When to do market research?
When establishing objectives
Knowing the market's size and defining your potential clients might assist you in setting your sales targets.
When attempting to solve a problem
Weak sales? Profitability issues? Market research may assist you in determining if your issues are internal, such as a substandard product, or external, such as tough competition.
When assisting in the expansion of a business
Understanding how and why consumers make purchasing decisions can assist you in determining which items to present to the market.
Types of market research
Which type of market research is best for me?
Primary and secondary market research are distinct but not mutually exclusive. Combining the two is highly recommended.
While primary sources provide a detailed, micro-level view of your organization, secondary research provides information about how other companies are performing and how your research results relate to larger sample sizes.
Market research subtypes
Skilled market researchers classify market research into the following major and secondary subtypes:
Market Research Methods Internal data analysis
The data you’ve previously gathered within your organization is a great source of secondary research data. The longer you’re in business, the more information you’ll gather. The nicest part about your internal data is that it has been tested in real-world market settings; all you have to do now is identify trends and make conclusions.
Interviews
Face-to-face talks are possible during interviews, which are ideal for exploratory qualitative research. Unstructured interviews are casual, free-flowing discussions on a predetermined range of themes. Structured interviews require you to create a precise, rigorous interview process in which you specify every question you want to ask and are not permitted to deviate from it. You may also take a “middle path” with semi-structured interviews that are centered on established topics or questions but allow for open-ended conversation.
Focus groups
Focus groups are discussions in which five to ten persons with similar qualities participate interactively with a moderator. They are accustomed to eliciting information about how a certain group views a particular topic or to offering feedback on a product.
Surveys
Conducting surveys entails polling your audience. They are often conducted online and are one of the most prominent and cost-effective market research approaches.
Market segmentation
Never create a product for everyone. Not everyone will wish to make a purchase from you. Market segmentation is the technique of dividing a market into homogenous segments based on specified criteria, referred to as segmentation variables, such as age, gender, firm size, and geography.
Competitive analysis
It is the process of acquiring knowledge about one’s trading environment. If there is one thing you can do to discover what works and what does not in your industry, it is to do a comparative study.
When we consider developing a new feature, we always examine our rivals to see how they do it.
Analyze commercial data
Secondary market research data is very inexpensive, quick to get, and straightforward to apply. Consider market studies, industry insights, and a wealth of research data that has already been acquired and analyzed for you.