One of my awesome, long term clients has a product that sells well in Australia. For a few years we’ve been trying to tap into the huge US market but product sales haven’t yet reached what we believe to be their full potential.
To learn more about the US market, and how it differs from Australia, we used the services of Emile at Veritas Information Services to do market research. Through the process he uncovered some gems of information that will make this client’s marketing in the US a lot more effective.
Unfortunately I see too many businesses struggling because they don’t understand the market for their products or services and don’t have an effective marketing program. These are the business owners who often reach out to me to discuss AdWords, believing that getting more traffic to their website will solve the problem. As a response I always recommend understanding how your product and price competes in your market before testing AdWords.
I recently interviewed Emile in order to share information and help other business owners tap into the power of his affordable market research services for establishing or growing your business.
If you’re planning to launch or expand your business with a new product or service, before you do anything else or spend money on marketing I recommend doing market research.
What does market research involve?
Depending on the project, it can involve various techniques including:
1. Web, hidden web and database search
Finding articles and forums which sometimes can be as simple as using a search engine, however the majority portion of the world wide web is not indexed by standard search engines. The hidden web can be 400-500 times larger than the surface web and it is up to an information professional to know how to dig it up. I also have access to paid databases that also do not come up in search engines.
2. Primary research, Interviewing experts and contacting network
Some research can involve calling and contacting and interviewing people who are relevant to the project at hand, sometimes the project may require contacting an expert in the field to provide information not readily available. And, as a member of the Association of Independent Information Professionals, we have a network of other information professionals and we frequently help each other on projects to provide the best service we can to our clients.
3. Other forms of research
This can involve looking through public records, business and finance reports, demographics and statistics, financial trends, projections, company profiles, investment resources, etc. Then it is up to me to sift through relevant information, analyse it and provide it to the client in a matter that can be readily used.
What are the benefits for business owners?
Market research will help you make better decisions as we provide the whole picture for you. Especially if you want to launch a new strategy, or product, or you want to open in a new location or invest, we help you figure out what works and what won’t.
I can also look at why your product or service may not be doing so well. I can identify trends, and uncover new groups of consumers for your business.
Also another important part of business is being able to stay ahead of your competition, I can research your competition for you, find out what products and services they offer, their marketing strategies, and what is working for them, and with this information I can help you identify ways to differentiate your business, so that you can add products and services that your competition doesn’t.
I help you identify opportunities and set strategic direction
Furthermore, I do more than just research, I also analyse the information, summarise it and provide insights to help you make decisions. My work ethic is to always try to provide the client more value than I am paid for, I enjoy helping clients, I want to see them succeed, it gives me satisfaction to know that my research and insight has helped my clients become more successful. I aim to provide timely, accurate, and actionable information, analysis, design, review, and strategy.
When is the best time to do market research?
Although market research is an important ongoing process of any business, usually the best time to do market research is before launching a new product or service. It is also helpful when you want to stay ahead of your competition, or when you want to plan ahead for the following financial quarter or year.
How can you contact Veritas Information Services?
As well as market research services, Emile can do academic research, business reports, company profiles and financials; scenario planning, financial, trends and demographics.
Melinda aka Mel is a Premier Google Partner, AdWords & Analytics Consultant, Speaker and Trainer and co-owner of Click-Winning Content. Mel provides results-driven services to Australian businesses and is committed to never using an acronym without explaining it first. She also likes grand slam tennis, cracked pepper and Melbourne sunsets. Please connect at the links below.