Market studies carried out by Institutes are often, wrongly, set aside by small structures. Prejudices on costs, set up and too long processes … So many reasons which lead to believe that this is not suitable for startups, and yet!
Thanks to digitalization, some Market Research Institutes can now respond to the problems of start-ups. Online studies allow, in fact, to provide rapid responses to controlled costs, thus leaving the possibility for new players to carry out a market study which will be very useful for the development of their activity.
What are the reasons why market research is essential and strategic? How can a Market Research Institute prove to be a major partner in the development of its business?
1. Know your market
In order to best meet expectations and target the needs of consumers, it is essential to know the smallest details. A study on a sample of 1,000 people representative of the French population, for example, will thus allow the young shoot to define exactly the development prospects and know which direction to go.
It is well known that launching a product / service involves a large number of uncertainties. It is, indeed, often difficult to grasp, in a tangible way, the potential of a new market. The first phases of development can be summed up, most of the time, by a “trial and error”, which can sometimes represent “a waste of time” for an entity that wishes to evolve very quickly. Performing a U&A (Usage & Attitudes) study could prove to be a considerable time saver in this case.
2. Make decisions quickly
The startup is generally defined by an environment of “Fast Growth” and “Fast Decision”. Decisions must indeed be made in a very short period of time. An additional difficulty, because it is not easy to know if one is making the right decision.
Start-ups are rightly going through long phases of doubts about important decisions such as the choice of a logo, packaging or even good pricing. Performing a Concept Test guarantees solid and well-founded decision-making.
3. Position yourself on the market vis-à-vis the competition
Via market research, it is also possible to monitor the level of knowledge and health of your brand via a Notoriety and Image tracker. This allows the start-up to follow, during the first years of its growth, its evolution and then deduce from it the effectiveness of the communications and marketing actions implemented. Data which will then be used to effectively pilot these marketing and communication actions.
4. Take stock of the campaign
Starting an advertising campaign is often a difficult and important decision, because it involves a significant investment. Two phases are then important.
Upstream, you have to define the type of creation you want depending on the media chosen, the slogan, and the message you want to convey. Downstream, it’s important to know the ROI and the effectiveness of your campaign.
To optimize these two phases, the Institutes allow advertisers and their agencies to perform a Pre-Test, in order to ensure the quality and effectiveness of the campaign. Then a Post-Test, in order to carry out a campaign assessment making it possible to analyze the media plan and advertising creation.
5. Increase press coverage and gain visibility
The beginnings are always complicated for a start-up that wants to be talked about, especially in the media.
Conducting an opinion survey can then allow the creation of content, and position yourself as an expert in its market by publishing figures characteristic of its sector.
Market research institutes have gone online, and some are positioning themselves in the digital niche and start-ups, such as YouGov, a pioneer in online studies.