If you carry out a business venture or already have one, then you should know what market research is and why it is important. This factor is fundamental, since to be successful and to be able to overcome obstacles at a commercial level, it is necessary to have extensive knowledge or experience.
What is market research?
Market research is a guide or work plan that will help you make business decisions, providing data about the market. Among the data that can be found are, competitors, products, marketing and customers, having a complete investigation will help to develop a marketing strategy.
Thanks to market research, risks can be prevented or reduced to a minimum, since it allows determining products, prices and promotions that exist. Once the research is done you can better establish and focus the resources or materials needed to be most effective.
What types of market research are there?
Now we show you the two main types of research, get to know them well so that you can get the most out of them, these are: quantitative and qualitative research.
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Quantitative Research: This focuses on producing numbers, for example what percentage of people buy a certain product in the market and how much it is valued. To achieve this production of numbers, a survey and forms are carried out to identify possible risks and increases in demand from customers.
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Qualitative Research: This research focuses on the facts and tests that allow us to discover what consumers think and feel about the products and elements that affect their purchases. On the other hand, you can do online surveys, and rely on organizations that offer data on the size of the market.
Among the factors that are taken into account to carry out qualitative research are the following elements: consumer profiles, competitor activity and sales trends.
Importance of market research
If you’re ahead of the curve in a business, it’s important to understand why market research is critical to understanding consumers.
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You get exact information from customers regarding the evolution of current purchases.
- You can assess key trends so you can be prepared for a crucial shift.
- You manage to identify new market sectors.
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Design new items and choose the market target.
- Market analysis will help you plan the strategy to use in marketing.
- Good market research will allow you to have close contact with customers using social networks.
The importance mentioned, by taking them into account, makes you successful in your company before launching a product or service.
How can a market research be planned?
To have a successful investigation, you must first be clear about the objective you want to achieve in your company or business. We will show you a list of the factors that you must apply to carry out a good investigation, and have an effective result.
- If it is a sales location, thinking about or evaluating the circulation of people will help you determine which elements attract attention.
- Talking to customers will be an invaluable source of information, since this way you can get regular and potential customers.
- Having a complete and exhaustive approach will strengthen your market research.
- Have the ability to interpret results and not let negative opinions affect your determination.
- Designing and applying the right questions will be the fundamental formula for market research.
- Use advertising tools on social networks such as Facebook or similar ones such as Pinterest.
- Using electronic devices will allow you to have closer access to customers.
- Set the goals you want to achieve in the short and long term.
- Create an online community that allows you to have an interaction with consumers and you can receive more opinions.
- Write down all available data and keep it simple.
- Seek the advice of knowledgeable people who can offer you timely and accurate help with your market research when launching a product.
We have concluded this informative post, which aims to increase the knowledge required to carry out market research.
