Market research is the process of gathering, analysing and interpreting information about a market, product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service. It also involves research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face to determine if a business opportunity exists and how to position your product or service.
WHY IS MARKET RESEARCH IMPORTANT
HOW TO DO A MARKET RESEARCH PLAN
When you write a market research plan, keep focus on what needs to be researched and allow part of the budget to be allocated to the project.
Project overview Objective Target customer Research method Plan Deliverables
Once you have done your market research plan, you will have to decide whether it will be free or paid, qualitative or quantitative, primary or secondary and exploratory or confirmatory.
WHAT YOU NEED TO KNOW: MARKET RESEARCH ROADMAP AND TOOLS
The following process applies to whichever product or service you are selling (physical or digital) and whether you are selling to consumers (B2C) or businesses (B2B). The tools used may differ for each topic.
In your analysis, you should research on:
- Trends – what is happening in your industry, what are the main drivers for change now and 20 years into the future?
- Best practice – draw inspiration from other companies in your sector and importantly out of your sector to get new ideas of how you can stand out in your industry
- Competitors – who are your main competitors at home and internationally, so you know who you are up against and what you might need to do to outcompete them
- Potential country – which are the best markets for your products and services, outside of your domestic market
- Customers – find the right customers in each country
- Channels – find the digital channels that will reach the right customers
- Products and services – only select those that are profitable and consider any adaptations you may need for new countries and customers
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