For some businesses, closing the doors for good is a permanent solution to what might have been a temporary problem. Although not in every case, there are instances when disaster could have been averted if the appropriate market research solution(s) was in place.
It is of the utmost importance to take the pulse of your brand and determine how it compares to the competition. These are questions you should be asking yourself.
- What are my customers’ expectations when they visit my stores and how do I exceed those expectations?
- Do I have the proper procedures in place to meet and exceed my customers’ expectations?
- Which competitors are go-tos for my customers when I fall short and how do they meet/exceed their expectations?
- What is my customers’ perceived value of my brand proposition and my competitors’ brand proposition and how do they differ?
Often times, the answers are surprising and absolutely necessary to make strategic decisions that drive success.
Making Informed Decisions: Why Market Research Matters
Recently, Fresh & Easy announced plans to sell off 30 of its Southern California stores in order to develop a new business model for its remaining outlets. While the company may be positioning itself for growth by developing a new business model, it’s safe to assume that the initial launch of the healthy neighborhood market brand failed to understand the market upon entry.
Armed with the right information about their competitive landscape, perhaps Fresh & Easy could have established a stronger foothold in these Southern California markets.
Who Needs Help With Research? I Can Do It on My Own
This is a common misconception. Sure, you can go out and visit all your stores and build a list of what you perceive as your company’s biggest problems. You could even go to your competitors’ locations and jot down some product prices. Then what? Will you make company-wide changes based on this limited data…and from one perspective? You could. But without a proper sampling plan, your intended results may fall devastatingly short. Building a well-designed market research program, with the right methodologies, questionnaire design, execution process and robust analytics will yield a more accurate understanding of your competitive landscape, leading the way to a solid foundation for strategic change.
What Market Research Program Will Evaluate My Competitive Landscape?
Often times, there isn’t one market research methodology that will meet a company’s objective —maybe there are several. And as we discussed in a previous blog, poor market research can lead to unsuccessful market positioning when based on bad data. But there’s hope! There are a number of methodologies that can measure customer perceptions, competitive pricing, customer buying behaviors and/or preferences, as well as competitive product positioning. Many solutions can be customized to meet your specific goals. The key is to understand which methodologies will provide you with the trusted insights necessary to drive your initiatives forward.
