Midwest Strategies | Market Research

Market Research

Businesses and organizations use market research to answer questions, develop strategies, target audiences, and learn more about their competitors’ products and services. We are experts at helping our clients achieve their goals by gathering, analyzing, and interpreting information specific to their business needs.

Here are some common ways our clients use market research:

Test an idea: Before you spend money on an idea, test it to make sure it’s worth pursuing. Many of our clients have opted for a different direction after testing their target market. It can also serve as validation that you’re on the right track.
Answer burning questions: Have you ever wondered why some people buy from you once and never come back? Or whether tweaking your product or service would cause more harm than good? We can get the answers to these burning questions.
Strategic planning: You should never go into strategic planning saying “we hope…”, “we think…”, “we feel…”, “we assume…” You need to go into strategic planning knowing how your key stakeholders feel and what they think.
Competitive Advantage: We all know how hard it can be to gain a competitive edge in today’s world. Market research allows you to stay ahead and identify your unique selling propositions.
New Markets: If you’ve ever considered expanding into a new market, look before you leap and do your homework. Nobody likes to have a new location fail. It’s expensive and time consuming.
Validation: Internal validation makes sure your employees are doing what you expect every time. External validation can prove to a grantor, funding source, or parent company that your location or program is performing in a certain way.
Compensation and promotion: Some of our clients tie study results to manager bonuses so they are incentivized to perform well year round. It can also help in separating the rising stars in your organization from those that might be detracting from your brand.

Focus Groups

Focus groups provide you with qualitative information. They are used to test concepts and gauge reactions to proposed changes. Each focus group is comprised of members of your target market who are asked questions about their wants, needs, and perceptions. We often hold multiple focus groups on the same topic in order to find trends. You might consider focus groups before launching a new product or service or to find out what your market thinks of your organization. Our focus groups are professionally moderated in a controlled environment so that we get honest and open feedback. Focus groups are often used to screen out questions or uncover unknown issues prior to surveying the rest of your target market.

Surveys

Surveys allow you to put your finger on the pulse of the market and measure reactions to your product or service. We can help you reach your audience online, through the mail, and many other ways. Surveys gather information from a large number of respondents and are statistically significant. As an unbiased third party, we are able to gather anonymous, candid responses that allow you to test ideas related to an investment or change. We use surveys for everything from brand testing to customer satisfaction. After a survey has been concluded, our team will analyze the data and can provide actionable steps that will help you improve your product or service.

Mystery Shopping

Mystery shoppers identify strengths and weaknesses based on their first-hand experience with your product or service. When an anonymous person visits your location or interacts with you online or on the phone, they are able to provide valuable feedback from a real customer’s point of view. They can tell you if the employees they interacted with were friendly, if the service was explained properly, if the prices were clear, and so much more. Receiving this information regularly allows you to quickly correct any problems to get back on track and reward team members who are doing a great job. Mystery shopping can be used in nearly any industry, from grocery stores to banks, car dealerships to theaters. Some of our clients even mystery shop their competition so that they can stay ahead!

Whether you are gearing up for strategic planning, are considering a new product or service, or are troubleshooting a problem – market research helps you make good decisions that are based on real information, not just a hunch.