Market & Customer Research

The Importance of Market & Customer Research

Market & Customer Research is one of the first, and most important steps for creating a strategy, plan and proposition for launching or growing a business. Prior to any investment, the true value of the current opportunity, and future growth opportunity, needs to be understood to test the product or service viability. It ensures the solution is better and different to others currently in the market, as well as likely market entrants.

It’s imperative to validate the business case. Startups and diversifying businesses can easily fail if the proposition is built internally, based on just the core capabilities of the product or service, rather than what the market or customer actually needs. Whilst it’s critical to create products and services that exploit the key resources within a business, it’s vital to be aligned to the market too.

What’s involved in Market & Customer Research

Firstly, an objective review of the customers, users and influencers within the identified markets is needed. This will help to understand each of the audience’s needs, motivations, challenges and pain-points, so that the value proposition and marketing activity is aligned and conversion is maximised.

It’s important to look beyond your own product or service and consider the market in its entirety, including an in-depth analysis of ‘change themes’ and PESTEL factors. Examination of the competitors is imperative - who are they, what their products are, what benefits do their products bring and where they will be going next? This is not just the obvious, but also competitors who offer a substitute or alternative within the market that you might not have considered.

‘Differentiation’ is key for success. Not just for the product, service and value proposition, but also in the way the offer is marketed. And the only way to demonstrate true differentiation, is through investigating and interpreting the market thoroughly. One way to do this is via a ‘gap analysis’ to understand where the new product will stand out, and ultimately win. It will provide guidance on how the product or service can be presented to the market and how the benefits will be communicated to each of the target audiences for maximum success.

How can Tidal Marketing support your Market & Customer Research?

Through thorough market research, Tidal Marketing provides statistics that identifies the value of the market, as well as any potential extension or adjacent markets for future growth.

We will carry out extensive research into both the market and the intended customers to provide a report that challenges, reinforces or extends your current launch plan.

We will clearly articulate the needs of the market and audience, along with guidance on how to differentiate and position your product or service so that you have the best chance of successfully penetrating the market.

The depth of research required will depend on any existing research you have already carried out and the breadth of your offer. For more information, or a free consultation, please feel free to contact us.

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Tidal provided us with a clearly defined strategy for our new service that has guided the market launch and continues to be used across the business. They helped us define our tone of voice and key messaging for different stages of the buyer journey, which we are now using to help shape our marketing communications going forward.

Laura Warren, Digital Marketing Manager, MyLondonHome

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