As we rapidly approach the end of the year, the team at Square Holes has been looking back at the year that was. Amongst a backdrop of election turmoil, heartbreaking world events and cost of living pressures at home – Square Holes have been delving into diverse projects building business growth and flourishing cities.
But why market research? In 2023 the global market research industry generated over $84 billion in revenue in 2023, more than doubling since 2008. This growth indicates the growing reliance of businesses on market research to inform strategic decisions, including innovation initiatives.
In another study it was revealed that companies that effectively harness data and analytics are three times more likely to report significant contributions to earnings before interest and taxes (EBIT), highlighting the value of data-driven market research in enhancing business performance and fostering innovation.
While our projects are too numerous to list in detail here, we did want to explore a handful of organisations that came to us in 2024 with a desire to evolve their narrative and innovate.
Arts Institution:
An Adelaide cultural institution engaged Square Holes to explore opportunities to capture a broader demographic, while delving into audience perceptions, changing participation/going out behaviours and external influences on arts engagement.
This study employed the use of expert interviews with industry leaders and national cultural organisations, a survey, as well focus groups with a range of demographics on their arts and culture habits. It included a deep dive into the attitudes of the different generations in regards to their needs and desires when it comes to entertainment.
Key insight: Different generations engage with arts and culture in different ways, and should be catered to by meeting their individual needs/wants
Community food service:
This well respected Australian association works tirelessly to provide food and connection to isolated and elderly people around the nation. Their SA chapter worked with Square Holes this year to interrogate how customers use their service to ensure they are providing the highest standard of service and practicality for their members as possible.
The study included a phone survey of 60+ members, along with 5 in-home in-depth interviews, that explored the different ways that customers adapt and tweak the meal offerings provided.
Key insight: Personalisation and flexibility can enhance the service
Environmental organisation:
Two environmental organisations contacted Square Holes in 2024 in order to explore attitudes and behaviours towards the environment from a youth demographic – with an eye to create a strategic plan to engage this key population segment through membership, communication and activities.
The study consisted of an online survey and focus groups – with an aim to profile these audiences and assess their attitudes towards broader environmental issues. From this study, detailed customer profiles were created to help the organisations to tailor their messaging and future activities.
Key insight: Activism is a social activity for the youth demographic
Aged care facility:
An aged care facility designed specifically to cater to a cultural group in South Australia employed Square Holes to explore the market potential for expansion of the business into new housing configurations.
The study consisted of an online survey of current members, as well as focus groups – with the aim to explore attitudes towards aged care, as well as the unique needs of this specific cultural community.
Key insight: The most important aspect of care for community members are quality of staff and connection to community (through language, food, and community events).
State government campaign:
This state government campaign focused on building SA as a “magnet state” to attract skilled young people – through a targeted campaign. Square Holes was brought on to gauge current sentiment around the state, as well as track and evaluate the impact of the campaign.
This tracking study is conducted through an online survey.
Key insight: Two key factors largely ignite consideration for relocation, these being life events (or trigger points) and life stages.
Want to learn more about how Square Holes can help your business to innovate? Head here.
