Assess your market and take advantage of it.
Market Research Surveys help your organization access critical information and features, such as desirable product/service attributes, the likelihood of using a specific product/service, intended frequency of use, effectiveness of marketing or advertising strategies, and the extent to which a product/service adequately meets the needs of a target group.
The information gathered during this process allows you to better assess market size, market needs, and the strategy your organization should adopt to meet customer needs. Market Research has other uses as well, such as to clarify or communicate product or service offerings to a target market.
The information gathered during this process can help you:
- Accurately assess market need
- Quantify the market size
- Quantify current and future competition
- Assess economic factors
- Discern the perfect price point between volume and profitability
- Position your brand
- Test product names
- Differentiate your products’ or services’ unique selling propositions
- Identify the best advertising medium
- Identify a creative strategy to market your product or service
Market research surveys help drive development of your company’s products and services, facilitate strategic development, improve profit margins, and help guide organizational change. To ensure you maximize your returns on this type of research, it is critical that you develop an appropriate question set and analyze the results in a way that allow you to identify key differences and preferences in your target market.
By helping you make sense of the information that is gathered during the survey process, NBRI’s ClearPath Analytics make it easy for your organization to confidently address consumer needs and preferences.
NBRI also assists you in understanding how to move forward with the data once you receive it. After your data has been analyzed, ClearPath Action is used to help you implement key findings and recommendations.
Whether you are a start-up or an established business, market research is a critical component to your long-term success. Well-designed and thorough market research surveys give you the information you need to execute the most appropriate organizational strategy. By working with NBRI, you obtain unique insights that empower future success.
Case Study: Market Research Survey
A large nationally known farming equipment manufacturer who has engaged NBRI for over a decade to conduct their employee and customer surveys wanted to know if they could leverage their brand image to related products that were manufactured by other suppliers. Could they buy, rebrand, and then resell these products at a premium? Would consumers equate brand trust and their existing support infrastructure with higher value? If so, how much higher value?
NBRI designed a Market Research Survey, customized for the client. The survey was deployed world-wide in 10 languages via an online methodology. Enough responses were collected to insure a 99% confidence level in the results. NBRI psychologists and statisticians then analyzed and reported on the research study.
The results of the study indicated that the client could leverage the trust of their brand and their existing support infrastructure to resell other products at a significant premium. But, that this marketing strategy would only be effective in the United States. Per NBRI recommendations, the client scratched their world-wide marketing plan, concentrated only on the United States and the revenue began to flow. The client’s new marketing plan was successful and potentially poor financial results in the rest of the world were avoided.
Employee Experience Surveys
An employee survey offers insight into widely shared employee views. This includes a full range of workplace issues.
Customer Experience Surveys
A customer survey identifies the factors that enhance customer relationships, customer loyalty, and increase sales.
Gaming & Hospitality Surveys
Gaming & Hospitality Surveys identify the factors that enhance guest loyalty and satisfaction. Guest Service Surveys are a critical component in monitoring customer satisfaction to retain current guests and gain new ones.
Healthcare Surveys identify the factors that enhance Employee, Patient, and Physician loyalty and satisfaction. Patient and Physician surveys are a critical component in monitoring your quality of care.
Market Research Surveys
Market Research Surveys identify the current and forecasted characteristics and demographics of an area or industry in which a product or service may be offered. Market Research is imperative to a successful product or service launch.
Political Research Surveys
Political Research Surveys quantify the factors that affect public opinion. A political research survey may be conducted to assess a candidate's electability, the potential reception of a policy change, the response to a given economic stimulus, and much more.