In a hyper-competitive free market, a strategic marketing plan is indispensable for business success. Knowing the ideal target audience members and how to reach them should be the goal of any competitive business. Without accurate and insightful data on target demographics, marketing plans are doomed to fail. This is why businesses should enlist the skills of a professional market research service with the expertise to analyze their target market.
While it is possible to handle market research in-house, it can be challenging to navigate all the complexities of market research on your own. A market research service employs experts with an analytical eye that can systematically gather and interpret data. Professional market research firms are well-versed in quantitative and qualitative survey methods and writing insightful survey questions that yield useful information. If your employees are not trained to gather and interpret data, you might make costly mistakes based on inaccurate data analyses.
Professional market research services also have the resources to take larger and more appropriate sample sizes for a better understanding of your market. It can be more difficult to take a random sample using in-house resources. Many companies that attempt market research in-house take customer information from existing company databases, which may not provide an accurate picture of all people in your target market. Market research firms know how to remove disruptive biases that dilute the sample and skew your data.
The right market research service should also be able to bridge the gap between data and people. Knowing numbers and percentages is not enough to truly understand the mindset held by individuals in your target demographic. Knowing the motivations, needs, and desires of your target audience can give you an edge over your competitors by helping you predict customer behavior.
Also, the right market research service should be willing to accommodate your business’s specific needs and environment. Because no two industries are alike, market research is not a standardized experience. A good market research firm can tailor its services to the specifics of your field of commerce.
John Zogby Strategies takes a client-first approach to market research. Contact us today for a personalized, in-depth approach to collecting and analyzing data on your target market and find out more about our market research solutions.