As curious humans, we have a desire to make sense of data we are presented with each and every day. As professionals in the many-sphered world of business, we have an outright need to take this desire further, to categorize and quantify this data in order to successfully carry out campaigns and (hopefully) turn profits.
When engaging in market research, information about the importance of various facets of your product or service can be hard to come by. Using choice-based conjoint (CBC) analysis, you can get a better grip on which specific elements really matter to your potential customers: like price, screen size, and warranty length.
In last week’s Data Byte, we talked about how customers make large purchases for their personal use. This week, we explore how customers research, engage with salespeople, and make the final decision when it comes to business purchases.
It’s hard out there for a new product. The majority of new product launches and expansions fail, as most households keep buying the same core items on repeat. Without a solid research and development plan, it’s easy to fall into the unfortunate majority of product cautionary tales. To complicate matters further, product R&D costs continue…
This week’s Data Byte looks at the research and purchase habits of consumers when making a fairly large purchase. (We asked each respondent to tell us what a “large purchase” means to them, but most respondents placed it in the $500-$1,000 range.)
Knowing how to conduct market research enables marketers to create new products, features, and pricing that speak directly to the needs of their customers. Sadly, most of us lack psychic powers. But we do have market research.
One of the keystones of a successful marketing strategy is information.
Traditional approaches to market validation suggest a weeks-long effort conducted by a team of market researchers, but the ever-increasing pace of innovation makes this timeframe unrealistic.
The goal of most brand awareness studies is to answer this one question: What percentage of my target market is aware of my brand? Other brand health studies are crucial to forming a complete marketing strategy, but measuring your brand’s market Recognition and Recall is the best first step.
In our ongoing series, Data Bytes, we ask questions, conduct industry research, dive into the data, and bring our expert analysis to you so you can use our findings to improve your business practices. This week, we unearthed insights into how best to solicit product-related feedback from customers to drive product research.