Research First

Research for Corporations

Ikujiro Nonaka, author of The Knowledge Creating Company, noted:

In an economy where the only certainty is uncertainty, the one sure source of lasting competitive advantage is knowledge.

This is, in a nutshell, what market research offers. Market research offers you a clear competitive advantage by providing systematic and objective data about your organisation’s target market, competition, and / or operating environment. The insights gained through market research can then inform your most important strategic business decisions.

Benefits of Market Research

Guide your communication with current and potential customers:: The insights gained from market research can help you formulate more effective and targeted marketing campaigns that speak directly to the customer you want to reach, in a way that interests them.
Identify opportunities in the marketplace:: By providing insights into how markets are changing, or how competitors are performing, market research can help assess market opportunities. This can be something as seemingly straightforward as the location for a new retail outlet or as complex as assessing uptake of an entirely novel product or service.
Minimise risks in business:: Sometimes the opportunities organisations have identified are not received as well in the market as anticipated. Market research can help manage this risk by identifying where competition is strong, or where social and demographic trends suggest a market category will become smaller over time.
Uncover and identify potential problems:: By looking to future social, demographic, and economic trends, market research is able to provide some warning about how markets and customer demands will change over time. For instance, New Zealand’s ageing population presents both opportunities and risks to organisations focusing on mature consumers.
Create benchmarks and track progress:: Market research can track how well brands, services, or products are perceived in relation to those of competitors. Market research can also measure your organisation’s progress towards some targeted standards of service or awareness. Tracking customer satisfaction, for instance, is a common way that organisations use market research.
Evaluate your success:: The insights gathered from market research helps you to understand if you are reaching your goals. Market research can also show you why customers may not be using your products and services in the way, or the extent, you anticipate.

Research First, Level 1 / 320 Manchester Street, PO Box 5596, Papanui, Christchurch 8542
Phone: (508) 4RESEARCH (508) 473 732 info@researchfirst.co.nz

Before You Act, Ask

Research for Corporations

Benefits of Market Research