Since 2013, Wonderblys business has grown exponentially and now sells personalized books to over six million customers worldwide. Market intelligence is an integral part of its business; with granular data across multiple markets, it knows the how and why behind individual brands performance. If not, then it adjusts its strategy to satisfy its customers and outperform its competitors. Are customers satisfied with their experience? The restaurant would then know if its marketing research was an accurate indicator of success. 2. Learn more about the benefits of working with a third-party market research firm. Challenge: Survive the global pandemic and pivot its digital marketing strategy to meet the demand for new products in a shifting industry. For example, Apple has expanded its screens on some devices to enhance its customers viewing experience. Simplr is a customer support solution for growing brands, delivering staffing solutions via remote specialists and AI. See the full story behind Wonderlys success here. Marketers would develop a questionnaire from which to ask the questions. Apple made that possible through product innovation and market research to understand its consumers needs. Gross Profit vs. Operating Profit: Whats the Difference? Read What Our Clients and Participants Have to Say About Drive Research. Secondary market research involves assessing data that has already been collected and published by others. Impact: The impact of market research intelligence on Crouds business is multifaceted. Challenge: Lack of data to enter new markets. Starbucks considers all customer feedback for their business and, Apple is one of the most successful technology companies worldwide. The soap brand partnered with Twitter in 2015 to launch the #SpeakBeautiful campaign, which relied heavily on social media market research. Apple is one of the most successful technology companies worldwide. Lets look at how it went on to achieve success in a bustling new market. It went on to achieve a 69% revenue increase in books purchased by a more mature audience. Challenge: Limited view of audience browsing behavior. While it was attracting a larger female audience of 62% vs. 56%, they saw their rivals were better at appealing to a male audience, with a respective split of 43% vs. 37%. Its research panel is called the Apple Customer Pulse, which is an online community committed to catering to the needs of the technology consumer by analyzing data. Starbucks became the largest coffeehouse chain in the world because of its value for market research. If they dont have their expectations met, then they will take their business elsewhere. One-on-one interviews are conducted in a similar manner to focus groups, but with one person. What prices are most affordable for the consumers? The Beyond Fried Chicken sold out in 5 hours. Market research is an important part of a business's overall plan and can significantly help a company better understand how to reach its ideal customer. Using a range of reports that show monthly traffic changes and traffic spikes in a custom sector, it saw high-growth sites with an expanding customer base and with this, an increased need for support services like Simplr. Smart companies use market research to grow their business. LEGO used market research data to determine the bright colors of the packaging and the figurines size. Manufacturers and marketers use a custom online portal to see how Conscious Box subscribers rated each product. A moderator, or special interviewer, usually runs the focus group. This gave its sales team the ability to identify, qualify and prioritize potential companies based on solution fit and increasing need. Like focus groups, managers observe behind one-way mirrors. Croud is a global digital marketing partner to some of the worlds greatest brands. A video-on-demand client was alerted to emerging players entering the market, as well as what tactics were being used to obtain traffic. Knowing this problem will ensure you ask the right questions to better understand how to best address the issue in a way that suits your target demographic. Read our, Market Research: The 2 Main Types with Tips and Examples, Target Market Analysis: What It Is and How To Make One, 20 Marketing Tactics That Work and How To Use Them (With Examples), 6433 Champion Grandview Way Building 1, Austin, TX 78750, Tips for Creating a Talent Management Strategy, What Is an Audited Financial Statement?
These household names use the data to their advantage to win over their customers and challenge their competitors. By keeping on the pulse of changing market trends, KFC seized an opportunity to offer plant-based options and appeal to an emerging demographic. And while its true, You dont have to see the whole staircase just to take the first step, having a clear understanding of the market will help you fuel growth, adapt, and impact change when and where its most needed. Each market has unique factors, risks, and opportunities. In order to validate its go-to-market strategy, it needed granular insights into competitors and market trends. So brands need to maintain customer expectations by understanding what customers want through market research. Conscious Box uses surveys to gather marketing research data and shares their customer feedback with manufacturers. Starbucks uses market research in the form of customer feedback to guide their business. Read on. For example, a computer software firm may want to test a new program, so they set up a computer and watch as individuals use the software. As a result, these surveys have paved the way for new product development and modification of existing Apple products. Diversification is key to survival. 
