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Specialist research techniques

Specialist techniques in market research are areas that often involve prices, modelling and statistical estimation, or that blend data sources, or more complex statistics still require expertise. Whereas research into likes and dislikes or simple attitudes and preferences is easy to carry out, more advanced market research requires better tools and more statistical design.

  • Product development and product positioning
  • X25_1_product_positioning_9601.jpg New product development (NPD) and product positioning are core parts of product management and product marketing. We can carry out a wide-range of specialist research, from initial idea generation, concept screening, feature prioritisation, formal product testing, pricing and market sizing, market forecasting and message development to final launch materials and market monitoring.
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  • Market segmentation
  • X25_1_segmentation_9601.jpg Market segmentation is concerned with identifying different groups of purchasers in a market in order to target specific products and services for each group or segment. By tailoring the offering (communication, product, channel, price) to different groups, a business is better able to meet the needs of more customers, and consequently to gain a higher overall level of share or profit from a market.
     
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  • Pricing research and pricing optimisation
  • Pricing research Pricing is one of the more technical areas of market research, and is central to businesses practising value-based pricing. Price modelling and market models are a fundamental part of pricing research to estimate demand, price sensitivity or elasticity, in order to plan a pricing strategy to deliver maximum value. The aim is not to find what customers like, but what they are willing to pay and so identify the optimum price point that will maximise profit, revenue or market share. 

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  • Pricing research tips
  • X25_1_price_tips_9601.jpg Pricing research is a combination of economics, finance, psychology, understanding customer needs and business negotiation. Concepts like anchoring and priming can change price perceptions, and customers will often mask the price they will pay in order to 'negotiate by questionnaire'. Here are some hints.

     

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  • Customer satisfaction measurement
  • X25_1_bottles4251473_19201.jpg How well do your products or services meet customer expectations? Customer satisfaction measurement (CSM or CSat) is one of the ways to measure Customer Experience and how well your business is meeting customer needs at all points of the customer journey.

    Customer Satisfaction can start with simplistic Net Promoter Score (NPS) or dive in to more complex customer satisfaction programs using menu-driven customer satisfaction measurement using our Cxoice Survey System.

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  • Brand equity and brand value
  • Understanding brand equity and brand value
    The term Brand equity is used to describe both the value of the brand and the brand's component values. It's value may be calculated in financial terms in comparison to unbranded products, shown as an increase in a rate of return, or presented as a more complex mix of softer market metrics such as awareness, consideration, brand strength or brand image.

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  • Advertising testing
  • Advertising testing - finding the most effective advert Advertising testing starts with creative development via concept testing and selection of candidates from mock-ups, runs to pre-testing to validate and estimate the potential impact of the advert before it goes live and then has a full set of quantitative pre- and post- tests to measure effectiveness, possibly with smart statistical design like test and control areas.

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  • Key accounts research
  • Quality of service reviews and win-loss analysis In business-to-business markets, key accounts can form a significant part of the revenue for the business. Our Quality of Service Review (QSR) process is a formalised method of gathering information from key account customers to support account planning and relationship development. For businesses working on a project-by-project basis, win-loss research helps the business understand and improve the bids and offers it makes to customers.

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  • Market experiments and mock-ups
  • The benefit of any form of research into choices and trade-offs is that it forces people to make decisions and so reveal what they most want or most prefer. Although conjoint analysis is by far the best known of what can be characterised as 'trade-off analysis' it is not the only option.

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  • Usability and customer experience research
  • Design is a fundamental part of technology and services, not just software or web design as usability affects even simple things like where products are placed in a shop, or how a queuing system works in a bank. Good design comes from insights gathered by observing and understanding how people use technology and the ways in which they expect to interact with it. 

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  • Sensory-emotional research
  • Sensory emotional research The core challenge of qualitative research is in understanding the patterns in people's heads that lead them to different purchase decisions. These are often hidden from our conscious and cognitive processes and are based on our major and secondary senses and the way they trigger emotional reactions.

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