Services Provided
Market Truths brings rigorous and up-to-date research methods and analytical techniques to bear on the challenges and opportunities facing organizations.
We can help you analyze what market to enter, or evaluate how you’re doing in the markets you’re in. We can collect information you don’t have from a variety of sources, or help you use the information you already have to expand your business, increase your profitability, or simply serve your stakeholders better.
Every information need is different, so we do custom projects to fit each client’s unique objectives and circumstances.
Data might be collected in Web surveys, mail surveys, virtual worlds, searches of external data sources, or from your own records. We use the full spectrum of qualitative and quantitative techniques. These include quantitative techniques such as Bayesian analysis, conjoint analysis, and structural equation modeling, and qualitative techniques such as content analysis, projective techniques, storytelling, and approaches that use visual stimuli.
In all our research we take particular care to maintain respondents’ confidentiality, and we adhere to the Marketing Research Association’s Code of Marketing Research StandardsExt PDF.
Project Types
The following examples are indicative of the types of projects we work on.
Customer Satisfaction
We can help you design, implement, and analyze a customer satisfaction survey, whether it’s to identify opportunities to improve the way you do business or to comply with ISO 9001 requirements. Besides giving you overall satisfaction measures, we use techniques such as cross tabulations and analysis of variance to break your results down by customer group, product / service purchased, etc., so that you can see if some of your customers are more satisfied than others. We also use techniques such as regression analysis to help you understand what you can do to influence your customers’ satisfaction.
Market Segmentation
Breaking customers down into groups with similar needs and preferences in order to serve them better is a fundamental marketing practice, but there are so many ways to segment a market, how do you know what’s best in your situation? We can help provide an answer that’s based on actual customer attitudes and behaviors using techniques such as conjoint, discriminant, and cluster analysis.
Competitive Analysis
Do you know who else is providing a product or service that satisfies the same customer need as you? Do you know how much these organizations charge for their products and services, and what their strengths and weaknesses are? You should if you want to make sure that your product or service remains attractive to your customers relative to their alternatives. We can help you keep track of your competition by providing competitive analysis.
Understanding Purchase Patterns
Which customers are most profitable to serve? Which prospects are most likely to buy a particular product? What customers are most likely to be considering a new purchase now? Often, answers to questions such as these can be found by using data mining techniques to uncover patterns in data you already have, whether that’s transaction records, a customer database, or data from a loyalty program. We can help you apply these techniques without you having to invest in expensive software and understand complex algorithms.
Pricing Research
How much are customers willing to pay for a new product or the addition of a new attribute to an existing product? Will lowering the price of a product generate enough additional sales to compensate for the reduced revenue for each unit sold? We can help you get the answers to questions like these using survey-based techniques such as conjoint or by designing and analyzing pricing experiments for you.
Information Searches
Most organizations are influenced by a variety of factors such as cultural trends, technological developments, economic changes, and countless others. Information about these factors comes out continually, and it can be difficult to keep track of. We can search a variety of databases and other literature, and can provide summaries that keep you on top of the latest information and leave you time to run your business.
Product Planning
What combination of attributes and features should be included in your new product? Which are most important to likely buyers? Are people willing to pay enough to cover the cost of adding “bells and whistles” to a basic product? We can use techniques such as conjoint analysis to get the answers to these questions and others like them for you.
Branding and Positioning
The success of your product or service depends on how it is perceived relative to its competitors. We can create perceptual maps for different market segments using techniques such as multidimensional scaling to show how consumers think your product or service rates relative to its competition.
Promotion Evaluation
You’ve spent a lot developing an advertising campaign and are about to spend even more to have it displayed online, in print, or in other media. But will it work? We can help you pre-test your campaign before you run it. And we can design, implement, and analyze post-tests of advertising campaigns and other types of promotions after they have been run.
Channels Research
Understanding what suppliers, distributors, and other channel partners think about your organization can sometimes be as important as understanding what customers think. Issues such as sample selection, validity, and reliability can be particularly tricky when conducting research in these contexts, but we can help you address these challenges.
Virtual Worlds
We specialize in virtual worlds research. We can help you determine whether your target market is present in a given virtual world, monitor attitudes of virtual world participants toward your brand, investigate how participants in virtual worlds want to interact with your brand, or see how participants react to your virtual world presence or an event you hold in a virtual world.
Survey Support
In addition to carrying out surveys and other types of research on a full-service basis, we can write surveys for you, review surveys you have written yourself, and analyze surveys you have already fielded. Having your survey reviewed before implementation can improve the quality of data you collect, and consequently the insights you derive from your survey. Having the analysis done for you can save time, and is helpful for organizations with limited in-house statistical and analytical skills.