The market research professionals at New Perspectives know focus groups should be an integral part of your company. Effective market research leads to an increase in your business’s quantifiable success. A recent article states that market research “…spending as little as 6 hours per week, 66%+ of marketers see lead generation benefits with social media.” Not only that, 50% notice a significant improvement in their sales from using social media.
According to Harvard Business Review, “…75% of consumer packaged goods and retail products fail to earn even $7.5 million during their first year.” Getting to know your consumer and what they want is one way to avoid this pitfall. Another article lists some tips on how to improve your market research division:
- Incentivize employees in any of your divisions to come up with market research innovations even if they’re not in a relevant division.
- Frequently visit your competitors’ retail locations “…and examine their website/industry data.”
- Use your internal marketing cost analyses and sales data.
The most important initiative your business should undertake in this area is to keep up with the newest market research innovations. For example, a recent news article reveals a new digital market research platform for your researchers. It is like an internet forum with advanced capabilities like being able to upload various types of media including audio and video. There are built-in analysis tools like automatically-data-populating charts and graphs that work simultaneously while participants are answering questions. Thus, it is an excellent new tool for focus groups research.
If you’d like to improve your market research, consider New Perspectives. We are a veteran at market research and are continuously cultivating our advanced methodologies to offer you cutting-edge market research for your business. We utilize a range of methods, ranging from mobile and social media to biometrics, focus groups, and research games! Contact New Perspectives focus group marketing experts today to learn more!