The need to know our consumers is nothing new. In the local markets of the 20th century, traders already adapted their offerings to the preferences and needs of their immediate customers. With industrialisation, mass production required a broader understanding of market demands. And we have reached the age of the democratisation of technology: a global market at our fingertips, millions of potential consumers, and digital channels that allow for (almost) real-time communication.?
Given this scenario, how can we anticipate trends and meet the expectations of increasingly informed and demanding consumers? The key is market research, of course, but beware! Poorly focused market research or poorly defined objectives lead to biased conclusions that can ruin our entire campaign.
In previous articles we have already talked about the importance of the quality of the audiences, that is, reaching the correct and perfectly segmented audience that interests us. But there is another critical step: targeting.?
Why is it so important to set the right objectives in a market research study? First of all, defining clear objectives provides a specific direction for the study. Without clear objectives, it is easy for the project to drift and generate irrelevant or inconsistent data.
In addition, by setting specific and achievable goals, it is possible to assess whether the results obtained meet expectations and answer the questions initially posed. This facilitates evidence-based decision-making. On the other hand, it helps us to optimise available resources, both personnel and financial.?
What are the most common objectives in market research?
It is clear that each marketing campaign we want to carry out will have its own specific objectives for the hypotheses we want to validate. However, there are some common cases that can be a good starting point to help us define our market research.?
1. Understanding consumer behaviour
One of the most common objectives is to understand how consumers interact with our products or services, which includes analysing buying patterns, preferences and factors that influence purchasing decisions.
For example, if we want to determine the viability of a new product in the market, our objectives could be:
- Measure the interest and potential demand for the product in the target market.
- Estimate the market size and sales potential.
- Identify unmet needs that the product can address.
- Analyse consumer preferences in terms of product features, functionalities and benefits.
- Research competing products in the market.
- Identify opportunities for differentiation and positioning.
- Identify the most effective and preferred distribution channels for the target audience.
- Assess the viability of different sales channels, both physical and digital.
- Identify key messages and values that resonate with the target audience.
- Determine the best creative approaches and communication tactics.
- Measure the effectiveness of different promotional campaigns and launch strategies.
- Analyse the receptiveness of the target audience to promotions, discounts and offers.
- Identify potential barriers to market entry, such as regulations, consumer preferences and economic conditions.
- Assess potential challenges and develop strategies to mitigate them.
- Collect data to enable sales projections and financial analysis.
- Evaluate expected return on investment (ROI) and key performance indicators (KPIs).
- Identify emerging trends in the market that may influence the product launch.
- Assess how technological, social and economic trends may impact product success.
Tip! Of course, in a market study, the ideal is to have one main objective and two or three secondary ones, but we must focus so as not to make surveys too long that tire the consumer and bias the answers or make them give up.?
2. Evaluating customer satisfaction
Measuring customer satisfaction is crucial to identify areas for improvement and opportunities to strengthen customer loyalty. If, for example, we want to improve customer service, we will focus on collecting opinions and feedback about the customer's experience with this service. What objectives can we set?
- Identify the percentage of satisfied, dissatisfied and neutral customers with the support received.
- Determine the specific areas where customers experience problems or dissatisfaction.
- Gather feedback on the most common negative experiences and the reasons behind them.
- Assess response time and problem resolution.
- Identify whether customers consider the waiting time to be acceptable and whether the solutions provided are efficient.
- Evaluate response time and problem resolution.
- Identify whether customers consider the waiting time to be acceptable and the solutions provided to be efficient.
- Measure customers' perception of the knowledge and competence of customer service representatives.
- Identify areas where staff need further training or improvement.
- Understand what customers expect in terms of support and assistance.
- Assess whether these expectations are being met or exceeded.
- Assess satisfaction with the different customer service channels available (phone, email, chat, social media, etc.).
- Identify which channels customers prefer and why.
- Allow customers to provide suggestions on how to improve customer service.
- Assess customer satisfaction at each stage of the customer service process (first contact, follow-up, final resolution).
- Identify stages where satisfaction is low and needs improvement.
- Determine whether current tools and systems facilitate efficient and satisfactory service.
- Identify whether there is a need for new technologies or improvements to existing ones.
- Conduct periodic surveys to detect trends in customer satisfaction.
- Assess the impact of recent changes in customer service policies, procedures or tools.
3. Identifying new market opportunities
Do we need to launch or explore something new, but we don't know what? Sometimes it happens... This objective focuses on identifying unexplored market segments, unmet needs and emerging trends. What objectives can guide our market research in this case?
- Identify changes in technology, regulation and consumer preferences that may open up new opportunities.
- Identify market segments that are currently not well served by competitors.
- Analyse the specific needs of these niches and how they can be met effectively.
- Assess the feasibility of expanding into new regions or international markets.
- Analyse factors such as local demand, competition and barriers to entry into new geographies.
- Explore possibilities for developing new products or services to complement current offerings.
- Analyse the potential demand and profitability of these new products or services.
- Identify and evaluate new technologies that can be applied to improve existing products or services.
- Analyse the potential impact of these innovations on operational efficiency and customer satisfaction.
- Monitor changes in consumer preferences and behaviours that may indicate new opportunities.
- Analyse consumer data to identify emerging patterns and new needs.
- Explore opportunities to form strategic alliances with other companies that can complement the company's offering.
- Assess the potential benefits of these collaborations in terms of access to new markets and resources.
- Assess how changes in regulation and public policy may create new market opportunities.
- Identify areas where the company can take advantage of government incentives or new regulations.
- Identify opportunities in the market for sustainable products and services.
- Analyse how the company can align itself with sustainability trends to attract environmentally conscious consumers.
- Analyse competitors' market strategies and how they are taking advantage of new opportunities.
- Identify gaps in competitors' offerings that the company can exploit.
- Use customer feedback to identify opportunities for improvement and innovation in products or services.
- Implement surveys, focus groups and data analysis to gather ideas and suggestions.
- Evaluate the performance of current products and services in the market.
- Identify areas for improvement and possible product line extensions.
Common mistakes to avoid
It is as important to get it right as it is to avoid getting it wrong. What are the main mistakes around our market research objectives?
- Lack of clear objectives: Vague or ambiguous objectives can lead to irrelevant data collection and inaccurate conclusions.
- Not involving stakeholders: It is crucial to get input from all relevant departments to align with the needs of the company.
- Ignoring the market context: Defining objectives without considering the market context can result in decontextualised data. It is important to understand the environment in which the business operates to set realistic and relevant goals.
- Failure to review and adjust targets: Targets should be reviewed and adjusted throughout the study to ensure relevance. Ignoring changes in the market or business can lead to outdated results.
In short, defining objectives properly is the first step to obtaining valid and useful results in market research. They provide a clear course of action, facilitate objective measurement and optimise resources, which is always a good thing.
