Marketing Foundations Market Research

However brilliant your product or service, your business doesn’t exist in a vacuum.

Understanding what else is available enables you to position your business and create a strategy for communicating to potential customers about what makes you different. 

The extent of the market research you do will depend on your business and sector, but the type of information it’s important to understand includes:

• The size of the market
• Who the biggest players are and what they do well (and badly)
• Which players have left the market and why?
• Your direct competition; Is your competition local, national or international?
• Any economic, geographic and/political risks

And then there are the needs, desire and buying behaviour of potential customers. Understanding exactly who your customers are (there will be several distinct types), how they buy and which communication channels they prefer will enable you to tailor your strategy for greatest affect.

Customer/Stakeholder insight

A specific customer or stakeholder initiative can yield invaluable information because it enables you to see your business from your customers’ perspective.

FIG’s senior marketing professionals will guide you through the process of gaining real insight into why people do business with you, what you do well and where you’re missing a trick. In enables you to compare yourself to your competition against a range of criteria and understand the challenges your customers are facing.

From this informed position, we’ll work with you to devise a marketing strategy that successfully targets the right audience, communicates persuasive messages, ensures your marketing campaigns are effective and delivers a strong return on your marketing investment (ROMI).

At FIG we see real value in undertaking stakeholder insight projects at the outset of our relationship with you and periodically as your business develops and grows.

Knowledge is power, to improve yours call FIG on 01457 857111