Every company would love a crystal ball to show them the path to future growth and success. But since those don’t exist, savvy organizations use the next best thing: market research. At King Media, we don’t base our campaigns on what we think, but rather on what we know through research.
Know Yourself
Researching your company through the lens of different stakeholders – staff, customers, vendors, community members and more – gives us valuable insight to help us hone in on exactly what makes your company special, discover emerging markets and holds the key to growth and profitability.
When someone asks you about your company, what do you say? Do you talk about what your company does, in the most basic sense? Or do you talk about what makes your company different, how it enriches the lives of your customers, how it offers something truly powerful? Describing your company’s true impact, rather than just the products or services you provide, is much more powerful and memorable. Yet many companies don’t know how they impact their customers’ lives, or what might set them apart from their competitors.
Know Your Customers
When you really understand your customers, you have the powerful opportunity to make the most of every single touchpoint, including branding and marketing efforts.
You may think you already know what sets you apart – but is it relevant to potential customers and their decision making process? And if it is relevant, do you know how to cut through the clutter to make sure potential customers know what you have to offer? There is much to know about the customers you have and those you want to attract: Who are they, from a demographic, behavioral and geographic standpoint? What do they value, not just in terms of your products or services, but in life as a whole? When are they receptive to learning about what you have to offer? Where can we reach them with messages that will truly resonate with them? How do they make decisions, and how can we encourage them to decide on your company? And why do they get emotionally connected to brands, becoming strong advocates for their favorite companies?
Know Your Competition
Having a keen sense of your competition – both direct and indirect competitors – will help you position your company as the best way to meet your customers’ needs.
You probably have way more competition than you realize. In today’s global marketplace, both the company down the street and the company across the ocean can likely meet your customers’ needs. They don’t even need to offer the same products and services as you – instead, they could offer a completely different alternative, and if it accomplishes what your customers are seeking, they are competing with you.
Know Your Industry – and the World
Investing in research that identifies trends within and beyond your industry will help you use them to your advantage and keep you ahead of the curve.
Studying your industry – past, present and future – will help you understand best practices, current challenges and opportunities, and upcoming innovations. With this knowledge and a spirit of adventure, you can be on the cutting edge of your industry. But with progress comes disruption – and some of the most significant disruptions will happen outside your industry. Think of how the iPhone changed our world, and how we do business. It shifted our culture’s concept of connectivity, and every purchasing decision we make. What are you doing to leverage that shift?
Know Your Potential
Undoubtedly, the largest benefit of market research is how it helps you see your potential for growth.
Growth within your current customer base, growth by effectively attracting new customers, growth by offering new ways to meet your customers’ needs…with thorough research to inform your strategy, you can pursue growth that offers a substantial return on your research investment. What’s more, the right research partner will do more than deliver data points. You should seek a partner who shares your ambition, believes in your vision and mirrors your passion.
Companies in nearly every industry have partnered with King Media, an award-winning, internationally recognized agency, for their research-based approach to branding, marketing, public relations and more. Call our St. Joseph office at 269.405.1072 to schedule a complimentary consultation, and let’s discuss a market research approach that will help you reach your goals.
