Market research is a vital component of making important decisions, especially ones where you want to introduce new products into a market. Introducing new merchandise to existing customers or potentially new ones can be confusing. Usually we ask businesses looking to venture into unknown waters:
“Does your new product resonate with the market you are looking at?”
“Is your product fit-for-purpose?”
“Is someone else already producing your product, if so, how can you do better than your competitors?”
These are some of the more obvious and common questions that can be addressed through the power of market research. Market research gives you the confidence to make the best decision for your new venture.
For example, a steel fabricator wanted us to shed some insight on a potentially new product they would like bring to an already crowded market.
After contacting potential clients on the client-generated list and data from Queensland government, we were able to assess the market landscape. Combining the qualitative comments from the phone work and quantitative analysis of the government data, we had a very detailed picture on the market size of Southeast Queensland, what their potential clients were looking for in their new product category and drawing out what could potentially make them switch from their current suppliers.
Our client made the decision not to proceed with their new venture, ultimately saving them time, effort and money had they invested in what was perceived to be ‘a good idea’ at the time. Through the power of market research, our client was able to evade what could have been an expensive mistake.