We would argue there is always a time and place in business for market research. If timeline and budget were no obstacle, every decision made would be backed by data, facts, and evidence collected through market research.
Deciding on a time for your weekly meeting with your team? Send out a survey to inquire about best times and days for everyone. Deciding on where to go to lunch tomorrow? Host a focus group with your team to understand preferences for Mexican, Thai, or Italian.
Simple and far-fetched examples, but you can see how easy market research could be integrated into every day business choices.
For this post, I wanted to compile a list of the most common types and more serious business questions you may have that can be addressed through market research. Realistically no one is holding a focus group on lunch, but they should host a focus group to help understand drivers to choice of a product.
Market research is an investment. It reduces risk of failure and increases the chance of success with facts and evidence.
Situations Where You Need Market Research
Many business problems and situations call for market research. However, we compiled a list of the most common questions which face a business or organization where market research would provide answers.
Examples of Problems That Can be Solved Through Market Research
1) Will my new product, service, or brand be successful?
2) Will my new business venture or entity be successful?
3) Who are my most valuable customers?
4) What are the segments of customers that exist for our organization?
5) How do I grow my business in our existing market?
6) How do I grow my business in a completely new market?
7) What do non-customers think about my brand?
8) How do I get more non-customers to buy my product or service?
9) Is my advertising working?
10) How can I make my advertising more effective?
11) Why do our customers leave us?
12) Do my customers use any competitors?
13) How does our product or service compare to our competitors?
14) What is my market share?
15) Are my employees satisfied with their job?
16) How can we improve our workplace culture?
17) How does our employee satisfaction compare to industry peers?
18) How does our customer satisfaction compare to industry peers?
19) What are the most common reasons people contact customer support?
20) Are customers happy with the level of service they receive?
21) How can I produce content our customers want to read?
22) What is the image and awareness of my brand?
23) What do users like best about our website?
24) What about our website needs to be improved?
25) How can I increase conversions on my website?
26) Why do we have a large bounce rate on our website?
27) What does the user journey look like on our website?
28) What does the buyer journey look like in the customer experience?
29) What messages should we be using in our marketing?
30) What are our biggest competitive differentiators?
31) What are the largest benefits customers receive from our company?
32) How can we make it easier to do business with us?
33) What is our perception in the community?
34) Why do customers switch to a competitor?
35) How likely are customers to recommend us?
36) What is the best name for our product or service?
37) What word or phrases do people associate with our brand?
38) How can we improve the ROI of our marketing campaigns?
39) What channel is the best to market in?
40) What are the demographics of our customers?
41) Which of these advertisement prototypes is most preferred?
42) What feelings or emotions arise when you use our product or service?
43) How do our customers prefer to communicate with us?
44) What social media platforms do our customers use?
Drive Research is a market research company located in the U.S. We work with clients across the country in a variety of industries. Our services include surveys, focus groups, and many others. Interested in learning more?
Contact us at email@example.com or call us at 315-303-2040.