Small companies conduct marketing research to obtain information from the marketplace. Admar Gonzaga, 440 Itacorubi - Florianpolis / SC 88034-000 - Brasil, 20, Oskar-von-Miller-Ring, 01-102, 80333 Munich, Otemachi Building 2F, 1-6-1 Otemachi, Chiyoda-ku, Tokyo, 100-0004, Milton Gate - 7th Floor 60 Chiswell St, London EC1Y 4SA, Gulliver, 1a Sportyvna Square, 01023 Kyiv, Similarweb LTD 2022 All Rights Reserved, 7 Highly Successful Market Research Examples, Research Intelligence, This post is subject to Similarweb legal notices and, Research Intelligence, Red Arburs successful market research example, Staysure identified a new product opportunity for its business, how Simplr used successful market research, 4 Types of Market Research + 5 New Ways to Do It Smarter, Local social network ads via organic and paid campaigns, Running local digital news publishers ads. We understand most brands cannot employ an entire market research team. An example of market research is conducting an online search on a particular topic and making note of the most recent data published on that topic. What made you purchase this product from our company? In age distribution, its share in the 18-24 bracket was just 12% vs. 19%. She then asks participants various questions about the product. There are several online survey tools that allow you to survey a large number of people and compile that data in one succinct location for easy analysis. Marketers can interview a person in their home, on the street, in the office or in a market research facility.
Market dynamics mean a target audience is susceptible to change, so even established businesses need to keep watch. Challenge: Difficult to see whats happening across websites, apps, and digital entities in relevant markets. Action: Airbnb already knew who the leaders and most active local competitors were, but to enter with confidence, it wanted to see its respective rivals growth strategies. See more about how Staysure identified a new product opportunity for its business during one of the most challenging of times. See for yourself with these four market research examples from the brands you know and love! 
704-247-6160. It even launched an. For example, a bank may conduct 300 phone surveys to measure how satisfied customers are with its customer service. Impact: Key data can be constantly monitored to provide intel around emerging competitors and enables Red Arbor brands to quickly close the gap on respective market leaders. Challenge: Analyze a new, highly competitive market and get clear insights into its rivals traffic sources to enable them to build an effective marketing strategy. Two key players are losing traffic, with a 42%+ reduction in traffic share.
Contact us today. Red Arbor is the third largest job board website in the world. Add in a global pandemic, the possible end of globalization as we know it, and who knows what other variables business leaders have never (likely) known a time like it.
But if you want to stay ahead of the game, you need to reach deep inside a market, and often. Our team partners with organizations across the country to deliver data-driven insights through customer surveys, new product development, focus groups, and more. Making key business decisions about the future is tough at the best of times. Therefore, market research is an essential part of making a brand successful.
This field is for validation purposes and should be left unchanged. However, LEGO didnt want to limit itself to only cater to one gender. Being able to clearly identify a target audience in any market is crucial. Rather than have a data team that works in a siloed environment crunching numbers alone, however, Airbnbs data scientists regularly collaborate with other departments to leverage the communitys voice for business decisions. Its research is done through a variety of online customer surveys. She may ask them if they like the idea of a new chicken sandwich, how much they would pay for it and whether or not they would purchase it. Read more about how the team at eToro used digital insights to save time and make smarter decisions. Within four years, LEGO conducted a study involving 3,500 girls and their mothers to understand the childrens playing habits. For the best experience, please upgrade to a modern, fully supported web browser. A global lingerie client was able to fine-tune localized marketing strategies and adjust media mixes to reflect category benchmarks. This gives both the company and its partners critical customer feedback. Each brand strives to satisfy the customers needs and high expectations. But before investing time and effort, the crucial work of fleshing out the opportunity in its entirety is key. For example, maybe your company wants to improve a particular feature on a product. Youve created something, but how does it work when people interact with it? Related: .css-1v152rs{border-radius:0;color:#2557a7;font-family:"Noto