What’s Your Market Research Strategy Focus
To succeed your business needs to have a market research strategy focus that is based on and around an area that is either the company’s or a particular product’s strength.
Market Research Strategy Focus
It is essential that to aid in the success of your business, you must focus on what you do best- your strength. The first step when coming up with your marketing strategy is to make sure you and everyone else knows where your business is going.
Market research will help you with this decision and your market research company can help find you the best research techniques from both quantitative and qualitative research approaches.
What do you do best?
Competitive strategy experts advise that a company needs to pursue a road that will give them that all important competitive edge within their chosen market. The strategies most often spoken about describe generic ones which could be one of these;
- A low cost strategy
- A quality
- A differentiating strategy
- A niche-based strategy focused on a selective market segment
This can all be very confusing but with the help of your market research agency all of it will become clearer. One of the main issues people become confused with is that a company which is looking to choose a path in cost leadership could very well have a very strong brand – ie this is obviously differentiated.
A company that is within a small niche may have a strong brand and could have the cost leadership position too.
The emphasis placed on word focus is clear to see – always focusing on one word, almost obsessively, the thing that the company does well. Harley-Davidson is an example of a company who hold a very strong brand who is operating in the extremely focussed niche of the motorcycle industry.
You need to think of the three positions as if they were the three corners of a triangle. The best strategy for you to use is to focus on just one corner of the triangle.