Yes. Always conduct market research!
It has always been noted that the quality of your work determines the outcome, just as the quality of your data will determine your return. Your R.O.I is simply the return on the investment you are making. When the data you have received is of poor quality, your returns will not meet your expectations from the investment. To help detail this more clearly, think of weight loss. When you invest into the right diet, then you will receive better weight loss results. Now if you invest into improper dieting, the results will not come in your favor.
The acquisition of quality data is vital to a company’s success, which is why companies are consistently expensing efforts in acquiring the right data. For example, think of it like this, without mining for data we wouldn’t know what phone features consumers look forward to having the most. If we don’t have that data, we may not have the feature and that leads to a loss of a market we could have controlled. This is why quality data is so important.
Remember: In market research, quality data lead to better returns!
Better quality leads to an all-around better marketing plan. The more accurate the data, the more we understand how to position the marketing plan to effectively seize control of our market. Here at TriVision, we extract only the highest quality of data to serve as our foundation for designing the perfect marketing strategy.
Bar-T enlisted TriVision to conduct their market research and analysis in order to help with the company’s relocation efforts. Analyzing detailed market research, Bar-T understood that there was a great demand for accessible childcare. Therefore, Bar-T established a presence in Reston, Virginia near the newly-built Metro Silver Line. However, understanding the audience was not enough. Competitor analysis and positioning strategies played a key role in securing Bar-T’s presence in Northern Virginia. It took time to conduct market research, but in the end, more families are able to send their kids to summer and school year programs.