There are many types of market research we perform for clients. At id8, we perform brand research, meta research, netnography, and audits internally.
When you need market research, your desired outcome dictates the research tools used. Because our research scope is so varied, we partner with specialty research consultants. They work with our creative team to uncover insights specific to that need. Our certified and experienced partners provide qualitative and quantitative research. This includes surveys, moderated focus groups, interviews, testing, and analysis. A few types of market research are as follows:
TAM Analysis
At id8, we have years of experience providing TAM analysis. TAM stands for Total Addressable Market, and it is an excellent metric tool. Most startups grow from a great idea—or what seems like a great idea to the founders. But will it capture the interest of others? That’s an important question to ask and answer through a TAM analysis. Because it helps the founder to know their growth potential.
Competitor Analysis
Competitor analysis is an in-depth look at your competition in the marketplace. It helps us understand how much of the market each competitor owns. It shows the trends of the market, and how each competitor positions itself. We deliver the outcome in a comparative matrix. Many times this reveals a window of opportunity for your organization.
Information gathered during a focus group allows us to construct your value proposition. We do this using the input that customers communicated during the focus group study. Our team will start to notice certain patterns. They capture these specific attributes and emotional responses. Also, we can capture perceptions based on look alone without even using or trying the product. Next, we analyze the data. Values rise to the top about how your particular product stands apart from the rest.
Customer Personas in Market Research
Persona development, also called customer personas, is a research-driven and data-driven task. It segments your customers into similar groups of people. Those groups of people have similar demographics and psychographics. With further refinement, we start to understand more about them. Do they take the bus or drive a sedan? Do they spend their weekend hiking the Appalachian Trail? Or do they attend every SEC football game with their season tickets? These personas are then used to create successful marketing campaigns. We design the campaigns to reach each focused customer group.