Market research
Market and public opinion research
Market research is the process of collecting and analysing information about a market, product or service to help businesses make informed decisions. Here are some specific benefits of market research:
1. Identifying customer needs: Market research helps businesses understand the needs and preferences of their target customers. This information is essential for developing products and services that meet customers' needs and preferences.
- Identifying new markets
- Identifying new customer trends
- Mapping the evolution of customer preferences
2. Assessing competition: market research helps businesses understand their competitors, their strengths and weaknesses and their strategies for attracting customers. This information helps businesses develop strategies that differentiate them from their competitors and give them a competitive advantage.
- Competitive analysis, market share analysis
3. Product idea testing: market research helps businesses test new product ideas to determine their viability and potential market acceptance. This information helps businesses to make informed decisions about which products to develop and launch.
- Assessing the expected uptake of a new product launch
4. Develop marketing strategies: market research helps businesses to understand the best ways to reach and communicate with their target customers. This information helps businesses to develop marketing strategies that are more effective and efficient in attracting and retaining customers.
- Price increase/reduction impact assessment
- Understanding market trends
- Analysis of the effectiveness of marketing channels
5. Assessing customer satisfaction: market research helps businesses assess customer satisfaction with their products and services. This information helps businesses to identify areas for improvement and to make the necessary changes to improve customer satisfaction.
- Customer satisfaction survey
- Mapping customer needs, habits and tastes
6. Internal employee surveys: especially with larger staff (over 50), there is a legitimate question about the experiences, needs and plans of employees. It can be important to find out what their motivations are, what factors help them to work better, what are the reasons why they like working for the company and what are the reasons why they are considering leaving.
In summary, market research is a critical tool for businesses to make informed decisions about their products, services and marketing strategies. It helps businesses to better understand their customers, competitors and market opportunities and ultimately improve their performance and profitability.