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Market research analysis

How Market Research analysis helped a Big-box Retailer Fine-Tune Their Processes to Adapt to the Changing Retail Dynamics in the US

As e-commerce and specialty stores grow in appeal, big-box retail stores are gradually losing relevance. The numerous store and company closures across several categories over the last decade is a key indicator of the shrinking demand for big-box retail. One of the prime reasons for this is that customers are no longer keen on being anonymous shoppers in large retail stores. Consequently, big-box retail companies must shift their strategy from competing on access and selection to providing better discounts and staging greater consumer experiences. Moreover, the proliferation of ecommerce stores in the US that are able to offer a wider option when compared to brick and mortar stores, consumers are becoming more inclined to use these platforms for making a purchase. All these factors are making it highly challenging for big-box retailers to grow and retain their customers. This is where the benefits of leveraging a market research analysis comes into play.

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Market research analysis

Business challenge

The client: A big-box retailer with stores across North America

Industry: Retail & CPG

A major big-box retail chain observed a steady decline in their store traffic over two consequent quarters. They were facing predicaments in identifying the exact reasons for the sudden reduction in the footfall. In an effort to increase their store traffic, the client even invested aggressively into promotional campaigns. However, they failed to achieve the desired viewership and conversions. This also had a great impact on their overall sales and profitability, with the net profits plunging by at least 15% each quarter. The client approached Infiniti Research to identify the critical reasons for their reduced footfall and traffic and also identify strategies to get back on track with the help of our market research analysis.

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Furthermore, by leveraging our market research analysis solution, the client also wanted to tackle other key challenges including:

Build brand loyalty

As consumers today have a wide range of options to choose from, they tend to switch between different online and offline platforms to make a purchase. With Infiniti’s market research analysis, the client wanted to identify the factors affecting consumer purchase and brand loyalty and build appropriate strategies to retain their customers and turn them into repeat shoppers.

Identify the right marketing channels

The client’s previous promotional strategies failed as they failed to identify where their target customers are before investing in marketing campaigns. Using Infiniti’s market research analysis solutions, the client was keen on grouping different customers based on their purchasing behavior and create targeted marketing campaigns to attract these segments.

Create promotional strategies

With the help of our market research analysis, the big-box retailer also wanted to understand their competitors’ promotional activities and strategize their own promotions and discounts accordingly. They also wanted to learn how their big-box retail counterparts are withstanding competition from new players such as ecommerce and specialty retailers.

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Solutions offered

To help the client tackle the above-mentioned challenges, the experts at Infiniti Research conducted a comprehensive retail market research analysis. The market research analysis involved qualitative and quantitative market research for augmenting sales and targeting the right audience for the big-box retailer. The experts at Infiniti also carried out a market trend analysis in order to understand the change in market trends that are affecting the sales and profitability of the business. The industry best practice assessment undertaken as a part of the market research analysis also provided the client details about the strategies adopted by their peers in the market to withstand competition from ecommerce and specialty retailers and retain their customers. The market research analysis also included a customer satisfaction and loyalty assessment through which the client was able to gain a better understanding of what their customer expectations were and their gaps in fulfilling them.

Results obtained

By leveraging Infiniti’s market research analysis, the client identified that one of the key reasons for the declining footfall was the lack of personalized in-store experience and offers. The market research analysis study helped the big-box retailer understand the promotional tactics adopted by their counterparts and formulate similar offers that were most viable for their business and at the same time attract more customers. They were also able to identify the right promotional channels where their target customers were most active and undertake targeted marketing campaigns to drive more sales. As a result of these targeted campaigns, the big-box retailer also observed a rise in the number of repeat shoppers.

By leveraging our market research analysis, the client consequently saw an increase in their profit margin by 25% within 6 months.

Learn more about how Infiniti’s solutions can help overcome challenges in retail.

Pharmaceutical packaging

Why Market Research is Instrumental in the Healthcare Industry

What is market research? 

Market research is concerned with analyzing and interpreting data in order to gather information and knowledge that is conducive for predicting future events, actions, or consumer behavior. Forward-thinking companies have realized the importance of market research in understanding and interpreting an increasingly complex world and thereby developing a successful business plan.

Importance of market research in healthcare

Data accuracy and credibility

Using market research, healthcare companies can prove their credibility in providing accurate data and reports and further understand the effectiveness of their products and services. There are two main reasons that prove the importance of market research in healthcare. The first reason is as mentioned earlier, to serve as an analysis of the data available in the marketplace. Secondly, it is beneficial to collect feedback, opinions, and testimonies from the patients to make the accurate reports, that would help healthcare providers understand the effectiveness of their products and services.

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Understand patient needs

Apart from acting as a tool to provide accurate data for healthcare marketing campaigns, the importance of market research in healthcare also lies in the fact that it is a crucial element in creating the right products and services that will suit the patient’s needs. It doesn’t make sense for healthcare providers to mass produce a certain type of medicine for a disease that only a small number of people suffer. Rather they can channel their reGet More Infosources to develop medicines that could cure the diseases which are rampant in the society at present. Another key importance of market research in healthcare is that it acts as an ultimate tool to measure what particular products and services are most profitable in the market.

Determine the marketing mix

In today’s highly competitive market, healthcare companies must have the right marketing mix in order to be successful. Marketing mix includes the marketing methods, products or services’ price, and distribution channels. These are relevant details that attract potential customer to buy a company’s products or avail their services. Another importance of market research in the healthcare industry is that it takes into account the precise analysis in order to get the marketing mix right. Without this healthcare industry find it difficult to promote health products and services by creating the best proposal to suit the needs of the target customers.

Why Infiniti?

Today it has become imperative for companies to unfold the real power and importance of market research to boost profitability and make the most of existing market opportunities. With over 15 years of rich expertise in various industries, our qualitative and quantitative market research solutions have helped businesses to boost their profitability by augmenting sales and targeting the right audience. Get in touch with us for unparalleled market research solutions.

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3 Reasons Why Market Research is Important for New Businesses

Today, it has become impossible for any business to succeed without conducting a thorough market research of their target audience as well as competitors’ products and services.

Have you ever wondered why big companies invest hefty amounts of money on market research? The reason is to analyze and understand every piece of information about the market. A market research report can help organizations understand market dynamics and competitors’ market position. At present, the use of such services has become commonplace among large conglomerates like Microsoft and Apple, who invest in such reports to understand technology trends and consumers’ behavior. Today, the ability to proactively react to market changes and trends is what makes a business successful and this philosophy is one of the major reasons behind the rising demand for market research services from enterprises.

If you are a small- or medium-sized business owner who’s looking for ways to establish market presence, you need to ask yourself a simple question: Is your business able to provide your target audience with what they need? If your answer is no, then you need to improve your market understanding and a market research report can help you do that. In this article, we have highlighted some of the key reasons why market research is important for your business, especially if you are a new market player who’s looking to boost market share in a competitive environment.

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