What is market research?
Today, consumers have access to a wealth of information and products, so positioning your brand at the top of mind can be very complicated if you don’t have the right tools. Market research is one of the crucial solutions for any brand looking to succeed in a competitive market. Discover the key benefits of market research and everything you need to know before launching your first study!
Market research is a systematic and objective process to obtain relevant information for decision-making. It involves identifying, collecting, analyzing data, and distributing insights, especially related to identifying problems and opportunities in the marketing field.
Market research links companies and market reality, thus, the consumer’s voice. A voice that you as a company are interested in listening to adjust your offer to the real needs of your target audience and to market trends.
So how can the voice of the consumer help me with my marketing strategies?
What is the importance of market research?
Having information on the market, especially on the target market, allows you to reinforce and adjust your commercial decisions, minimizing risks and optimizing time and money.
It’s essential to bear in mind that, inevitably, every decision within the company is influenced by the environment, which will undoubtedly condition the desired success of your product or service.
While it’s true that there are factors beyond our control, such as economic factors, we can control other conditioning factors; these are the famous P’s of the marketing mix.
What are the benefits of market research?
Conducting market research allows you to know and identify how you should present:
- the product, to arouse greater interest in the consumer and stand out from the competition.
- the price, to know what the consumer is willing to pay for what you are offering.
- define attractive promotions for the consumer.
- Points of sale: where and how the consumer would like to find your product.
- How your product or brand should relate to the target customers.
To know where and how you can influence your marketing strategies to be more successful, you need to capture the voice of the consumer. How? With market research.
What is a market study?
Market research allows you to know data related to the behavior, interests, needs, attitudes, motivations, barriers, etc… of your consumer. In other words, you get to know them better to offer them what they need/want. You can do this through qualitative research or quantitative research, and it will help you to identify and define opportunities for your brand and/or product.
Types of research according to their function:
- Descriptive function: collect and present data from the snapshot of the moment.
- Market analysis
- Brand Tracking
- Opinion Analysis
- Diagnostic function: evaluate data based on one or more hypotheses.
- Predictive function: estimate results based on an assumed scenario.
- Media Analysis
- Distribution Tracking
Make it happen and gain insights! Include research methods in your business strategy and design your plan according to consumer needs and desires, making it a success!