Well-crafted market research surveys and the rapid action plans that result from them are at the heart of any successful new marketing effort.
The first step in creating and implementing a robust market research survey is listening –collaborate with our trained researchers to determine the end goal and map out a path to get there. Market research surveys are typically used to determine consumers’ brand awareness of a company’s product or service, in addition to assessing product features compared to the competition.
The goal is to aid the development of a strategy that makes the following statement true: “Anything the competition can do, I can do better.”
Once there’s consensus among client and researcher, the researcher begins honing a custom market research survey tool that will help drive decision-making and assist in the evolution of new strategies.
Creating Robust Market Research Surveys
Having determined the client’s expectations of the survey, the psychologist develops an initial question database for client input and further refinement. NBRI’s wealth of needs-specific questions and years of experience qualify us to craft highly focused surveys.
If, for example, your goal is broadening your customer base through market penetration, then survey questions are drawn from NBRI’s validated question databases to design a survey to accomplish that goal.
The iterative process of survey refinement then continues as our Ph.D. organizational psychologists drill down and fine-tune the market research survey. When they’re satisfied, the survey is deployed as widely as necessary to ensure a representative sample and a high confidence level, utilizing NBRI’s capability to deploy surveys across the globe in multiple languages.
The collected data is analyzed to gauge respondents’ satisfaction or dissatisfaction with both yours and your competitors’ products. Then, you can confidently implement a detailed, creative strategy and blow past your competitors.
Benchmarking, Analysis and Reporting
The resulting market research survey data is benchmarked, analyzed and reported upon by NBRI statisticians and psychologists. Results are benchmarked to objectively compare you against your competition, and then analyzed using NBRI’s ClearPath Analytics, a member of NBRI’s suite of ClearPath tools, a proven methodology that drives performance improvement.
Strategy and Implementation
This data becomes knowledge, and this knowledge requires quick action while it’s still relevant. Survey results are presented, interpreted and discussed, and an action plan involving key findings and recommendations is implemented. NBRI’s commitment to its clients includes a six-step fast action process that takes results from assessment through implementation in just a few weeks. A typical market research survey runs the gamut from assessment to quick action, including these steps: assess the market need, quantify the market size, quantify current and future competition, assess economic factors, position the brand, identify the best advertising medium, identify a creative strategy, and implement that strategy.
It’s NBRI’s philosophy that market research surveys are simply orphaned repositories of data if not developed in tandem with quickly implemented changes to marketing strategies, a philosophy that’s proven its worth to our thousands of clients over the decades.