How we have helped our clients recently identifying market trends and opportunities.
The vast majority of briefs we receive include an element of either product development, understanding customers needs or identifying market trends or opportunities. Or sometimes all three!
This information is then used by our clients to develop products and services that meet the needs of their customers, as well as improve their marketing strategies and overall business performance. Additionally, market research can help businesses identify potential barriers to entry and potential threats to their success in the market, allowing them to develop strategies to overcome these challenges.
It is important for businesses to continuously conduct market research in order to stay up-to-date on the latest trends and changes in the market and to ensure that they are meeting the evolving needs of their customers. The insights gained help businesses make informed decisions about product development or modifications, pricing and marketing strategies. Ultimately, the goal of market research is to help businesses maximise their profits by providing them with valuable insights into their customers and the market in which they operate
Here we are focusing on identifying market trends and opportunities. There are several ways to achieve this:
- Conducting primary market research: This is the area we assist our clients. At Face Facts Research we help through either scripting quantitative studies, or by recruiting relevant respondents for our clients to engage with, we help gather the valuable insights needed to identify market trends and opportunities.
- Monitoring industry publications and news: Keeping up to date with the latest news and developments in the industry can provide insights into emerging trends and changes in consumer behaviour.
- Tracking sales data: Analysing sales data over time can help identify patterns and trends in consumer demand for different products or services.
- Monitoring social media: Social media platforms are a rich source of information on consumer behaviour, preferences and trends.
Overall, identifying market trends requires a combination of analytical skills, research methods, and an understanding of the relevant industry and consumer behaviour within this. It’s important to keep an open mind and be willing to adapt to changes in the market in order to stay competitive and meet customer needs.
A few research projects we have conducted this month helping our clients identify market trends for their end clients, have included understanding jewellery purchasing (with a focus on men), investigating consumption and purchase of salad items, exploring what products are purchased to care for floors (carpets and hard floors) and to determine perceptions on quality product positioning within supermarket environments.
All of the above projects involved an element of quantitative online research and some also included a qualitative stage to add further insights to the percentages observed. The ideal methodological approach to employ to discover market trends and opportunities very much depends on other factors, for example how much is already known about the consumers, is the aim to appeal to current customers or attract new (retention or acquisition?), does the research need to be contextualised in a wider market exploration or is that already available, what are the specific market research project objectives.
At Face Facts we love to help our clients find the data-driven insights that they can use to tell a story and ultimately ensure their end clients can make informed decisions that drive growth and profitability.
If you are interested in how we can help your business please get in touch as we’d love to hear about you and your business.