Market research is the process of finding out about the needs and demands for certain products or services. The goal of market research is to identify customer desires and provide detailed descriptions of those desires in terms of product and service pricing, types, and details.
The information obtained from market research is used to adapt products and services to the needs of the market and customers.
How is market research conducted?
Market research can be conducted through surveys, qualitative or quantitative research, and other methods. The information obtained from market research is used to tailor products and services to market needs and customers.
Market research often includes competitor activities and other information that can help with business decisions related to products and services. This includes details about products, prices, promotions, marketing activities, and distribution channels.
What is the goal of market research?
The goal of market research is to understand the habits and desires of potential customers. By adapting products and services to these desires, habits, and needs, it can lead to increased sales and customer satisfaction or the decision to create new products and services if they do not already exist. The results of research are applied to the development of websites, digital marketing, and other marketing activities.
How to conduct market research?
Market research can consist of the following steps:
- Defining goals and hypotheses: defining what you want to know and why you want to know it, and forming hypotheses about what you think will happen.
- Identifying the target audience: identifying the group of people you want to survey and how you will reach them.
- Choosing the research method: choosing the research method that will best suit your goal and target audience (e.g. surveys, focus groups, web analytics, etc.).
- Preparing research instruments: creating a survey or focus group, or preparing other instruments that you will use to collect data.
- Collecting data: conducting research using the selected method and instruments.
- Analyzing data: processing and analyzing data to obtain conclusions and answers to your goals and hypotheses.
- Reporting results: presenting the results of your research in a convenient way for further action.
These steps may vary depending on the type of product or service. You should tailor the steps to your needs and goals.
What comes after?
After conducting market research, it is necessary to analyze the results and make decisions based on them, and then implement the results. After that, you can carry out evaluations and updates. This can be done through the following steps:
- Analysis of results: analyze the results of the research and determine conclusions and trends.
- Decision making: using the research results, make informed business decisions regarding products, prices, promotions, and distribution channels.
- Plan implementation: take concrete steps to implement the decisions and plan you have made.
- Evaluation: check and evaluate the success of all activities carried out and measure efficiency and results.
- Updating: regularly update and monitor the market to stay informed of changes and trends and be able to make good business decisions.
These steps may also vary depending on the type of products and services you have. You must adapt your process to your needs.
Competitive Analysis in Market Research Services
When it comes to conducting market research, one important aspect is analyzing the competition to gain a better understanding of the market. At our company, we offer competitive analysis as part of our market research services. Our team can provide you with detailed information on your competitors’ products, prices, promotions, marketing activities, and distribution channels. Click here to learn more about our competitive analysis service.
Sources and additional resources for more information
- The American Marketing Association – a website that offers useful information about marketing and market research.
- Nielsen – a company that provides data and analysis on consumer habits and the market in general.
- Pew Research Center – an organization that conducts research on social and demographic trends.
- HubSpot – a website that provides free marketing tools, educational content, and tips for marketing professionals.