In recent years, one of the most important and beneficial developments on the market research landscape has been the rise of locally-targeted market research. Many shrewd businesses are “thinking globally, but acting locally” when it comes to market research, thanks to a growing suite of powerful tools that can reveal granular-level insights that were previously unattainable. Indeed, political parties, too, are micro-targeting specific geographic areas with different messages (and often in different ways at different times), and the data they are relying on to steer their strategy derives from – yes, you guessed it – market research.
However, while the growth of locally-focused market research is both exponential and exciting, there are many instances where conducting nationwide market research is beneficial and, frankly, necessary in order to generate reliable intelligence and actionable insights. Below, we highlight three scenarios where it makes sense to conduct nationwide market research:
1. When a business wants to expand its footprint.
Obviously, a business that wants to expand beyond its local market -- not necessarily in terms of physical expansion and opening new offices, but in terms of selling its products and services in a nationwide market online, through channel partners or affiliated, etc. – will need to conduct nationwide market research.
Remember: the U.S. has a unique demographic profile in the sense that while there are some core similarities that underlie and unify most regions, there are some rather significant differences as well. Businesses that wisely conduct nationwide market research get a firm grasp of these variances, make smart adjustments, and enjoy rapid and receptive penetration into new markets. On the other hand, businesses that assume “if we can succeed at home, then we can succeed anywhere” almost always end up learning the hard way that assumptions do not lead to ROI. They cause regret, and more often than not, trigger costly retreats.
2. When a business wants to better understand what is working in other markets.
The most profitable businesses -- and all of those on the Fortune 500 -- do not stop at analyzing and evaluating competitors in their local marketplace. They conduct nationwide market research to see what is working elsewhere, so they can adopt new best practices and get ahead of the curve.
Indeed, while it can take a while for certain trends and practices to make their way across the country (and the journey is often not linear), the fact is that there is a reason why class-leading corporations are always ready to drive the Next Big Thing in their marketplace – whether it is paying for a coffee with a smartphone, or giving retail customers an app that drives engagement in real-time. It’s that they know well ahead of their competitors what is coming down the pipeline, and position themselves to lead the way.
3. When a business needs to improve the quality and/or size of its market research sample.
Sometimes a significant population of a representative sample is not available in a local marketplace. For example, a business that wants to reach professional women over 40 who have never been married, may find that in their local area this demographic is significantly under-represented. Expanding the recruiting effort to a nationwide level would make the project cost-effective and practical, and ensure a representative sample that lays the groundwork for comprehensive, accurate market research.
Learn More
At Communications For Research, we have the in-house expertise, resources and capacity to conduct nationwide market research – or international market research for businesses that are looking at a larger geographic picture. To learn more, contact us today and schedule a call with our CEO Colson Steber. After learning more about your business, Colson can give you market research advice, build out a market research quote and help you determine whether you need nationwide market research.
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