Market Research

Identify your opportunities.

There is no doubt that information is power. When you’re talking business, information is profit. OEPMA can help you learn more about your business and identify opportunities.

Market Research FAQ

What is market research?

Market research is the act of compiling and analyzing data about the market where you currently operate. It may involve one where you may proceed if the conditions are aligned with your business goals.

This information aims to answer questions that better help you run your business. The information enables you to make decisions to reduce waste not only in your marketing and advertising budget but through your whole operation.

Market research can help you do the following:

-gauge demand for a new service or product
-determine media consumption to know where to place ads
-gather feedback about your service, product or brand
-take stock on what your competitors are doing

Information is the most important thing you can have as a business owner. Conducting market research provides you with that information to make better decisions.

What sources are used to get the information for market research?

There are two kinds of information used to build reports that help you make decisions:

Primary Info
This comes from you or someone you hire to collect the data. You control it 100%. For example, if you were to survey your current customers or clients about their satisfaction with your services, that would be a primary source. Product testing would also be another form of primary info.

Secondary Info
This involves data that has not been collected by you or someone you have hired. A university’s report on local economic viability would be an example.

How does market research help my business?

From a marketing standpoint, conducting market research helps you understand where you can best spend your money to get more business. Even if you’re not looking to augment your marketing budget, you can find the answers to how to better spend the money you’re already spending. It allows your money to be better utilized to get a better return on investment. Who doesn’t love that?

How can OEPMA help me with market research?

We can collect primary data for you. It will help get a better snapshot of how your business stands with people in your market. We can search out the relevant secondary information that can shed light on how your marketing can be more effective in the market. When we develop campaigns, our first action is to perform thorough market research. If we’re going to do something, we want to show you why and how we’re doing to advance you in the market.