When we want to meet the needs of our customers, a very common strategy to undertake is market research. This strategy will help us to know the interests of our consumers, as well as to achieve our goals of obtaining information.
What is Market Research?
A market study is an initiative within the marketing strategies that companies carry out when they want to study and know updated information about the needs of their consumers.
It is an ideal technique for product development and to learn about the habits of the target audience. We can obtain everything from a consumer's purchase history to their behaviour, habits and contact information.
What is Market Research for?
The main function of market research is to provide the company with information about changes in customer behaviour in order to redirect the marketing strategies undertaken to continue to deliver the right message, with the right product or service at the right time when the consumer is expecting it.
A market study can help you define whether your current product or the one you are going to launch will have the profitability you are looking for and need. It will answer key questions for launching or improving a company's products or services.
How to conduct Market Research?
EXPLORE: analyse and explore the environment to study and identify possible problems and/or issues present.
IDENTIFICATION: recognising and identifying customer problems and/or needs.
DEFINE OBJECTIVES: develop and create objectives in order to direct and focus research.
INFORMATION: establish the information to be used and recognise the various sources from which the information will be obtained.
DESIGN: establish and define the system and techniques by which information gathering is to be carried out.
COLLECTION: to make data collection effective in order to obtain relevant information that will lead to good research.
ANALISIS: process, interpret and analyse information to draw conclusions.
PRESENTATION: present findings and results of the research to managers and clients.
DECISIONS: develop together with managers and customers decision-making strategies to position the company and increase profitability.
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