Sans","Helvetica Neue","Helvetica","Arial","Liberation Sans","Roboto","Noto",sans-serif;-webkit-text-decoration:none;text-decoration:none;-webkit-transition:border-color 200ms cubic-bezier(0.645, 0.045, 0.355, 1),background-color 200ms cubic-bezier(0.645, 0.045, 0.355, 1),opacity 200ms cubic-bezier(0.645, 0.045, 0.355, 1),border-bottom-color 200ms cubic-bezier(0.645, 0.045, 0.355, 1),border-bottom-style 200ms cubic-bezier(0.645, 0.045, 0.355, 1),border-bottom-width 200ms cubic-bezier(0.645, 0.045, 0.355, 1),border-radius 200ms cubic-bezier(0.645, 0.045, 0.355, 1),box-shadow 200ms cubic-bezier(0.645, 0.045, 0.355, 1),color 200ms cubic-bezier(0.645, 0.045, 0.355, 1);transition:border-color 200ms cubic-bezier(0.645, 0.045, 0.355, 1),background-color 200ms cubic-bezier(0.645, 0.045, 0.355, 1),opacity 200ms cubic-bezier(0.645, 0.045, 0.355, 1),border-bottom-color 200ms cubic-bezier(0.645, 0.045, 0.355, 1),border-bottom-style 200ms cubic-bezier(0.645, 0.045, 0.355, 1),border-bottom-width 200ms cubic-bezier(0.645, 0.045, 0.355, 1),border-radius 200ms cubic-bezier(0.645, 0.045, 0.355, 1),box-shadow 200ms cubic-bezier(0.645, 0.045, 0.355, 1),color 200ms cubic-bezier(0.645, 0.045, 0.355, 1);border-bottom:1px solid;cursor:pointer;}.css-1v152rs:hover{color:#164081;}.css-1v152rs:active{color:#0d2d5e;}.css-1v152rs:focus{outline:none;border-bottom:1px solid;border-bottom-color:transparent;border-radius:4px;box-shadow:0 0 0 1px;}.css-1v152rs:focus:not([data-focus-visible-added]){box-shadow:none;border-bottom:1px solid;border-radius:0;}.css-1v152rs:hover,.css-1v152rs:active{color:#164081;}.css-1v152rs:visited{color:#2557a7;}@media (prefers-reduced-motion: reduce){.css-1v152rs{-webkit-transition:none;transition:none;}}.css-1v152rs:focus:active:not([data-focus-visible-added]){box-shadow:none;border-bottom:1px solid;border-radius:0;}20 Marketing Tactics That Work and How To Use Them (With Examples).css-r5jz5s{width:1.5rem;height:1.5rem;color:inherit;display:-webkit-inline-box;display:-webkit-inline-flex;display:-ms-inline-flexbox;display:inline-flex;-webkit-flex:0 0 auto;-ms-flex:0 0 auto;flex:0 0 auto;height:1em;width:1em;margin:0 0 0.25rem 0.25rem;vertical-align:middle;}. Companies then determine whether they need to make changes to the software, based on actual consumer usage. Examples of questions that a questionnaire may ask include: What benefits do you get from this product? Other examples of secondary market research include: Contacting trade organizations and asking specific questions about a topic. It also identifies five emerging players in the market with significant growth of over 3000%. You can cut through the noise, see whats working, and uncover opportunities for growth. What Is UTM Tracking? Action: Using seasonal trends keywords that showed where competitors were winning traffic from paid ad channels, Wonderbly discovered an emerging category (weddings and anniversaries) that was not addressed with its own offering.
Starbucks considers all customer feedback for their business and marketing strategy. Businesses often use this form of market research when they have a smaller budget or when ample market research has already been performed on a particular topic. Company managers use these interviews to watch someone actually use their product. Action: By analyzing competitor audience demographics that showed both gender and age distribution of its rivals audience, Wonderbly saw its competition was better at attracting a younger audience. What do Starbucks, Apple, McDonalds, and LEGO all have in common? Some companies choose to perform market research by sending questionnaires to their existing customers or users who have shown interest in their product or service. If they dont have their expectations met, then they will take their business elsewhere. McDonalds is one of the biggest fast-food chains in the world. For example, the restaurant company may actually roll its chicken meal out into five of its 10 local restaurants, advertising the meal on local television and radio and through coupon magazine ads. The following are examples of each: Primary market research refers to any research that a person, company or a person/company conducts or hires another company or individual to conduct. Through one form or another of investigation, these companies were able to recognize changing trends and achieve success. With so many leaders and marketeers facing the age-old issue of outdated reports and a lack of industry-specific intel, it can feel like an uphill struggle trying to assess market demand or potential, not to mention trying to stay a step ahead of market dynamics. These famous brands all depend on market research. 2022 Voccii, LLC. This, in turn, builds trust, loyalty, and revenue: Read the full market research success story from Croud here. Action: Using Similarweb Digital Research Intelligence, Staysure analyzed competitors marketing tactics in real-time. 
