Market research is done to obtain useful information about the environment, competitors and other important factors. when developing an economic activity or assessing the value of an activity that has already been carried out.
In ActionMK it is clear to us that market research is an essential tool for analysing the supply and demand for a given product or service..
A successfully conducted market study will provide us with a series of guidelines and conclusions that will allow us to make risk-reducing decisions.
What are surveys used for in market research?
Surveys are the main tool of market research.. Before analysing a market, we must have information that allows us to draw the most accurate scenario possible, which will help us to draw conclusions.
We do this by directly asking the consumers who make up the market.
There are two types of survey routes:
- Online Surveys: This type of survey includes links to websites, emails and social media.
- Offline Surveys: This includes telephone, face-to-face and physical mail surveys.
Surveys can be used to achieve different objectives:
- Collect geographic, demographic and socio-cultural data on our clients.
- Research a market we want to access.
- Analysing the image of a brand to target positioning.
- Seek business opportunities.
Why market research?
The market study allows us to make strategic decisions while minimising risks and increasing the chances of success. The objectives that market research helps us to achieve are very clear:
It helps us to know our target audience:
Market research allows us to know who we are targeting, i.e. determine the target audience. A big part of success is to be aware of who will be the regular buyer of your product or service, and whether it meets their needs in the right way.
It helps to set a price adapted to the market:
Price is one of the most important variables when making a purchase. Having effective control over it is indispensable, and market research helps us to determine what the price of our product will be.
It increases the chances of success:
When we carry out a study of any market, we analyse the characteristics of the sector. We are studying the competition, the possibilities of a niche market and whether the consumer will welcome us. Therefore, if the chances of success are not clear, we will not enter the market.
It allows us to refine the business idea:
Our business idea may seem very good, but presenting it to the market without prior analysis may result in failure. The market study will allow us to know the virtues of our idea in the market and its inefficiencies.This way we can improve it.
It helps us to get to know the competition better:
Competition can also be the subject of market research. Analysing the competition with data will allow us to know what we are going to face.The strength of competitors and their positioning.
Sources:
- https://www.emprendepyme.net/para-que-sirve-un-estudio-de-mercado.html
- http://recodemk.es/articulos/la-importancia-del-estudio-de-mercado-en-la-idea-de-negocio/
