Importance of Market Research To Your Business's Success

Most modern-day consumers have cottoned on to the fact that the ultra-relevant ads they come across aren’t a complete “coincidence” but are in fact, the product of extensive market research. This hasn’t stopped those ads from being highly effective though, and the track record has only further proven the need for market research. Data-driven decision-making is now an imperative ingredient in the recipe for business success and with analysis tools being made increasingly accessible, business data can now be understood without much experience.

As a quick introduction to the world of market research, this is a business strategy that involves the gathering and use of real-world data to learn more about consumers and ultimately target the right demographics. The most important thing to a business is always going to be its customers, so any investment made into understanding the core clientele of your business is always going to be one worth making. Market surveys can help you spot potential partnerships and customer bases a mile away while also spending your advertising funds better with greater projected returns.

Marketing is a hard and fast game to play these days and the most successful ventures are those that are carefully attuned to the frequency of their desired audience (case in point, TikTok advertising). Having a deeper understanding of your customers will ultimately allow you to align yourself with their needs and reach them in a way that’s meaningful to them.

There are several different approaches towards market research with brand research, marketing campaign evaluation, and even usability testing. The cost involved in these different techniques vary, with some of the more cost-effective strategies typically incorporating the use of incentives (like Australian gift cards). When deciding on a research technique that works best for your company, it’s important to weigh out the pros and cons of each.

Here are some popular market research schemes that pack a serious punch:

    1. Social Media Listening

• We aren’t limited to the classic approaches these days; social listening strategies have never been more relevant than in our generation. A method that’s on the uptick in value and reach, social media listening capitalises on the very thing that connects about 78% of the eligible global population. People happily offer up their opinions on social media, so there’s no mind-reading involved here, just good ol’ analysis.
• With listening tools being readily available, there’s no reason for your business to not harness the approach that allows you a sneak peek into your customer’s minds. Understanding what your audience might want from your business and what they think of the competition are just some of the ways social listening helps your business win.

    2. Focus Groups

• One of the more costly methods to implement, focus groups involve gathering a curated set of people who fit your company’s ideal target market in order to gain further insight into users' opinions or experiences with using a product. Having a natural flow of discussion is the key to acquiring the data you need, but the nature of the discussion can also cause skews in the results.
• Executing focus groups is a multi-faceted task and involves paying careful attention to collecting the right group of people and obtaining an effective moderator to facilitate the discussion. While this can be an effective method, it’s not highly recommended unless you’re ready to invest a lot of time and energy into getting it done right.

    3. Surveys

• An oldie but a goodie, survey research is one of the most commonly used forms of qualitative research and for good reason too, this is one method that yields great results. Online surveys are typically inexpensive to conduct, offer great flexibility with question format and structure, and deliver well-structured data that’s straightforward to analyse (with the right tools).
• Incentivising customers is key to motivating them to participate in your survey research, and GIFTA’s custom corporate gift cards are a great example of personalised, memorable gifting that’s high value and a solid motivator. With brands like Myer, The Iconic, and Adrenaline on offer, these corporate e-gift cards are sure to be a hit no matter whether your target groups are filled with Gen Z’s, retirees, or some mix of both.
• Providing your survey respondents with a beneficial gift is pivotal in ensuring that you receive the quality of results you want, and have no problems finding people to join whichever survey you put out.

To learn more about our gifting ideas, click here! Everything to Avoid (and Everything to Do): Customer Loyalty Programs

Get survey incentives done right with GIFTA’s corporate branded gift cards: the best corporate gift cards you’ll find.

 

Our corporate gift cards make for an easy incentive strategy that covers all your bases: practical, desirable, and personal. Include your company’s branding and a custom message into every corporate prepaid card you give out for a memorable reward that’ll have respondents vying to do another survey.

We’ve streamlined tracking and scaling for you, and one quick step will set up your custom corporate portal to manage all your online gift cards in a single place. Buy our corporate gift cards online for your specific brand of choice or opt for one of our seven generous swap cards where your recipient can swap the card value between any brand within the category. With categories like Home & Living, Travel & Adventure, Health & Wellness, and Pub & Bar, there’s something for every type of person, no matter the age or personality type.

We’ve got a specialised 24/7 support team ready to help you with any questions you might have when you start gifting with our corporate services gift cards. Visit our Corporate Enquiries page and fill out the form to instantly get set up. We’re the best when it comes to rewarding, and we know you’ll soon see why.

If you’ve got more questions on how to buy gift cards online with us, we’re happy to help! Click here for more information.