What is 1 example of market research?
Market research serves as the guidance compass to steer businesses in the right direction, based on real-time customer insights. Surveys, for instance, allow businesses to collect valuable data that reveal consumer preferences, behaviors, and needs. This direct engagement with the target market enables businesses to customize their offerings and marketing strategies.
National Bank’s Split Testing Strategies
National Bank has succeeded in split testing strategies to optimize their marketing approach. They collaborated with MECLABS to enhance new checking account sign-ups. Through A/B testing, they evaluated two different treatments against a control group. The second treatment outperformed the rest, generating a 65% increase in applicants with a confidence level of 98%. This data-driven strategy allowed the bank to enhance their account recommendation selector tool, improving their outcomes.
Consumer Reports: Utilizing Third-Party Market Intelligence
Consumer Reports illustrates third-party market intelligence’s effectiveness. Conducting a public A/B test and providing a market intelligence report, they derived insights about their donors and crafted effective marketing messages. This showcases the potential of leveraging external research to guide business decision-making.
Virtual Event Business Conversational Approach
WebBabyShower.com, a virtual event company, tapped into market research via a conversational route. They discovered their customers preferred physical copies of their baby shower thank you cards. By attuning to this preference, the company experienced a significant surge in email sign-ups, demonstrating market research’s potential in adjusting marketing strategies to meet customer needs.
Spiceworks Ziff Davis: Harnessing Research-Informed Content Marketing
Spiceworks Ziff Davis is an ideal case of leveraging research-informed content marketing. By thorough primary market research, they constructed an annual State of IT report, which shared insights about the potential audience’s needs. This informed the development of their content, ensuring it resonated with their target audience, consequently increasing engagement and strengthening their brand presence.
Travel Business Experimentation with Guerrilla Research
Travel businesses often opt for guerrilla research, a quick and straightforward way to gather insights into the target audience. An example is a company catering to frequent business flyers; they induced passengers to answer surveys at the airport in exchange for incentives. This method furnished valuable information about their target audience’s preferences and needs, empowering them to refine their marketing strategies and offerings to better serve their customers.
Demystifying Intel’s Market Research Database
Intel’s market research database efficiently organizes qualitative research data, enabling Intel to analyze the data efficiently and answer questions from different internal teams. It also aids in effective targeting of different audience segments. Having a consolidated repository of research findings lets Intel make data-backed decisions and stay competitive.
National Security Surveys: Primed for Accuracy
National security surveys are finely tuned for accuracy. As these surveys reveal, the phrasing of questions can impact responses dramatically. Different results came from a survey concerning spending on an anti-missile shield based on question wording. Precise wording in market research can lead to reliable data without bias.
Visa USA’s Strategy for Obtaining Precise Responses
Visa USA employs a structured approach for precise responses in market research. They implement tailored questions, such as asking about the remaining balance on the last bill after payment, to understand customers’ payment habits better. A well-structured questioning process assures authentic responses, leading to trustworthy data for decision-making.
Hallmark’s Exclusive Membership Communities
Exclusive Membership Communities at Hallmark provide a direct interaction platform with customers, enabling the company to learn from them. For instance, they can discern popular trends, phrases, and sentiments amongst their members and incorporate those findings into their advertising strategies. This strategy permits Hallmark to establish relatable and personalized content.
L’Oréal’s Approach to Social Media Monitoring
L’Oréal employs social media monitoring to understand customer expectations better. Through conversations and feedback on platforms, they were able to identify specific issues about a makeup product. They used this information to improve the product, thereby aligning it more closely with customer needs.
Levi’s Adoption of Ethnographic Research
Levi’s leverages ethnographic research by immersing into different cultural contexts, gaining insights about customer behavior, preferences, and needs. This deep understanding allowed them to create products resonating with their target segments, like developing a new line of relaxed-fit jeans for comfort and mobility.
John Deere’s Evolution from Product-Centered to Customer-Centered Research
John Deere transitioned from a product-centric to a customer-centered approach, recognizing the importance of understanding customers’ needs for product development. This new vantage point enabled them to tackle customer-specific challenges and requirements, leading to innovation that improved the overall customer experience.
LeapFrog: Incorporating Research across Product Development Lifecycle
LeapFrog, an educational toy company, employs research throughout the product development lifecycle. They conduct surveys, focus groups, and usability tests to understand their target market’s preferences, needs, and pain points. Post-launch, LeapFrog collects feedback and works on improvements based on customer responses, ensuring the creation of toys that continually evolve with children’s needs for optimal learning experiences.
Types of Market Research
Primary research involves collecting original data directly from the source. A national bank’s partnership with MECLABS to enhance new checking account sign-ups is an example. Employing A/B testing, they found that a new account recommendation selector tool significantly increased applicants, demonstrating primary research can provide actionable insights to inform business decisions.
Secondary research collects data from existing sources. An example includes the partnership of a national bank and MECLABS for A/B testing, leading to an increase in applicants. In another instance, Consumer Reports used secondary research for a better understanding of their donors, and to curate effective, research-backed marketing messages.
Qualitative research is devoted to non-numerical data collection for insights into consumer behavior and preferences. A national bank’s A/B testing, increasing checking account applicants, serves as an example, underlining how qualitative research can enhance decision-making and outcomes.
Quantitative research involves the collection and analysis of numerical data to understand market trends and consumer behavior. Examples include a national bank’s A/B testing efforts that increased applicants and a company’s guerrilla research providing insights into their business flyer audience. Quantitative research methods empower companies to make data-driven decisions to tailor marketing strategies effectively.
Branding research provides insights into consumers’ perceptions of a brand. Consider the example of a national bank that used A/B testing to increase sign-ups for new checking accounts, and Consumer Reports employing market intelligence research to tailor messages for their donors. Both illustrate how branding research can provide useful insights to guide business strategies.
Customer Research helps decipher target audience preferences and behaviors. Practical examples include a national bank’s A/B testing, Consumer Reports’ market intelligence research, and Spiceworks Ziff Davis’s market research, all serving to inform strategies, comprehend customer needs, and develop effective messages.
Competitor research involves reviewing competitor strategies and actions. Analyzing rival websites, social media channels, advertising campaigns, and reviews offers insights into your competition’s unique selling points, customer sentiment, and potential advantages, helping businesses stay competitive.
Product research is critical to understanding market dynamics and customer preferences. Examples include a national bank that improved account sign-ups through A/B testing and a company selling products to frequent business flyers that conducted guerrilla research at airports. These examples underscore the value of product research in gathering data and insights to inform marketing strategies.
Effective Utilization of Market Research Types in Businesses
Market research is pivotal for businesses to gain insights and make informed decisions. Examples include the use of A/B testing by a national bank and the market intelligence research conducted by Consumer Reports. These instances show how market research offers valuable insights to guide business strategies.
Vizologi is a revolutionary AI-generated business strategy tool that offers its users access to advanced features to create and refine start-up ideas quickly.
It generates limitless business ideas, gains insights on markets and competitors, and automates business plan creation.