No market research? You’re throwing good money after bad
In the current economic climate, every move your brand makes should be a strategic one. Campaign? In-store promotion? Run of the mill advertising? They should all be informed by market insights that tell you what your customers are thinking, and what your competitors are doing.
There is no room for vanity campaigns in this economy.
Every point of customer engagement, from mobile ads and broadsheets to on-shelf communications and pricing, should be underscored by a strategy, crafted from market research insights.
Forbes Councils Member, Janet Lam, hit the nail on the head in her recent Forbes article, The Importance Of Market Research In Navigating Economic Uncertainty, when she said that companies that embrace change during uncertain times are the ones that thrive.
“Economic uncertainty can leave even experienced business owners feeling disoriented and like they’re driving without a GPS. Markets shift, consumer behavior evolves, and yesterday’s winning strategy might not work tomorrow.
But uncertainty isn’t just a hurdle—it’s also a chance to pivot, adapt and grow. And this is where market research appears.
What is market research, basically? It is about understanding your customers, competitors and the industry landscape. It’s the process of gathering insights through tools like user interviews, surveys, focus groups and competitor analysis,” she wrote.
Lam concluded by saying that using data to guide decisions gave brands a powerful edge, as market research wasn’t just about survival, but rather about finding hidden opportunities to adapt and grow stronger in the face of uncertainty.
Economic uncertainty is a state that South African business owners know well, but having the inside track on consumer behaviour can mean the difference between riding out the storm and drowning in it.
Research insights that are actionable produce results. They are tangible and allow brand owners to see how to maximise consumer trends to create effective campaigns that deliver ROI.
BMi Research is a full-service research house specialising in qualitative and quantitative solutions. It generates actionable insights from research data to directly address brands’ research objectives, whether in the industrial, manufacturing, wholesale or retail sectors.
It also has a range of tools and solutions designed to deliver strategic shopper insights, revealing exactly what South African consumers are thinking, what’s in their shopping baskets, and how they’re spending their money at the tills.
BMi even allows you to experience your online shopping journey, as seen through the eyes of your customers, from login to checkout.
At a time when brands cannot afford to waste money – don’t.
Knowing where to spend your budget eliminates wastage and ensures every rand is well spent.
Invest in consumer market research and take a strategic approach to your product development, product pricing, retail presence, consumer experience and creative campaigns.