Ive shared with you seven market research examples demonstrating how companies around the globe have successfully used market analysis to strategize, adapt, and grow. They use it to solve problems, obtain information on competitors and determine the needs and wants of non-paying consumers and customers. Buyer personas shape product, price, and placement and the development of these personas are relevant to all organizations. Many companies use market research to collect and assess data about a target market or consumer to better understand their ideal audience. Customers expect high-quality services and products. She develops a discussion guide of five to 10 questions related to the product. What features are the most valuable to you? In this article, we'll cover what market research is, the primary and secondary types of market research and why market research is important for any company's marketing efforts. Other examples of primary market research include: Interviews are a common type of primary market research that can be either in-depth or as simple as asking a question. We understand most brands cannot employ an entire market research team. So McDonalds took that feedback into account and added healthy items on the menu, such as apple slices. There are several main types of marketing research. A few of the key reasons include that it: Allows a company to determine whether a new business, product or service is feasible, Helps companies identify and develop new sectors in the marketplace, Enables companies to test the demand for a new service, product or feature before actually launching it, Boosts the overall success of marketing, advertising and promotional campaigns, Assesses current market trends to allow companies to develop strategies to adapt to these trends, Helps companies determine the optimal product placement for a product. What is your primary method of communication (for future questionnaires or marketing efforts)? Lastly, it's important to use resources when conducting surveys, especially if you want to conduct larger surveys. Its findings revealed specific keywords, social sites, and referrals that enabled it to enter a new market in a position of strength. Lets look at how five different companies leveraged their market research results in innovative and profitable ways. There are several reasons why market research is important. Based on these insights, it helps brands become the ultimate competitor and retain their positions as market leaders. To remain number one in the fast-food industry, McDonalds frequently uses market research to make its customers happy. It wanted to involve all children to enjoy its products. 6702 Buckley Rd Ste 110BSyracuse, NY 13212, 4 Famous Brands That Depend on Market Research, hese household names use the data to their advantage to win over their customers and, Understanding market segments and trends in the marketplace, Obtaining feedback on customer preferences, Establishing the effectiveness of marketing and product promotion, Over the past 12 years, Starbucks has used market research by, These ideas can range anywhere from new offerings to minor changes in a current product. Keyword seasonality screenshot shows traffic leaders for specific keyword sets, their seasonality, traffic share, volume, and CPC data. These ideas can range anywhere from new offerings to minor changes in a current product. In any business of any size, having in-depth insights into competitors audiences, campaigns, keywords, (and more) allows you to shape or refine your own plans for success. (Plus How To Set Up Tracking in 4 Steps), 8 Examples of Data Science in Health Care (With Definitions), How To Price Your Products To Maximize Profits (With Tips), How To Make a Waterfall Chart in Excel (With FAQ). A marketer or organization typically facilitates these groups to to gain more insight on how a particular business, product or service will be received by their target audience. After launching in 2015, those 5 million negative tweets dropped to 3.4 million a 36.8% decrease year over year. Primary Market Research Goals for Famous Brands.
After your product has been released into the wild, its time to observe through market research. This type of research entails going directly to the source to obtain market research. What would make you a perfect company or brand? As a business in the travel sector, the pandemic hit Staysure harder than most in fact the travel sector experienced losses of around 70% year on year. Similarweb Digital Research Intelligence impacted each of these examples, helping take the guesswork out of market research; so you can confidently make informed strategic decisions to grow your business. A moderator may speak to customers about a small restaurant's new chicken sandwich meal. Challenge: Finding reliable, competitive intelligence across international markets in a timely fashion. Dynamic market intel enables you to do this and achieve sustainable growth by spotting emerging opportunities as they happen. Next, you should target the right audience by getting clear on the population you wish to survey. Challenge: Targeting the right customers at the right time. Sales efficiency has increased, lead quality has improved, and sales performance is more effective as outreach is done in a more timely manner. When organizations develop plans for a new product or service, it requires insight, investment, and often a little intuition. 
KFC launched an in-store consumer testing sale of Beyond Meat fried chicken in August 2019. As a result of being able to clearly see ad placement and creative campaign performance, it has improved ROI and increased its ability to out-trade rivals and gain market share. Going to a reference library to perform research. In this post, I share some of the most successful market research examples from companies across the globe and walk you through the processes and tools used so you can replicate actions and outcomes. When creating a survey, it's important to first define the problem you wish to explore with your survey. Companies use phone surveys to further validate information obtained from focus groups and one-on-one interviews. For example, a plethora of McDonalds customers were concerned with the absence of healthy and organic food items on its menu. The business still encourages customers to submit any ideas they have for new offerings, changes theyd like to see, requests to bring back old products, and more. Challenge: Low visibility into a key competitors activity. A data-informed approach is the only logical route to take at any time, but none more so than now. Without market research, companies would not have been able to produce innovative products, enhance their product offerings, understand their customers, or solve the most challenging problems.