Have you even think about how and why you should apply market research especially if you are from a prestigious company that runs a business? But before that, let us talk about what a market research is. Market research is simply defined as something that involves evaluating the feasibility of a particular product or service with the use of an intensive research that are being conducted directly to their potential clients or customers. This will enable most of the organizations to get close to their target market and be able to collect opinions to make decisions. It is also a process wherein you can understand you customer base. Without having to know what they want or how would they get it from you, you will be struggling to cope up with having an effective marketing strategy. This is where a market analysis typically comes in.
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Market research can be basically conducted directly by many organizations that have an expertise in this particular process. The process can be done in many ways. It can be by the use of surveys, providing samples, conducting interviews, etc. The main objective of a market research is to be able to understand the market that is being associated with a product or a service. This is to help the customers decide for the product or service. The information that you can get out of conducting a market research can be used in marketing activities in order to determine the priorities.
There are 3 key objectives of a market research namely administrative, social, and economical. Administrative helps in business development to satisfy the needs of the market. Social key objective satisfies the customers’ needs through a specific product or service that complies with the customers’ preferences when already consumed. The economical key objectives helps to determine the degree of success or failure of a particular company.
How to Conduct Market Research Analysis?
There are seven steps to follow when conducting a market research analysis.
- Determine your purpose – the reason why you have to conduct a market analysis is to understand the market you are in. It is better to know about it so that it keeps you on track all throughout the process. Begin by categorizing your purpose whether it will be all about improving your business operation or seeking a business loan.
- Research about the industry – include a detailed outline of the current state of your industry using metrics together with the data to support your findings. You may also consider conducting a comparative analysis so that you will be able to find out you advantage within your target market.
- Identify your target customer – think about who is most likely to want your product. You should be able to understand your market size, your costumers, where they come from, and other factors about them like their age, gender, location, occupation, needs, interests, etc.
- Understand the market competition – understand your competitors including their strengths, weaknesses, advantages, and market saturation. Rank your competitors from the most threatening to the least threatening ones and conduct a SWOT analysis.
- Gather more data – make sure that your data is credible and factual.
- Analyze the data – verify if the data are accurate and analyze it to make it useful to you. Ensure that you have organized your research including your purpose, target market and competition.
- Put the analysis into work – put your market analysis into work. Look for an avenue where you can make use of your research in order to improve your own business.
What are the main elements that you must include in your research?
It should include an overview of the industry size and growth rate, projected market share, industry outlook, buying trends, forecasted growth, and the customer’s willingness to pay for the product or service.
What are the types of market research methods?
It includes primary market research and secondary market research.
What are the benefits in conducting a market analysis?
Risk reduction, targeted products or services, emerging trends. revenue projections, evaluation benchmarks, context for past mistakes, and marketing optimization.
Market analysis can benefit your business through various ways especially if you are conducting it in a regular basis just to ensure that you can get the right information for your marketing efforts. If you want to see more samples and format, check out some market research analysis samples and templates provided in the article for your reference.
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