Market research is core to everything we do, whether we are creating the latest marketing outreach or streamlining executive strategy.
Yet all the marketing research in the world is meaningless without expert application.
Our team often compares marketing research to palette colors in a painter’s artistic collection. In unskilled hands, singular colors are often applied to a blank canvas and produce little impact with an audience. In contrast: talented hands can combine dozens of colors and create brilliant masterpieces.
At Epiphany Metrics, our team wouldn’t feel too awkward saying our work is a masterpiece. Our effort drives businesses for hundreds of thousands of people and our messages have been carried around the world.
To help understand some of our viewpoint, we collected the six basic steps of how we view market research below.
Measurement and Baseline Metrics
Unless you know where you started from, where you have been, and define quantifiable goals along the way; you never know if you are improving in your mission or just getting that “happy butterfly feeling” With Epiphany Metrics, we believe in implementing tactical plans with measurable results.
Timing launch and market strategy
Reading the trends, understanding the data, and planning for success takes a comprehensive understanding of timing and execution. The final qualification for a true tactical, yet strategic application of business metrics is understanding when to take action.
Modeling and Forecasting
Data does not naturally present itself in an intelligent format.
You need to apply strategic insight to metrics affecting your business cycles, the known parameters that influence decisions, and motivates the right people at the right time. With the right knowledge and leadership direction, you can get both internal and external factors in alignment.
Process Improvement and Opportunity Focus
As results are analyzed, continuing refinement of an on-going campaign allows you to maximize your effectiveness. Once you have actionable metrics, efforts can be scaled against budgetary and business goals, taking advantage of opportunities as they happen.
Segmentation and Multi-variate Testing
As data is collected, both natural and artificial differentiators appear. Grouping audiences into like-minded behaviors and exposing them to A/B testing to determine what is the most effective message and motivator for each group.
Testing with Educated Hypothesis
For companies looking to lead innovation and establish industry standards (as opposed to follow them), combining the data to form the most knowledgeable foundation for launching new ventures and seizing market share.