Though, “Big Data,” has many business professionals buzzing about the possibility of gaining key strategic insights from large datasets, customized market research still has many key advantages. Fortune 500 market research companies provide business insights that can both supersede and compliment big data. Specialized marketing research and focus groups give business owners and chief officers actionable insights above and beyond big data metrics. Big data is only as good as those interpreting it and must be coupled with other marketing research initiatives.
Professional Fortune 500 market research companies deliver easy-to-understand reports with defined, actionable strategies. They collect data that meets a specific business’ needs while providing quality statistical analysis that will define specific steps you can take to build your business’ brand. These types of results go far beyond mere data collection. Companies take a strategic risk when launching an effective new product, advertising campaign or product upgrade without it.
In addition to launching new products or improving old ones. Effective Fortune 500 market research companies will:
- Tell you where your customers live, shop and socialize. This helps you design more cost-effective direct mail, TV and radio ad campaigns.
- Identify new opportunities for expansion and tell you what markets not to explore. Should you enter a JV partnership? Can you reach a new demographic without spending too much money on advertising?
- Help you discover problems before they start. Is your current marketing campaign targeting Baby Boomer decision-makers in your industry, when statistically, these people will all retire within the next decade?
- Help you monitor your progress and look back. Market research is consistently creating a useful record. Trends come and go. However, knowing what effect a recurring trend had five years ago will give your business a strategic advantage.
- Give you a way to track your business’ successes. You can use this data to impress lenders, investors, and chief executive officers.
Fortune 500 market research companies have experienced professionals that understand the requirements that modern corporations have, and can provide recommendations at that level. Experts recommend that you use both big data and high-quality market research to develop your marketing strategies. However, sometimes the cost of big data is unavailable for a particular market or demographic since is must be gathered from:
- Target markets all over the country or world.
- Target markets in several class and age demographics.
- About several different buying influencers, (i.e. customer perception and customer driving emotional or physical needs, etc.).
To ensure you are getting an accurate representation from your marketing research initiative, make sure you employ modern marketing research techniques including:
- Research games
- Standard focus groups
- Mobile Research
- Online Surveys
- Telephone Research
- Live shopping trip research
- Usability tests
- Consumer brainstorming sessions
- Custom interviews and more
The marketing research professionals at New Perspectives have the complete solution to your marketing needs. Contact New Perspectives to learn more. We understand how valuable customized data is for your business, and unlike other Fortune 500 market research companies, we provide solutions to both small and large firms alike.