It is easy to dismiss market research under the guise that how different can the multicultural marketplace be from the mainstream one. However, this is where most marketers go wrong. Everything from behaviors and aspirations to language and needs of the ethnic communities are different. And just as diverse. While it may be a niche market, it has numerous subsets to it. And knowing where your brand fits in and how can give you the definitive roadmap and strategies for success.
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What exactly is Market Research?
Before you can understand the importance of marketing research, you need to know what it is. Market research isn’t about a specific method or activity. It’s what businesses call their attempt to learn more about their prospective taregt audience.
While tasks like surveys and focus groups can help, they aren’t absolutely necessary, and they aren’t the only things you can do to research your target market. There are lots of other options, like tapping into the pre-existing social media communities and groups, looking for their look-alikes and more and we look into all of them for you. We conduct market research and get back to you with tangible options and actionable insights which help you hit the ground running. Here’s some of the insights that we provide:
The right fit
The multicultural marketplace, even though a niche, is massive and market research helps you understand it from a perspective of where your product fits in and in which community it will be accepted the most. This saves you numerous trial and error and points you in the direction you should be heading. Once you get an idea of your target audience, all other pieces to the puzzle including goals, messaging, media targeting, etc., fit in.
Early Business Opportunities
While we work towards the long-term objectives, we also highlight some of the possible quick wins and partnerships you can undertake to achieve your goals swiftly. These include undertaking joint promotions with brands who have a similar goal as you, upselling your product by adding in more value and even finding the right location to sell in.
Highlight problem areas
We bring you insights on the potential problem areas and things you need to be wary of before you enter the market so that you can be prepared in the face of adversities and take informed decisions, lowering your risks considerably.
Competitor analysis
Market research helps you analyse the pre-existing competition in the market and the gap that they are unable to fill, giving you an opportunity to surpass or even outsell them by serving an underserved scetion. Also, studies show that businesses that know their customers more tend to win more. If you can beat your competitors at finding out your customers’ needs and you aim to fulfill those needs, you’ve got a better chance of standing out from the competition.
