Recent research has found that 55% of all SMEs do not survive longer than five years. This has primarily been put down to the sheer volume of competition they face.
It’s clear from this fact that today’s marketplace is overcrowded. To compete effectively, it is crucial for firms to have a strong understanding of what its customers want.
Statistical research can play a significant role in helping businesses to determine the needs of their target audience, providing crucial information to inform a new product development process or refine a unique selling point (USP), for example.
Two techniques in particular can be used to gain a deeper understanding of your target audience: MaxDiff analysis and Derived Importance.
In a new article for Research-Live, our very own Kyle Cockett explains how MaxDiff analysis and Derived Importance can be used to establish the needs of your customers.
To read the article, click the link below.