Market research allows you to understand the quantitative and qualitative aspects of the niche in
which you intend to operate or are already operating.
It will serve as a guide to determine the effectiveness of your
marketing and advertising actions .
This type of study is very important for business, because through it you will know:
- the target audience ( buyer persona );
- competitors;
- the main purchasing behavior of consumers ;
- the main niche segments.
Therefore, through market research, it is possible to have a holistic view of the desired
niche and create action strategies for your business.
However, to achieve this result, it is necessary to carry out a proper and high-quality market study.
In this post, you will understand what the main types of market research are and some steps that
must be taken to carry out a relevant and assertive market study.
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Learn about the main types of market studies
Market research is an organized effort to spain telegram data gather information about
particular niches and consumers.
Generally, this type of research is carried out using statistical methods and techniques so that the
information obtained can support strategic decision-making for the business.
There are several classifications for market research. One of the existing classifications divides this
type of research into:
- opportunity study: sales, product and market;
- study of the sales effort: sales organization, distribution channels and advertising.
Another classification divides market research into 3 different subtypes:
The first of these is the exploratory study , the objective of which is to discover new trends.
Then comes the second subtype which is the descriptive study , whose purpose is to describe the
characteristics of a given situation.
The third subtype, the experimental study , is intended to test specific hypotheses about a certain
aspect of the market.
A satisfaction research methodology that is widely used around the world is the Net Promoter
Score (NPS) market study .
In this research method, consumers answer the following question: “How much would you
recommend our company to a friend on a scale of 0 to 10?”
Respondents who score between 9 and 10 are considered brand ambassadors . Those who score 7
and 8 are neutral. On the other hand, those who score less than or equal to 6 are
considered brand detractors .
Another example of market research is doing a name test for new products and services, as choosing
a name for a new company is not an easy task and has a huge impact on the business.
Discover 7 steps for a successful market study
Many businesses start without proper customer lifetime value and real-time data: how to increase customer value market research or planning.
This is a very common mistake and can lead to several problems. Therefore, doing a quality market
study is essential for anyone who wants to have a successful business.
For a market study to be effective, it does not have to be complicated. However, it is imperative to
know what the fundamental structure of a market study should be.
Some key aspects that market research should cover are:Competitive assessment is a very important
aspect of market research.
It is not enough to know what the needs of the public in a niche market are; it is also necessary to
know what competitors are doing and offer differentiated solutions to consumers.
Before starting a business, one aspect to consider is the potential barriers to entry in the market. As
the name suggests, this refers to the obstacles that must be overcome in order to enter the market niche.
1. Define the questions to be answered with the study
Before you start a market study, you need to know why you need it.
A market study is generally carried b to c database out to determine the viability of a new company, launch a new product, identify business opportunities, etc.
Next, you must define the questions you want to get answers to , as this will give the entire direction of the research that will be carried out, which will affect the analysis and conclusion of the results.
2. Identify the target audience and segment it
Knowing your target audience well is essential for designing marketing and sales strategies. You need to know specific information such as:
- where you live;
- what you like or don’t like to do;
- how you prefer to be treated;
- etc
The most common criteria for addressing the audience are:
- geographic segmentation: where the target audience lives and works;
- demographic segmentation: characteristics such as gender, age, social class, etc.;
- psychographic segmentation: values, lifestyle and personality.
- behavioral segmentation: where you search for content and products.
From this information, it is possible to create buyer personas, that is, semi-fictional representations of your ideal client.
3. Research competitors and their main actions
This stage of market research involves identifying which other companies offer the same product or service you want to sell. This allows for efficient benchmarking.
In addition to knowing who your competitors are, you need to understand:
- how they work;
- what are your strengths and weaknesses;
- what channels they use to serve customers;
- what is the profit margin of the product/service offered;
- etc
4. Determine the regulation in the target market
It is important to know which government agencies and even non-governmental institutions influence the target market you are intended to serve or are already serving.
5. Select and develop information gathering techniques
To obtain the information necessary to answer the previously defined questions, you must first select the most relevant search techniques for each objective.
Study techniques can be qualitative or quantitative .
Qualitative techniques are concerned with meaning, not numbers, and can reveal consumers’ opinions, motivations and attitudes. The two most commonly used qualitative research techniques are the group discussion and the personal interview.
Quantitative techniques, on the other hand, are used to obtain quantifiable data that can be subjected to statistical processing. In this case, forms and questionnaires are generally used.