What is Market Research to Digital Hyve?

08.10.22

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When searching “market research,” you might find the definition: “the process of determining the viability of a new service or product through research conducted directly with potential customers.” While that is true, Digital Hyve sees market research as so much more than that. We look far beyond the product or service and use market research to gather and analyze data to learn about customer behavior and the role that brands play in the marketplace.

 

Why Should A Small Business Invest in Market Research?

Did you know that on average, brands dedicate 8% of their marketing budgets to market research? That means 1 out of every 10 dollars is spent trying to better understand their customers and business to better market their offerings. While big corporations invest a sizable amount of their marketing budget to market research, we understand that it is generally less accessible to SMB’s due to budget and resource restrictions. At DH, we have the resources to give our clients a competitive advantage.

A pivotal tool to an SMB, research takes the guess work out of marketing and business development. Successful research can pinpoint exactly who an audience is and what it is they are looking for in a product or service without wasting marketing dollars guessing.

 

Digging Into Market Research at Digital Hyve

At Digital Hyve, we break down our offerings into two main buckets: secondary and primary research. Our secondary research is extensive due to our large pool of resources, which nets a huge savings for our clients, while still delivering meaningful results. However, the real differentiator of our market research process is if we exhausted all of our secondary options, we are prepared to collect whatever primary research is needed. We use both qualitative and quantitative primary research methods including surveys and focus groups. The bottom line? We’ve got the research methods to answer any marketing question.

We see market research differently at DH because everything we execute has the market lifecycle in mind. Our findings help craft more personalized creative, determine the right target market, and stretch our client’s marketing dollars. You see, we focus less on the promotion of an individual product or service and more on how we can improve your marketing efforts holistically.

Getting our clients meaningful and measurable results is our goal and those results can come faster and for a lower cost with market research backing our clients’ campaigns. We don’t just use a one size fits all approach to our service offering, we customize our research to each client to get the best results possible for their unique need. We work collaboratively with each client to maximize the relevance of the research and to craft every question intentionally. The best part? We can scale our research, getting our clients the best possible results within their budget.

If you are interested in learning more about our Market Research offering, get in touch with our team today.

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