3 Ways Agencies Use Market Research to Win in 2013
People often ask us, “So, how is Market Research being used successfully today? …Can you give us any real examples?” Good news. We heard your cries and decided to write a whitepaper with multiple, real-life case studies. To give you a quick glimpse into why this whitepaper is worth your valuable time, let’s take a look at some of the main areas you can use Market Research to win in 2013.
Early stage ideation and brainstorming
In business, we often are unable to think too far outside of the box – we’re too close to the trees to see the forest. The final idea chosen is only as good as the potential ideas available, so it’s important to expand the range of ideas early on. Brainstorming in the beginning stages can help businesses avoid critical marketing mistakes. From a statistical perspective, you can reduce your chance of error by evaluating a larger sample of ideas. You must first expand thinking to include more questions, more variables, and more ideas before you begin the refinement process.
Concept refinement and optimization
So you have a pool of ideas but don’t know how to determine which idea is the best? This is when refinement and optimization processes come into play. Idea Optimization is the process of refining a pool of ideas and identifying the specific elements of an idea which generates the greatest impact.
Budget setting and media-mix modeling
For Marketers, budget setting can be a daunting task that is often a shot in the dark. In theory, budget setting should be based off simple logic. How did “x” perform last year compared to “y”? How successful was marketing campaign x? These are the questions that are sometimes hard to answer. This is where Media-Mix-Modeling (a.k.a. Return on Marketing Investment Analysis) is extremely valuable.
Agencies, more than ever, are using Market Research to help their clients be successful. These are just 3 examples of how Agencies are using these advanced tools. Want to know more about how these tools were actually used in real-life scenarios? Grab your free copy of 3 Ways Agencies Use Market Research to Win in 2013.