growth opportunities holistically. In a nutshell, you’ll be able to “fish where the fish are.”

Experienced marketing research firms like Damco help you reap all the above-mentioned benefits. Our professionals go the extra mile to deliver you invaluable insights, so you stay ahead of the competitive curve. Get in touch with us to know more about our services. 

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