By using different types of research, we get the breadth and depth we need to create meaningful information for you
In plain English, what is it that we want to find out from the market?
By structuring the research right, we avoid bias and we increase the quality of responses
We run the research like a marketing campaign... and then analyse the results and produce a report
There are three critical ingredients you need if you want to ensure a new positioning or 'core offer' your company adopts is the right one... i) knowing what your market wants, ii) knowing what your competitors are offering and iii) knowing what your intrinsic strengths are.
Our Market Intelligence project delivers the first of those three ingredients. And we have redefined the work that professional research companies do into something affordable and valuable for you.
Here's a quick overview...
You can split research activity into three basic types.
First, you have 'secondary' research, which is where you don't get your information from a primary source like a face-to-face interview, but instead use published resources.
For example, it's quite likely that news regarding trends in your industry is already documented on Internet. When you combine those insights with reports published by the Bureau of Statistics and papers published by universities and other research organisations, you can find some very valuable and free information is within easy reach.
It can take some time and well-developed search skills, but it's definitely worth engaging in.
And secondly, you have two types of 'primary' research... 'qualitative' and 'quantitative' research. The best way to think of them is like this...
'Qualitative' research gives you in-depth observations and opinions, but typically the information is not statistically generalisable to the rest of your target market. This is because keeping the cost of talking to your market at such length down to an acceptable dollar amount we have to limit the numbers.
With Qualitative research you get great insight into a limited number of people. It's great for making key discoveries that you can then test in quantitative research
'Quantitative' research gives you results that are more statistically reliable. It features surveys that are able to be understood by the respondents without any explanation.
Usually, you don't get a lot of depth in quantitative research but you do get good breadth and statistics that are more reliable because the number of survey respondent you seek is a lot higher.
When you pair them up like we do, what you get is a good combination of breadth and depth where it's needed.
We usually try to split our Market Intelligence 'primary research' activity into these two types of information-gathering. In our opinion it gives you a much more reliable result for a reasonable spend.
First we meet with you for an information workshop. This lets us all sit down and, in plain English, decide what it is we need to know.
It's tempting sometimes to try to pursue too much, which in turn will limit the number of people who take time to respond. But just the same, it's easy to miss out on some important questions if you don't plan the research first.
So this workshop produces a list of plain English questions we want to answer regarding our market.
We then establish what methods might be the best way of answering those questions.
If the research exercise you need is a big one, we try to pursue a proper 'sample size'.
What this means is that statistics has certain generally accepted rules about what sample of your market is likely to produce results you can assume to be pretty accurate... Too few and you risk it not being accurate... too many and you risk paying too much to get no more real gain.
Now we get into creating the research activity... for instance, we create the interview questions, or the survey, or both.
There are certain rules and tips we follow for making the interviews or surveys as strong and effective as possible.
For example, there are certain question structures that mean different answering behaviour and different answers. You can give people a range of five options to choose, like Very Low, Low, Medium, High and Very High... or you can force them away from an average, by giving just four options, Very Low, Low, High, Very High.
Then we check these research devices, and if necessary we test them first.
Do some questions get misunderstood?
Are we really going to get all the plain English answers we need?
Then we implement the research we've created for you. This can take anywhere from 1 week to 4 weeks, depending on what it is we need to find out and what additional material you want us to uncover for you.
This time lag is mainly to give enough time to producing the survey, mailing it or emailing it, giving respondents to your survey enough time to receive it and fill it out and then enough time to send it back to us.
And lastly, we can analyse the results for you. We can log all the different likes, dislikes and how they tend to coincide with other issues, and turn raw data into uncovered trends and real information.
We produce a simple and easy to understand report that lists the results but also interprets them and highlights the critical ideas to take away.