medianresearch

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For great GTM strategy visit Median Research. For more details: https://medianresearch.in/market-insights/

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Best market research company - Median Research. for more details visit: https://medianresearch.in/about-median/

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Market research – a powerful tool for businesses – is used to not only gauge customer satisfaction with a brand and its products but also to help the business retain its customers by identifying and addressing the need gaps.

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One of the Best market research company india.

One of the best market research company india - medianresearch. For any guidance please visit: https://medianresearch.in

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In marketing, this strategic combination is what can make a brand unforgettable. and you can get this GMT Strategy from the Expert of medianresearch. For more details visit: https://medianresearch.in/market-insights/

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Mystery Shopping: Informing Businesses about the Customers’ Emotions at Play

Just hoping that your customer would perceive any product and/or service the way it has been advertised from the get-go would be a flawed approach. This would, unfortunately, lead to irreparable damage both from the perspective of future aspirations of market penetration and thereafter revenue. Thus, discerning the degree of quality that has been promised to be delivered to the customers and simultaneously measuring the same is a continuous process. This is a litmus test of sorts to understand whether one of the products and services is a deal breaker or a deal maker. The aforementioned requires the employment of marketing research, which necessitates the bring major market research companies into the fold. 

The services of major market research companies are rooted in social sciences whereby theories and methodological approaches are borrowed from disciplines like sociology, anthropology, and psychology. It comprises a wide range of quantitative and qualitative techniques. One such method which employs both is mystery shopping. It involves open questions which result in the creation of report that provides subjective information along with checklists which aid in obtaining objective measurements. Thus major market research companies assume the roles and responsibilities of mystery shopping companies in India. And they are adept in the provision of external assessments which remain anonymous and simultaneously are objective. Commissioning such techniques facilitates the materialization of the aspirations of delivering the most appropriate consumer experience which is in line with the present times.  

Mystery shopping companies in India execute audits like testing customer experiences in the brand showrooms of reputed companies. The observations are inclusive of but not limited to making a note of (a) the first step taken by various customers when they enter the showroom; (b) the rationale for their visit (browse or purchase?); (c) whether they seek assistance from any company reps or are inclined to form their opinions about their desired merchandise independently; (d) in case assistance is sought, are they provided the right kind of assistance; (e) the nature of assistance provided, i.e. has it been satisfactory (“Wow” factor).

Essentially an ethnographic research method mystery shopping’s potential to collect data about marketing aspects like product placement, prices and display layouts as well as employee-customer interactions makes mystery shopping companies in India instrumental in gauging the zenith and nadir of consumer experience. It also serves the purpose of discerning the efficacy of the distribution chains. In this manner, businesses can determine the extent of suppliers’ know-how about the high-selling products and the means adhered to effectuate higher sales.

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Market research companies in India are experts in delineating a sort of topography of the present location and the final destination. This is also known as a business framework. Such a framework helps us to make sense of the lay of the land, just a map would be useful for long treks. There are a number of frameworks and business models that aid researchers and other stakeholders to make sense of data. However, if the frameworks which are specifically meant to drive business strategies are pondered upon major market research companies often make use of frameworks for holistic strategy, namely, PEST (political, economical, social and technological) and SWOT (strengths, weaknesses, opportunities, threats).

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Arts-based qualitative research methods which comprise collaborative, performative and visual forms of enquiry are being increasingly recognised for their ability to incentivise and mobilise individuals or a group of individuals to reflect and engage. With the ability the enable reflexivity by positioning the individual within, market research agencies in India opine that such type of qualitative research methods has a two-pronged ability. I.e. it can engage with the ambiguities and anxieties and simultaneously pave the way for more opportunities to effectuate critical reflection, reconstruction, comprehension and change.

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Testing Concepts & GTM Strategy – Enablers of Managerial Decision-Making Process for a Firm’s Marketing Mix

When the micro “whats” & “hows” are pondered upon before discerning the means of delivering a product or service to the end customer, a GTM strategy is resorted to which acts as a blueprint or action plan of sorts which lays down a road map for an organisation. This roadmap factors in aspects like distribution and pricing, and is somewhat akin to a business plan with a distinction with a difference. The difference is that a GTM strategy is more clinical than its broader counterpart

A GTM strategy is widely known to facilitate a number of steps that comprise (a) brand or company relaunches, (b) launch of an existing product to a new market, and (c) new products and services introduction. A GTM strategy would aid in successfully answering a few important questions. They are mainly, “why?” as well as “for whom?”. Thus, sound know-how of the target market and the work environment is integral to an effective GTM strategy. This is should be followed by a clear definition of existing and new workflows and the establishment of a system to drive the GTM strategy.

