In today’s hypercompetitive finance and forex sectors, understanding your market isn’t just an advantage, it’s a necessity. According to a 2023 report by Statista, companies that actively invest in market research are 37% more likely to report year-over-year growth. Moreover, a Forrester study found that 65% of marketers struggle to quantify the impact of branding campaigns, especially those tied to dark social or sports sponsorships. This is where market research plays a pivotal role, providing structured, data-backed insights to uncover hidden attribution paths and long-term brand effects.
Finance and forex firms often face attribution challenges with untrackable interactions, like a prospective client sharing an investment article via WhatsApp, or a high-net-worth individual forming a brand impression from a Premier League sponsorship. Market analysis can help marketers map these touchpoints through qualitative interviews, sentiment tracking, and behavioural trend analysis, ultimately illuminating the unseen.
What’s in this article:
- What is Market Analysis?
- Why is it important in finance and forex?
- Who benefits from market research?
- Primary vs. Secondary Research: Key differences
- Methodologies and tools used in market analysis
- Case studies: Market research in action
- How to apply research findings effectively
- FAQ
What is Market Analysis?
Market analysis is the process of assessing the dynamics of a given market — including size, trends, customer segments, competitive landscape, and potential risks or opportunities. In the context of finance and forex, it involves understanding:
- Trader and investor behaviours
- Emerging fintech trends
- Regulatory changes
- Competitive positioning
- Content and channel effectiveness
It serves as the foundation for strategic planning, enabling firms to align offerings with market demands and reduce uncertainty in decision-making.
Why Use Market Research?
Market research is part of the puzzle any company needs to complete in order to find a competitive edge in their industry. While research helps you identify your client targets, competitive analysis helps you discover what is unique about your offering. According to research by ESOMAR, 90% of Fortune 500 companies use ongoing market research to inform major business decisions. And, a McKinsey study showed that companies that leverage customer insight in strategy are 60% more profitable than those that don’t
The core purposes you might undertake market research include:
- Customer Understanding: Identify needs, behaviours, and motivations of target segments.
- Competitor Benchmarking: Assess strengths, weaknesses, pricing strategies, and marketing channels.
- Product Development: Validate features, tools, or trading interfaces.
- Marketing Attribution: Clarify ROI of awareness campaigns (e.g. sports sponsorships) or dark social sharing.
- Regulatory Adaptation: Stay ahead of changes in compliance or regional guidelines.
Who is Market Analysis For?
Market research serves a wide range of stakeholders within finance and forex organisations:
| Stakeholder | Benefit |
| CMOs/Marketing Directors | Refine campaign targeting and budget allocation |
| Product Teams | Validate features based on real user demand |
| Sales Leaders | Understand buyer objections and refine pitch strategy |
| Compliance Teams | Anticipate regulatory changes based on industry sentiment |
| C-suite Executives | Inform strategic direction and investor relations |
Primary vs. Secondary Research
Understanding the difference between primary and secondary research is crucial for building an effective strategy. Here’s what you need to know about each approach and their use cases.
Primary Research
With primary research data is collected first-hand. This can include interviews, surveys, focus groups and user testing. It allows you to discover unique insights or test hypotheses.
Pros include the ability to customise the research to specific questions or needs. And it can provide real-time insights. The downside is that it is time-consuming and often costly.
Use primary research to explore attribution in dark social or sponsorship ROI. For example, interview existing clients about brand recall after a sports sponsorship campaign.
Primary Research Methodologies:
- Surveys and Polls (quantitative): Quick insights at scale, e.g. post-webinar feedback, investor sentiment tracking.
- In-depth Interviews (qualitative): Understand nuanced behaviours, great for mapping the buyer journey.
- Focus Groups: Gather live reactions to new product features or campaign creatives.
- Usability Testing: Observe traders using your platform to identify UX friction points.
Primary Research Tools:
- Typeform, SurveyMonkey (for surveys)
- Zoom, Lookback.io (for interviews and usability testing)
- Hotjar (behaviour tracking on websites)
Secondary Research
Secondary research is the gathering of existing data based on research done by others. This is often conducted online and gains insights from industry reports, academic studies, and market databases like nation census. It is used for competitor benchmarking, trend forecasting, or regulatory tracking. Thorough secondary research helps establish baselines or validate assumptions.
The key pros is that is it cost-effective and easily accessible. However, it is not so easy to tailor the research and your researchers need to ensure they are accessing updated data.
Secondary Research Sources:
- Statista, IBISWorld, Bloomberg Intelligence (market reports)
- FCA, ESMA, BIS (regulatory updates)
- Google Trends, SEMrush, Ahrefs (online behaviour insights)
Market Research in Action
Here are some use cases for market research. The below are hypothetical examples based on typical challenges marketing teams face when proving ROI on branding activity. These use cases include a combination of primary and secondary research.
Case Study 1: Sports Sponsorship Attribution
A forex broker sponsored a Premier League team but struggled to track ROI. They commissioned a market research firm to:
- Conduct pre- and post-season sentiment surveys
- Track direct brand mentions across dark social channels
- Interview users on brand recall and trust levels
Case Study 2: Competitor Feature Benchmarking
A fintech firm developing a mobile trading app used secondary research to benchmark platform features of five competitors. Then, they conducted primary interviews with active traders to evaluate unmet needs.
How to Apply Market Research Insights
Having data is one part of the picture. The next, is understaning how to use it effectively, how to translate insights into action. This is a step-by-step guide on how to apply the inisghts you’ve gleaned from your market research:
Step 1: Align With Business Objectives
Map research goals to specific outcomes e.g. “Improve brand trust” or “Enhance product onboarding.”
Step 2: Synthesise Findings
Use a research synthesis report to summarise:
- Key insights
- Supporting data
- Audience sentiment
- Competitive gaps
Step 3: Prioritise Actions
Rank insights by impact and feasibility using an action matrix.
Step 4: Implement and Test
A/B test changes (e.g. landing pages, content tone, feature rollout) based on insights.
Step 5: Measure Impact
Track KPIs tied to the research, e.g. NPS, conversion rate, retention, or branded search volume.
Frequently Asked Questions
Q: How often should market research be conducted in the finance/forex industry?
A: Quarterly for competitive benchmarking; monthly or ad-hoc for campaign-specific research.
Q: How can I measure ROI from branding campaigns like sports sponsorships?
A: Use sentiment surveys, branded search analysis, and brand lift studies. Ensure to compare against pre-campaign benchmarks.
Q: What if I don’t have budget for primary research?
A: Start with free or low-cost secondary sources, or partner with a research firm offering tailored packages.
Speak to Our Team About Market Research Strategies
Ready to uncover what your market is really thinking? Whether you’re launching a product, evaluating sponsorship ROI, or planning your next campaign, our team can help. Get in touch today to build a research-backed strategy tailored to your goals.
