What is market research and how to do it without spending a lot?
A survey is a great strategy that can help you give your business a new direction, develop a great idea or avoid failure. Many entrepreneurs make the mistake of underestimating the power of market analysis for fear of wasting time, money or because they simply do not consider it necessary. Learn step by step market research methods with us, which is something more and more essential for those who want to succeed in the digital market.
What is a market research?
Market research is a data collection technique that allows entrepreneurs to know the intentions of purchases or certain details about their niche. When a company wants to launch a new product, a new marketing campaign or make any changes or strategy development, it is necessary to conduct a market analysis to obtain very valuable information that can help ensure success for the business. For example –
If you are about to launch a new product on the market, such a survey can help you know details of how much money your customers would be willing to pay for the product, which product features would be appreciated, size, color or shape that the customer I would like the product to have etc. This will help you find a balance for your customers and your business to benefit from.
Two types of market research
There are two market research methods to obtain this information. Primary research: when you do the research yourself, collecting and analyzing the data. Secondary search: when the search is carried out by a third party and is available to anyone who wants to access it. In summary, market research is a technique used to collect information in a systematic way that is then interpreted and used to make decisions.
New brands and market research
Brands and businesses need to research the market to learn about industry and consumer trends. Market analysis has the power to act in your favor, as it is able to indicate where it is necessary to concentrate your efforts, which aspects should be improved or changed, where it is convenient to invest resources, the feasibility of the project, etc. Before the growth of the digital age, surveys were carried out in the most diverse ways – by telephone, approach on the street, questionnaire in public places, etc. Now, with social networks and research sites, it is much easier to conduct market research.
What is market research for?
It is practically a wrong idea that only big companies do market research. That’s where you make a mistake. All businesses need market studies to better understand their performance. Often it is not even necessary to do the research through a questionnaire.
You can use surveys or take reference data from your market through the benchmarking process. It doesn’t matter if your business is a digital service, startup, agency or multinational: the routine of a business is guided by certain decisions.
Other reasons for market research are –
- To be able to count on more documentation when making decisions that favors the growth,
- Have real information that helps you solve problems,
- Know the size of the market you want to cover,
- Know the real needs of consumers and details such as tastes, preferences, buying habits, level of revenue, etc.
- Know how the customer’s buying habits change,
- Have valuable information that can be used to maintain or occupy an important place in the market.
- Detect new niches or micro-niches in your market.
These are just some of the advantages for an entrepreneur to carry out market analysis correctly. And, for that, it is necessary to resort to various methods of data collection, such as surveys, evaluations and observations.