What is market research?
The market researchor also known as market studyis a data collection technique that allows entrepreneurs to know the intentions of purchases or certain details about their .
When a company wants to launch a new product, a new marketing campaign or make any change or development of strategy, it is necessary to carry out a market analysis to obtain very valuable information that can help ensure success. .
For example: if you are about to launch a new product on the market, a research This type can help you know details such as how much money your customers would be willing to pay for the product, what features of the product would be well appreciated, what size, color or shape the customer would like the product to have, etc.
This will help you find a balance point in which both your customers and your business benefit.
There are two ways to obtain this information, which are:
- primary research: when you yourself conduct the research, collect and analyze the data;
- secondary research: when the search is performed by a third party and is available to anyone who wants to access it. Some examples are academic studies and reports from private companies.
In short, the market research it is a technique used to systematically collect information that is then interpreted and used to make decisions.
Brands and companies need research the market to learn about industry and consumer trends. The market analysis it has the power to act in your favor, since it can indicate where it is necessary to concentrate your efforts, what aspects must be improved or modified, where it is convenient to invest resources, the viability of the project, among many other ideas.
Before the growth of the digital age, surveys were carried out in the most diverse ways: by telephone, approach in the street, questionnaire in public places, etc. Now, with social media and research sitesn, it is much easier to perform a market research.
Often, it is not even necessary to do the research through a questionnaire. You can use surveys or take benchmark data from your market through the process of .
What is market research for?
You must be thinking: the market research It is only for large companies. That’s where you’re wrong! All companies, even small ones, need market research to better understand your performance.
It doesn’t matter if your business is a digital product, a startup, an agency or a multinational, the routine of a business is guided by certain decisions. And nothing better than data and concrete information to help in this process. And that’s what it’s about market researchmake decisions based on data and information.
Advantages of conducting market research
- They allow having more documentation when making decisions that favor the growth and development of a business or company.
- They provide real information that helps solve problems.
- They allow knowing the size of the market that you want to cover, in the case of selling or launching a new product.
- They allow to know the and details such as tastes, preferences, purchasing habits, income level, etc.
- They help to know how you change the customer’s purchasing habits so that entrepreneurs or business owners are able to respond and adapt to them.
- They offer valuable information that can be used to maintain or occupy an important place in the market.
- They allow to detect new niches or .
These are just some of the advantages for a company or entrepreneur to perform market analysis correctly and for this it is necessary to resort to various data collection methods, such as surveys, evaluations, observations, etc.
Do you want to know what each one consists of?
We will show you the most used!
How to do good market research?
The market research It is done through questionnaires, which can be answered through interviews, email or on social networks. The basic steps to prepare the research are:
- Definition of research objectiveeither for a specific product or for the business in general;
- who are the target audiencesif they are your clients or potential consumers, for example;
- How many people will be interviewed, that is, the sampling;
- The questions to be done The simpler and more direct, the better;
- Conduct research on chosen channels;
- Poll of data collected;
- Response analysis and planning next steps based on the data.
VIDEO | What is quantitative research and how can it help you in your business?
Market research techniques
There are many research techniques Y data collection that can be used in a market research. Some are:
1. Surveys
It is one of the most used methods to obtain information and can be carried out manually or online. The survey is a method with which a lot of information can be collected in a short time, it does not require specialized personnel for its application, it is easy to carry out and, furthermore, if you do not have a large budget to carry them out, you can do them online.
There are many free or paid platforms that allow you to carry out surveys over the Internet very easily and quickly, such as . The main advantage of this alternative is that it offers greater coverage, saves money, can be accompanied by images to make it more attractive, is easy to fill out, is anonymous, and also has no question limit.
2. Interviews
The interview is a method of collecting information that can be done by phone, face-to-face, or email. With the interview it is possible to collect information reliably and without risk of manipulation. However, it is a method that requires more financial resources, time and personnel.
3. Evaluations
Also known as the market test, it consists of trying to know directly the appreciation of a person towards a product, service, idea, etc.
A market evaluation or test is generally carried out before the launch of a new product, with the main purpose of evaluating its acceptance and reducing risks.
Suppose you want to test the acceptance of your new . To carry out this method, it is necessary that you select a representative sample and send your product in exchange for their comments or criticisms about the product received.
This technique is very useful since it allows you to know what people think about your product and receive comments with which you could make improvements in the presentation, content or even modify its price before you start promoting and selling it formally.
4. Observation
It is a very traditional method of market research which is very accurate and economical. It can be carried out in two ways: through direct observation on the site, or also through designed devices such as a traffic counter.
The application of this technique will depend a lot on the objective of your research. For example, if the objective of your research is to know the preference of a specific product, the use of the technique could consist of visiting the places where the consumer normally buys the product and observing, for example, how he examines the product, what products he decides to buy, etc.
5.Focus Group
The Focus Group It is a technique whose mission is to analyze and receive feedback on a specific research topic.
This technique is characterized by bringing together between 6 to 10 people and a moderator who regulates the times and promotes the exchange of ideas for a time between 30 minutes and 1 hour and a half.
In this meeting, each participant will answer some questions prepared by the researcher with the greatest transparency and depth possible.
The purpose of its application is for each of the participants to express their ideas, opinions and experiences in order to know in detail the causes of due behaviors or preferences.
6. Transfers
The signing is an investigation technique that helps the others previously seen. This technique seeks to record the data obtained in instruments called files, which contain synthesized and organized information from all the previously collected information. This instrument saves research teams a lot of time, money and effort.
7. Online research
Online research, in fact, is a tool that helps the other techniques that we have discussed, taking into account the growth of digitalization and the innumerable advantages that digital connectivity offers, online research has gained great importance.
Through digital tools it is possible to know some hobbies or behaviors of the public to which we are addressing, in addition it is also possible to get closer to know their opinions regarding experiences and inconveniences with a product or service.
Thus, through online media, companies can gather important data about their consumers or potential consumers, understand them better and reduce research costs.
8 steps to do your market research
Do you remember the little step by step above? Let’s understand how the process works for you to make your market research.
perform a market study It is much easier than it seems, it does not matter if you have a large company or if the only thing you have is a in your mind, anyone can do it!
But… How to make a market study?
Now yes, the time has come to get down to work and start research the market. You just need to follow these 8 (and very easy!) steps:
1. Define the objectives of your research
To begin, you need to consider what are the objectives of your research; that is, the reasons or the need for which you have decided to carry out this research.
Have the objective of your research very clear will help you to better formulate your questions or the criteria on which the data collection will be based.
A market research It can be carried out with very different objectives. The most common objectives are:
- Help the development of a company or business.
- Satisfy customer needs through the ideal product or service.
- Determine the degree of success or failure that a business idea may have.
2. Define the target audience for market research.
None can be done research without the target audiences be well defined. Yes, it is mandatory!
To help in this task, it is essential to create your buyer persona, that is, the representation of the ideal client and who is likely to buy your products / services. This more detailed understanding will help build questions…
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