Clients often wonder if investing in marketing research and/or data analytics can provide quantifiable results for their businesses. In the interest of helping clients meet their business goals, Insights Lab identifies burning questions and presents answers that help refine long and short-term strategies. These data-driven decisions can significantly impact success metrics at various levels (e.g. sales, ROI, brand awareness, etc.), quantifying the return on the initial investment.
The following are 4 top questions Insights Lab’s solutions can answer and their potential business impact:
1. Who are my ideal customers and what are their needs?
Marketing research allows you to understand current and target consumers at a deeper level. Through market segmentation and persona development, our clients gain the ability to tailor marketing efforts and connect with their target audience to meet their needs and solve their problems.
- Craft relevant marketing communication strategies and significantly increase your return on investment (ROI).
- Contribute to a successful product development process from conceptualization to optimization.
2. What do consumers think or know about my brand?
Insights Lab’s Brand Tracker study checks your brand’s health by assessing how consumers think and interact with your brand and your competitors’ brands. Through this study, businesses take a deep dive into awareness, consideration sets, purchase intentions, and customer effort.
- Understand your opportunities and weaknesses in the marketplace to better allocate marketing investments.
- Improve value proposition, elevate positioning, and gain market share.
3. What is the buyer’s journey like for my customers?
A mix of quantitative and qualitative research can shed light on the process consumers go through leading up to making a purchase – their buyer’s journey. Companies that understand this journey manage their customers’ experiences through ongoing feedback (e.g. Voice of Customer) and leverage insights around customer expectations, preferences, and improvement measures at every step of the journey.
- Optimize your business cycle through better resource allocation to meet customers’ needs at multiple touch points of their buyer’s journey.
- Improve customer satisfaction and repeat business.
4. How can I increase my advertising return on investment (ROI)?
Our Creative Concept Testing is a combination of quantitative and qualitative methods that quickly help you A/B test advertising concepts and campaigns, and receive consumer feedback on perceptions, brand recognition and recall, impact, and suggestions for improvement.
- Develop more targeted messaging that resonates with your target audience.
- Launch more impactful advertising campaigns and maximize marketing ROI.
By Connie Jimenez, Consumer Insights Associate
#ColoradoBusiness #DataAnalytics #MarketingResearch
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