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Market research is the gathering, structuring and analysis of
information on products, services, markets and market structures. Market
research is a fundamental step in entering new markets, an obvious step in
exploiting existing markets better, a crucial step during the restructuring of
markets and often the saving of markets in decline. Without market research, organisations do not have the ability to make informed risk/reward decisions in
sales, marketing, joint ventures and acquisitions. Z/Yen has developed its
market research capabilities in support of its clients both as part of larger
assignments or a specific project on its own.
For instance, for one new entrant to the business to business
services sector, Z/Yen researched both national and international markets which
provided them with the information they required to get financial backing of
several million. Working with the client over the past few years, Z/Yen
continues to help them evaluate new markets, to revitalise old markets and to
ensure that their continuing investment decisions are made with a realistic
appraisal of the markets they enter. Over time, the joint team has developed a
multi-layer model which helps them to segment and position products and services
(see diagram).
A typical research pattern might consist of five stages:
-
targeting study to identify companies within a sector, to quantify
sectors and to highlight new or adjacent sectors for further investigation;
-
issue identification and formulation of offer structured interviews
covering size and scope of potential customer activity, existing
products/services, current purchase criteria and trends combined with
database and financial analysis leading to a formulated offer;
-
opportunity quantification having formulated a product or service
offer, further structured interviews, questionnaires or web-polling to
establish probabilities of spend, movement to new product, service or
supplier, information channels and timing;
-
product/service launch programme planning and developing a launch or
expansion building on the contacts made, developing new targets and
adjusting the percentage spent in marketing areas;
-
segmentation and refinement ongoing work to analyse the returns,
setting sales and commission targets, developing target take and
return figures.
Z/Yen has conducted market research in many sectors, although
skills are strongest in business to business services, professional services and
high technology. Market research clients have included outsourcing companies,
software firms, electrical and medical instrument manufacturers,
telecommunications companies, accountancy partnerships, bulk chemical suppliers,
textile companies, industrial valve exporters, banking services, coatings and
special papers. Z/Yen also works with specialists on information gathering in
particular sectors, uses automated tools such as
OneStopHit or
PropheZy for providing an ongoing
service and integrates market research with its proprietary risk/reward
methodology and sales processes such as
PPRISM.
More information:
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