Market Research: Your Strategic Decisions Rely Upon Relevant Market Facts
Good business decisions are based on sound strategy. Formulating that strategy often takes place without the benefit of reliable and actionable market facts. Ultimately, managers must make decisions with imperfect information. Still, there is a high risk associated with making the wrong call. Now, more than ever, managers recognize the need to engage expert resources that can deliver critical information and insights to support major initiatives and tactical action plans.
1st Resource provides full service research support for B2B companies. For more than 15 years, we have focused on delivering unique customer and market insights to support managers in crafting winning strategies, developing fact-based actionable plans and creating value across the organization. Typical studies:
- Interview studies (Qualitative IDI Studies)
- Online surveys (Quantitative Research)
- Customer satisfaction and loyalty studies
- Brand development research
- Message analysis
- Competitive analysis
- Pricing studies
In addition to offering a full menu of quantitative and qualitative research techniques, we feature specialty services for common marketing and sales scenarios:
Market Research Case Studies
A financial services company needed to gauge consumer response to an alternative go-to-market approach, going direct to consumers rather than through their historical channel. They also needed to profile consumer types, measure values and anticipate receptivity to a proposed pricing change.
1st Resource partnered with the Marketing Strategy and Qualitative Research team to focus on the quantitative survey. Since we could not access a customer list from the channel, we employed a novel strategy of targeted emails to millions of geography-specific zip codes in order to reach a sufficient sample to complete the study.
Client was pleased that even with a limited sample, we were able to come up with demographic and behavioral profiles of their customers, establish clear preferences and show real quantitative differences.
A global engineering design firm wanted to capitalize on their expertise working on nuclear power generation projects for the government in order to participate in the growing trend toward licensing new power generation plants in the U.S. and beyond.
1st Resource conducted in-depth qualitative interviews with senior managers at existing nuclear power plants to determine market size, growth and keys to entry.
A clear profile of opportunities and threats were uncovered, as well as a roadmap of prospects and priorities. Marketing challenges were identified and open doors were presented to the client. Action plans were created based directly on research findings.
A large specialty healthcare provider was concerned about dwindling market share in a specific therapeutic category. They suspected that a key competitor was grabbing that share and wanted to verify their assumptions.
Our goal was to learn as much as possible about the competitor’s approach in the marketplace so our client could determine how to counter these moves and restore their category leadership, as well as to verify the market share impact of the competitor’s actions. We examined other specific competitive forces that were suspected of playing a role in the market flux, gathering input from multiple sources to build a reliable picture of the category. Our analysis bundled key insights from multiple intelligence streams and set the stage for management to reconsider their strategic alternatives.
This healthcare provider was able to build quick consensus about needed changes in this and other therapeutic categories with the confidence that they possessed accurate, current market information.
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