The Benefits of Market Research

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Benefits of Market Research - SmartPoint Research

Have you ever watched a commercial on TV that did not make sense or left out pertinent information? Whenever I see one, I think to myself “a couple of focus groups could have easily fixed that”.

As a marketer, there are many different features and benefits of a product that can be promoted. Sometimes divided ideas within an organization can slow down the process for the finalized marketing idea that ultimately determines a product’s success. Market research provides answers to your questions regarding branding, how customers are segmented, and as the optimum price to charge for a product. Tactical planning combined with market research offers a concrete roadmap for your product’s success, thus eliminating divided ideas by providing a thorough understanding of your consumer.

As a business manager, have you ever wondered how to tailor existing products to meet an underserved market? Perhaps you have a product that serves certain customers, but could potentially target another segment as well?  Market research, in the form of interviews, focus groups or online surveys, can help you understand those needs, and determine how to best position your product for its intended or target audience.

There are a number of benefits involved with conducting market research in general, but here are some specific advantages to using SmartPoint Research:

Quality Respondents and Precise Recruitment

SmartPoint Research works with over 100 respondent recruitment-only projects per year.  We initially started our business as a recruitment company and we have since grown to offer additional services. Our starting emphasis on recruitment has given us extensive industry experience and understanding of the respondent recruitment process. We know how to reach your audience by sourcing very specific demographics, subsequently producing high quality respondents and responses.

Geographical Diversity

Reaching a national audience is no easy task. However, we have made this possible with our extensive market research panel, which is spread Canada-wide. Research can be conducted in any Canadian province, giving you national access. Markets can differ from province to province, therefore you can accurately gauge the regional markets nation-wide by sampling all relevant markets.

Quality Reach

Working with SmartPoint Research allows access to a respondent base that is easily accessible, reliable, and demographically diverse. Having these qualities in our panel yields a high quality sample, tailored to find the right respondents.

Versatility

We provide qualitative and quantitative market research, sometimes used separately, and sometimes as a combined quant-qual approach. This allows for deeper insights and is especially useful in teasing out concepts when conducting research from scratch. Our focus group facility in Vancouver delivers the latest in visual technology to enhance the experience of your research.  FocusVision (real-time streaming), simultaneous translation, HD video, audio MP3 & DVD recording are among some of the in-house services that we provide.

Rapid Turnaround Rates

Digital methods of recruitment combined with telephone methodologies allow for a fast fill rate. We have combined traditional methods of telephone recruitment with online screening capabilities. Having both methods of communication from recruiter to respondent is beneficial for quick completion, and quality respondents.

Identification and Mitigation

Long-term benefits of choosing to invest in market research are the ability to foresee issues and uncover opportunities. Conducting qualitative research, such as focus groups, can uncover deep insights into the market. Quantitative research, such as online surveys, will identify potential complications with products or ideas before reaching the market. Market research helps to ensure a successful product launch.

Establishing Trend and Advancing Product Design

Discussing ideas with the people you want to reach beforehand can help you establish pre-existing trends in the market. Having the foresight into these trends is extremely advantageous for your product launch or product re-vamp.

Facilitating Communication

Focus groups allow you to connect on a personal level with consumers. Through thoughtful discussion, our focus groups can determine the specific necessities of the consumer, so that the product can be tailored to their needs.

If you’re looking for help with your market research strategy, please contact SmartPoint Research today!