Skip to main content

Market Reasearch

By Alaa Aly

 What Is Market Research?

Market research is the process of determining the viability of a new service or product through research conducted directly with potential customers. Market research allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service.

This type of research can be conducted in-house, by the company itself, or by a third-party company that specializes in market research. It can be done through surveys, product testing, and focus groups. Test subjects are usually compensated with product samples and/or paid a small stipend for their time. Market research is a critical component in the research and development (R&D) of a new product or service.

Market Research for Business?

Market research is a way of getting an overview of consumers' wants, needs, and beliefs. It can also involve discovering how they act. The research can be used to determine how a product could be marketed.

Factors that can be investigated through market research include:

  • Market information: Through market information, one can know the prices of different commodities in the market, as well as the supply and demand situation. Market researchers have a wider role than previously recognized by helping their clients to understand social, technical and even legal aspects of markets.
  • Market segmentation: Market segmentation is the division of the market or population into subgroups with similar motivations. It is widely used for segmenting geographic differences, demographic differences (age, gender, ethnicity, etc.), technographic differences, psychographic differences, and differences in product use. For B2B segmentation firmographics is commonly used.
  • Market trends: Market trends are the upward or downward movement of a market, during a period of time. Determining the market size may be more difficult if one is starting with a new innovation. In this case, you will have to derive the figures from the number of potential customers, or customer segments.
  • SWOT analysis: SWOT is a written analysis of the Strengths, Weaknesses, Opportunities, and Threats to a business entity. A SWOT may also be written up for the competition to understand how to develop the marketing and product mixes. SWOT method helps to determine and also reassess strategies and analyze business process
  • PEST analysis: PEST is an analysis of the external environment. It includes a complete examination of a firm's Political, Economical, Social, and Technological external factors, which may impact firms' objectives or profitability. They may become a benefit for the firm or harm its productivity.
  • Brand health tracker: Brand tracking is the way of continuously measuring the health of a brand, both in terms of consumers’ usage of it (i.e. Brand Funnel) and what they think about it. Brand health can be measured in a number of ways, such as brand awareness, brand equity, brand usage, and brand loyalty.

Market Research Methods?

There are lots of different ways you could conduct market research and collect customer data.

1. Surveys: the most commonly used

Surveys ask users a short series of open- or closed-ended questions, which can be delivered as an on-screen questionnaire or via email.

2. Interviews: the most insightful

Interviews are one-on-one conversations with members of your target market.

3. Focus groups

Focus groups bring together a carefully selected group of people who fit a company’s target market.

Importance of Market Research?

It provides information and opportunities about the value of existing and new products, thus, helping businesses plan and strategize accordingly.

It helps in determining what the customers need and want. Marketing is customer-centric and knowing the customers and their needs will help businesses design products or services that best suit them.

By understanding the needs of customers, businesses can also forecast their production and sales. One of the most difficult aspects for a production manager is to keep inventory stacked. What is the requirement and how much should be produced to fulfill the needs of the customer? Market research helps in determining optimum inventory stock.

To stay ahead of competitors market research is a vital tool to carry out comparative studies. Businesses can devise business strategies that can help them stay ahead of their competitors.

Reference:


Labels:

Popular posts from this blog

Multi-Location Businesses: Stop Managing Google Listings Manually

By Alaa Aly
  Managing dozens—or hundreds—of Google Business Profiles across different regions is complex. From changing store hours to updating holiday information, manual updates are time-consuming and prone to errors. Phonic Maps automates the entire process, so you can push updates to all locations with a single click. Key points: Avoid human error across multiple listings Save time for your internal teams Push updates to Google at scale Prevent duplicate or suspended listings CTA: Managing more than 10 locations? Book a demo
Post a Comment
Read more

The Importance of Digital Location Management in Saudi Arabia

By Alaa Aly
  As Saudi Arabia accelerates its journey toward a digitally driven economy under Vision 2030 , businesses are being challenged to modernize how they connect with customers. With more than 95% internet penetration and one of the highest smartphone adoption rates in the world , Saudi consumers increasingly rely on digital maps, search engines, and social media to find, evaluate, and visit businesses. In this environment, Digital Location Management (DLM) has become a crucial tool for companies that want to stay competitive, attract new customers, and expand strategically across the Kingdom. What Is Digital Location Management? Digital Location Management is the process of controlling how your business locations appear and perform across online platforms like Google Maps, Apple Maps, Snapchat Maps, Instagram, Facebook, and local Saudi directories such as Haraj or Jahez marketplaces . It involves ensuring that: Business name, address, and phone number (NAP) are accurate and ...
Post a Comment
Read more

Ways To Drive Customer Engagement & Build Better Online Presence And Tools

By Alaa Aly
 Ways To Drive Customer Engagement & Build Better Online Presence And Tools Now that global consumers may buy practically anything they want on any device they choose, providing exceptional eCommerce customer interaction is beneficial to business and necessary for customer retention. Consumers' expectations for greater CX continue to climb as they rely more on online buying, which is why eCommerce customer engagement is crucial today. Customer experience is critical to 73 % of all people when making purchasing decisions. How to Increase customer retention? A good e-commerce customer service experience can keep up to 84 percent of customers from leaving because they need to return a product. Additionally, engaging emotionally with clients has a four-fold impact on customer lifetime value compared to not having that personal touch. Make brand advocates. Customers that are emotionally invested in your brand are more likely to share their positive experiences on social media and ...
Post a Comment
Read more