The marketing research stage often gets overlooked by smaller companies. We hate using cliches but we think it’s appropriate here – if you don’t know who you are, where you are, what you’re up against and where you’re going, how will you know if you’re actually getting anywhere?
The research part of a project is tailored to the specifics of a company and its products/services so we can only speak in general terms here but typically I would produce a report covering the DNA of the company, a customer analysis and an analysis of the competitive landscape. Based on the findings we would recommend a marketing plan that would be ambitious, realistic and fully supports your business goals.
Internal and external audits – this would involve gathering information from stakeholders within your business and existing customers and target audiences. The information could be collected through interviews, surveys, focus groups, and website testing. There may also be a variety of industry data that would complete the picture.
Market research and mapping – Looking at the specifics of the marketplace, the competitive landscape, both in terms of who the other players are and the products or services you’re competing against. Situating your firm and products/services in this context will give you valuable information as to where you are in relation to your competitors, in terms of positioning as well as performance.
Competitor research – Chances are that you’ve already got a good awareness of your competitors and that’s a great starting point. However, a formalised set of indicators to compare them against is very useful in terms of spotting opportunities, fending off threats and challenges, and to avoid repeating their mistakes.
We don’t proclaim to have all the answers but we do have a robust methodology and framework that helps us form a full picture of a company’s challenges and opportunities.
Get in touch for chat about your company today!