How to Improve Your Business’ ROI Through Market Research
ROI, or return on investment, is a performance indicator used to look at the profitability of a business and the effectiveness of various investments. When your business is spending money, you want to know that you’re getting results, which is why there is a strong focus on continuously improving your ROI. With that in mind, market research can be used to great effect to increase your ROI. Let’s look at how market strategy can be successfully utilised to improve your ROI.
Insights Into The Customer Experience
Although it may seem obvious, many businesses neglect the importance of the customer experience. Focusing on the customer experience will help you identify the needs and desires of your target audience so you continue to meet customer expectations. Market research techniques can be successfully implemented to create a voice of customer program which results in improved ROI over the long term.
Enhances Brand Positioning
In the crowded business landscape, it’s understandable that you want your brand to stand out from the crowd. If you’re investing money into developing your brand, you need to be confident that your target audience is going to respond to your brand positioning. Not only can market research help with your current brand positioning, but it can also help predict where your brand needs to go into the future for the best results by tracking the health of your brand to drive continued performance.
Test New Products and Ideas
When your business creates new products or services, you need to be confident that your target audience will respond to these new innovations. Market research can help test new ideas to see how your customers will respond. Using qualitative and quantitative research techniques, your business is able to screen, test and refine your new concepts so you can be confident that your new idea resonates with your audience before you launch. Using the right techniques, you can prioritise the new ideas which will make the biggest difference to your business for increased ROI.
When it comes to engaging with your target audience, communication is key and you need to develop the right strategy to ensure that your communication resonates with your audience. Market research can help assess the current effectiveness of your communication strategy. Pre- and post-campaign testing can then be implemented to measure the ROI and make changes where necessary for ongoing improvement.
Kantar Australia has built a reputation for continuously providing businesses and organisations with real, valuable insights that make a difference. We use the latest marketing science techniques in both qualitative and quantitative research. We have over 100 expert market research consultants located in Melbourne, Sydney, Brisbane, Canberra and Adelaide to ensure that we’re within close proximity to our clients.
To embrace strategic research to improve your ROI, speak with Kantar Australia today.