Strategic Research is an in-depth research helping companies differentiate from its competitors; assessing their own strengths and weaknesses and making the right organizational change for better market visibility and performance.
Where does my brand stand vis-à-vis competition? What is its recall value and market share and where is it more popular? Strategic market research helps in answering these basic questions of ‘where the business is’ and ‘where it needs to be’.
The market research helps companies understand what drives the market (people’s behavior, attitudes and environment) and provides an insight into a company’s competitive advantage- as to where, how and when should the business compete. Strategic Research helps estimate a company’s brand value and customer loyalty towards it.
One of the important aspects of Strategic Research is the Usage and attitude (U & A) study, which helps in identifying the factors related to usage of a product/service (its frequency) and attitude of customers towards the brand. U& A can have both quantitative and qualitative perspective and help find the best future scenario for planning a market strategy as per company’s objectives.
Considering that brand image is very essential in today’s times, the strategic research helps develop and design a strategy for the brand considering their recall value in a consumer’s mind. Strategic Research is best suitable for companies who want to genuinely understand the issues and challenges facing their customers, maximize their advantages compared to competitors and who are willing to embrace the research as a enabler of bringing necessary change within the organization.
Due to the dynamic nature of the market, periodic strategic marketing research plays an important part in improving an organization’s growth besides providing a perspective on the popularity, perceptions and shortcomings (areas to improve, expand and negative perceptions) of an organization. This research helps deciding the core principles of a company’s brand, its usage and helps in market mapping and demand estimation before investing in any new line of business.
Thus strategic Research can not only help gain a better business and consumer perspective, but also deliver value in future.