Five reasons to use market research in the development of your business

Over the past close to 20 years, Square Holes has worked with a wide range of brands and organisations in two key areas, business growth and flourishing cities.

For business growth this has encompassed both consumer brands and business with our research supporting four growth pillars; market entry, product development, customer experience and brand. We have been fortunate to partner with human-curious marketers, leaders and innovators from a range of brands in order to optimise the growth and innovation of their business/companies.

Our work supporting flourishing cities has centred on four city pillars including; lifestyle, economy, government and community services (including education, health and care), and build environment. Here we have worked with engaged and forward thinking planners, marketers, visionaries and strategists to inform policy, planning and priorities.

While business and organisation engage market research for a range of reasons, we have narrowed down five top motivations below:

1. Independence

Market research provides businesses with independent data and insights, allowing them to make decisions based on objective information rather than assumptions or intuition. This independence is crucial for making strategic choices that align with the long-term goals of the business.

“I’m fairly hands on, so having that collaborative approach to how we did the journey mapping was important to me. Getting the option of feedback from our internal stakeholders, our call centre team as well as the customer base – Square Holes offered the whole solution for us.” Mark Howard, Senior Manager, Membership Services, Ambulance Victoria. 

“I don’t think you necessarily realise it, but sometimes you can get quite blinkered in your approach, especially when you’re starting to talk about strategic plans, goals and objectives – your vision for the organisation. You are usually on the right path because you understand your customer base and the industry, but sometimes the research can bring to light something else that you may not have ever considered… I think you sometimes can be a little bit in your own bubble, and I think sometimes market research is the best way to get out of that.” Marissa Hankinson, Master Builders COO.

2. Expertise

Through market research, businesses gain expertise in understanding market trends, consumer behaviour, and competitive dynamics. This expertise enables them to make informed decisions and navigate complex market environments more effectively. With over 20 years in the business, Square Holes has worked extensively in tracking trends in a range of industries and brings this wealth of knowledge to every project.

“We knew that there were historical insights available, and we really wanted to get a refreshed view of those, so it made sense to come back to Square Holes. As part of the election commitment, we were set to deliver a buy local campaign and had to decide whether to do that as a new campaign, or carry on the previous, legacy campaign ‘I Choose SA.’”  Jessica Douglas, Manager of Brand SA Department for Trade and Investment

3. Strategic guidance

Market research serves as a guiding force for businesses, helping them develop and refine their strategies. By analysing market data and trends, businesses can identify opportunities for growth, anticipate potential challenges, and make strategic adjustments to stay ahead of the curve.

“The practice was looking to refresh our strategy to reflect a new phase in their business. The work that had been done through Square Holes, provided me with a very comprehensive story of the past, present and the emerging trends which we need to be mindful of as we consider the future.” Professor Susan O’Neill Chief Executive Office Jones Radiology.

“We identified loneliness as a significant issue in the community and in need of greater attention. One of our first steps was to conduct research through Square Holes into the extent of the issue in South Australia. We wanted to know how many South Australians were experiencing high rates of loneliness and what age groups were the most affected” Rachael Pearse, Uniting Communities Advocacy Project Officer.

4. Gaining a customer perspective

Market research allows businesses to gain valuable insights into the preferences, needs, and expectations of their target customers. By understanding the customer perspective, businesses can tailor their products, services, and marketing efforts to better meet customer demands and enhance customer satisfaction.

“Working with Square Holes brings REDARC closer to our customers. Engaging in market research means we can better understand the needs of our customers and what drives them during the decision-making process.” Anthony Kittel Founder and CEO of Managing Director of REDARC Group.

“I think we uncovered through the focus groups, a really clear understanding of where the community was on some of these issues. And it was galvanising in a way to understand there was so much confusion. It helped particularly in really sharpening the mind around simple messaging. It got us to focus in on what was the one key message we can tell people to keep them safe.” Paul Roberts, Head of Corporate Affairs SA Power Networks.

5. Innovation and growth

Market research is instrumental in driving innovation and fostering growth. By uncovering market gaps, identifying emerging trends, and assessing customer feedback, businesses can innovate their offerings and develop new products or services that resonate with consumers. Additionally, market research helps businesses identify new market opportunities and expansion possibilities, fuelling growth initiatives.

“Initially it (the research) was based on measuring brand health, I wanted the ability to check in on our brand health at least once a year. That allows us to not only look at our brand awareness, but also the general health of the brand and how the online part of the business is travelling. And then a part of this evolved into developing a company-wide KPI.” Fiona Krawczyk Marketing Manager at Haigh’s Chocolates.

“We want to strengthen what we do, but also move to new directions because teaching and learning is now going through the greatest change it’s ever had in my career in the last five years…We need to be on the front foot of that. We are, and this information from Square Holes has also helped us in that.” Vanessa Grave, Director of Marketing and Community Relations, University Senior College 

Market research is a multifaceted tool that empowers businesses to achieve independence, leverage expertise, receive strategic guidance, understand the customer perspective, and drive innovation and growth. It serves as a foundation for informed decision-making and sustainable business success.


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