There’s another important aspect when it comes to the evaluation of developing new products and understanding how to tweak the existing product line to ensure relatability with customer trends, among others. This is product research. One of the integral steps in this phase is the concept test. Exposing prospective customers to a new product idea to fathom its acceptability, consequently, the feasibility of the concept lies at the centre of a concept test.

Concept tests generally would involve producing a product concept in front of a target consumer and capturing the responses (or reactions). The presentation of concepts can be carried out symbolically or physically. If the concept tests score high, as far as their resemblance to the final service or product is concerned, the results of the concept tests are usually more dependable. With the advent of affordable 3D printing, concept testing has come of its age. Gone are the time-consuming and costly means of manufacturing prototypes.

Even virtual reality, which makes use of computers and sensory devices to simulate reality is being employed to execute product concept tests. Concept test also forms a part of GTM strategy, particularly when a marketing strategy is being defined. The rational is to discern the position of the service or the product in the market and strategize a road ahead to raise product awareness. It may include testing a variety of advertising methods over various platforms.  

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Consumer Immersions – A assured means of facilitating a sound GTM strategy

Products and services have been sold since the beginning of civilisation through the means of going to market with products and services. The go-to-market strategy (GTM Strategy) involved a few steps which are manufacturing a product → finding a customer → meeting face to face to discuss (or pitch) the product with the customer → negotiating → closing the deal → checking in with the customer to ensure they are happy → find another customer → repeat. From the first hawkers of battle-axes to the purveyors of power looms, to the suits of the 1970s who pitched mainframe computers, the process of going to market to meet prospective customers and thereafter striking a deal has a long and proud history which precedes the employment of various research techniques to the justified popularity of harnessing the power of “Big-Data” by thousands of years.

However, until recent times especially after milestone failures like that of Apple’s Lisa Computers, GTM strategies involve a few vital steps. 

1. Determining the buying centre and personas 2. Create a value matrix to facilitate the identification of communications 3. Communication testing 4. Ads optimisation that is based on the test results. (an important step before commissioning the same in a mass scale) 5. Discerning the journey of buyers 6. Zero in on one of the four most common sales strategies Channel Sales, Field Sales, Inside Sales & Self- Service] 7. Brand awareness creation and generating demand through outbound and/or inbound methods 8. Content development which is aligned with the stages of the buyer’s journey (top-of-funnel, middle-of-funnel, bottom-of-funnel) 9. Identify the means of pipeline optimisation and increase conversion rates (measure the progress of the sales) 10. Brainstorm the ways to shorten the sales cycle 11. Customer acquisition cost reduction 12. Cross-sell & upsell to your existing customer base (7 times less expensive than acquiring new customers) 13. Continuous assessment of what’s working and what’s not working and repeat 14. Attract → engage → delight your customers

In the steps (almost all) where the consumer is the core of the GTM Strategy, especially when it comes to engaging with the consumers, it is imperative for the business leaders to view the consumers’ perspectives through their lenses. This necessitates the employment of consumer immersion, among others. Such a tool would include techniques which are inclusive of but not limited to observing in-depth interviews and focus groups; probing consumers; observing consumers in their natural settings. 

Many market research companies specialise in such a method of ethnographic research where total immersion in the lives of consumers, in an attempt to document how they make purchasing decisions. Consumer immersions ideally involve research teams of social psychologists, ethnographers and anthropologists going into a willing respondent’s residence with videographers. The respondent’s activities are captured in their residence. Also, they accompany them while they are shopping to observe what they buy and the rationale for their purchases (discerning the buyer’s behaviour). After such elaborate documentation, the findings are transcribed for further analysis and future reference for clients. Ultimately, an analysis is made based on the marketing research problem that the client has identified and commissioned the research in the first place. Thus it can be stated with certitude that consumer immersion is integral to a sound GTM strategy.

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