Retail Market Research
Studies show that data-driven decisions are more likely to result in profitable results than those based on an idea. For this reason, we believe that a deliberate and regular review of the retail market provides the most reliable insight into a successful marketing mix.
Competitive advantage within any market depends on the strategic review of market conditions. Within the retail industry, in particular, an appropriate combination of factors (known as the 5 Ps) — product, price, place, promotion, and people — ensures that a company creates products and services that not only meet consumer demand, but that enhance customer satisfaction. Quality market research can help you uncover specific data that better inform your business decisions.
By conducting market research, you will get a better understanding of the cultural, societal, socioeconomic, geographic, and unique characteristics of your ideal customers. Then you can determine whether there’s a demand for your product, how big that demand is, and who is generating the demand. It also helps you comprehend the competitive landscape.
For example, one of the largest franchise chains in the U.S. wanted to analyze and track the appeal of their core product offered in select U.S. markets. Our team designed an on-going annual Tracking Program to benchmark and track behaviors of unique consumer segments relative to their product and other fast food options.
This six-year quarterly and annual program provided insight regarding changing behaviors, media habits, the decision process, and brand perceptions to reveal strategic refinements for product development, operational processes, marketing & advertising initiatives, and new product options.
We were very impressed with the quick turnaround time and the quality of the results. Everyone at Research America was delightful to work with. We were also impressed with the input on question suggestions and the time everyone took with us to make it a beneficial project.
Research America has extensive experience and expertise in retail market research, including:
- Identifying emerging consumer trends and ways to capitalize on them
- Benchmarking your market and mind share
- Profiling and targeting new customer segments
- Identifying messaging/mediums that motivate target segments
- Mapping how decisions are made and capitalizing on gaps and opportunities
- Creating a Measurement Program for tracking improvements
- Testing and validating the best product ideas/concepts
- Creating product/service enhancements to WOW customers
- Energizing your marketing, PR, and advertising initiatives
- Providing you with accurate, reliable and top-notch market research data