Market Research

Have you heard a colleague or competitor say “I know my markets….I know my customers….I know what they want.” What gives them this confidence and incredible knowledge base? Gut feel and completely new technology may have worked in the 90s. It is no longer as successful today. Can you afford to develop a white elephant? Everyone may like to see it but will they buy it? We have yet to see one!

The answer is so simple and can save so much time and money in the long run. Market research may be quickly and efficiently carried out using eCommunications where questions may be asked, answers received and analysed in a matter of hours. Armed with this information, product and marketing managers can make informed decisions on how to work. The resources are at hand.

Start with your data base. It has your users, your market thought-leaders, your prospects. Ask short questions. Provide text boxes too in case individual wish to expand on their opinions. Offer incentives to encourage responses to the questionnaire. This does not have to be expensive, just of value. Perhaps it is a new reprint or white paper? Perhaps it might be a discount of a product or service?

Look at list rentals. Often learned societies will allow you to contact their members who have indicated they will receive recommended third party communications. These lists, often having worldwide membership enable you to ask broader potential customers about their experiences. Alternatively, you can have Talking Science carry the research our on your behalf as an independent research group.

You can learn about your products. How are they perceived? Do they deliver what is wanted? What added capabilities need to be added in a new version? What complementary products might be useful to this market?

You can learn about how you are seen in the market with respective competitors. How to customers perceive you? Are you friendly? Do you give good support & service? Do you listen? How do you rank with your competitors?

Analysing your results can proof most beneficial. Like the company who believed they were in a shrinking market only to discover more than 200 contacts in each of the following two years were planning to buy new instrumentation. As an aside, they identified issues about service and support providing opportunities to improve their reputation in the market as a whole.

Outline the information that would help your business and let Talking Science work with you to design a successful research program.