Whilst many companies might see market research mainly as a tool for developing more effective marketing campaigns, the true business scope of market intelligence is actually much broader. The results of online surveys and opinion polls can inform multiple departments within an organisation to assist them in improving their various activities. Furthermore, the hands-on nature of do-it-yourself research products means that businesses have complete control over the costs, reach, and timing of their research initiatives.
These unique attributes allow for DIY market research solutions to have an extensive impact across departments, specifically in the following six ways:
1. Product development – One of the most traditional uses for research panels and target audience surveys, product development can benefit greatly from a thorough investigation into key demographics. Discovering what the consumer thinks, desires, and requires can be instrumental in creating specific products that satisfy every demand. On the other hand, polling the existing users of a certain product might help a company know which aspects call for improvement and which ones to keep the same. For example, a running shoe manufacturer might wish to upgrade an existing model. They could deploy an online survey targeted toward consumers that have used the current model to gauge their opinions on functionality, aesthetics, cost, and other considerations. Perhaps a majority of their customers loved the way the shoe fit, but hated how it looked. This information could be vital in developing the latest model that would sell well without alienating current fans.
2. Brand awareness – Another area that has often relied on market research to inform strategies is the crafting of brand messaging. Companies should not waste time and money emphasising a point about their brand that consumers already know and accept. Scrutinising the perceptions a target audience might have about a brand might reveal areas that need improvement. For example, a high-end car company could obtain market research results that show affluent individuals associate their brand with efficiency rather than luxury. This could pinpoint a need for rethinking current branding practices.
3. Marketing content – Clearly the language a company uses in its communications with consumers is crucial. Market research results have proven particularly valuable when crafting the exact wording of marketing collateral in order to appeal to specific consumers without being irrelevant or offensive. This can be especially beneficial for businesses that deal in particularly sensitive areas, such as hospitals or funeral homes. For example, accessing the views from a panel of cancer patients can help the marketing department of a hospital determine the most important issues and the most inviting, comforting, and sensitive language to use in its communications.
4. Campaign vehicles and strategies – One of the more specific capabilities of market intelligence is the determination of the most appropriate venues and strategies for campaigns including marketing, public relations, social media, SEO, and more. Companies looking to break into a new country could study the habits of its consumers. Do they use social media sites or news sites more often? Do traditional news outlets outperform those online? Is Facebook more popular than Twitter? The results of these reports could then assist in choosing the best strategy for media buys, article placement, social media content, and so on.
5. Service improvements – Whilst surveys have long been used to ensure that consumers are satisfied overall with a company’s services, DIY tools can be used to target specific users or the different facets of a programme. For example, a business can include details of joining its own research panel and ask them to participate in an online survey to gain a deeper understanding of the user experience on its website or customer service performance. Results of such a study could help improve site functionality and ensure that consumers are being delivered the appropriate content whilst they could uncover that service staff need re-training.
6. Crisis management – Obtaining immediate results and monitoring responses can be crucial when responding to a crisis. Whether a business is grappling with a sudden drop in consumer confidence, a publicity catastrophe, a natural disaster, or responding to an emergency, the swift deployment of an online survey can help to improve the company’s image whilst also informing appropriate reactions.
