What is market research or how to be more competitive!
Posted: Mon Dec 23, 2024 8:37 am
It may not sound exciting, but did you know that it can help you make more money with your business by investing your resources better?
Thanks to market research, you can find out where to put your efforts to maximize the return on each of your investments.
It is very useful in a market as changing as the current one, since it allows you to know the evolution of your clients and your market, and anticipate their reactions.
And it is the basis of every good marketing plan.
For example, imagine you want to launch a new product or a new version that improves your current product.
Will it be worth the effort to manufacture and promote it?
Will it be sold?
Will it be profitable?
Market research allows you to predict the future, helping you make good decisions based on reliable information.
And not just when launching new products!
Market research gives you answers to questions like why your flagship product is no longer sold, what will be the best location for your new branch, or what logo will work best for your brand.
Are you on a tight budget?
Don't worry, there is a solution!
You can carry out market research yourself, tailored to your needs.
Of course, you can't replace the professional work of a company that does this, but it will allow you to learn a lot about your customers, your product and your market.
And that will make you much more competitive!
Let's look at the concept in more depth and a simple strategy to do your own market research based on a practical example.
To encourage you to get started, I have prepared an infographic with the most basic concepts and a brief summary of the process.
Share it if you like it!
market-research-infographic
What is market research?
Market research is the business tool that consists of collecting, processing and interpreting information to help solve problems or make business decisions.
Market research is applied to customers, competitors and the market.
To make good decisions you need good information, and market research provides it.
It can help at any stage of the company's life and provide solutions to different situations.
Market research can be applied at any stage of your business and in any process or change that you email list france want to implement or that occurs in the environment.
Disciplines such as statistics, mathematics, sociology, psychology and communication, among others, participate in its development.
This science is a pioneer in the use of technology and is increasingly digital.
Thanks to market research, you can find out where to put your efforts to maximize the return on each of your investments.
It is very useful in a market as changing as the current one, since it allows you to know the evolution of your clients and your market, and anticipate their reactions.
And it is the basis of every good marketing plan.
For example, imagine you want to launch a new product or a new version that improves your current product.
Will it be worth the effort to manufacture and promote it?
Will it be sold?
Will it be profitable?
Market research allows you to predict the future, helping you make good decisions based on reliable information.
And not just when launching new products!
Market research gives you answers to questions like why your flagship product is no longer sold, what will be the best location for your new branch, or what logo will work best for your brand.
Are you on a tight budget?
Don't worry, there is a solution!
You can carry out market research yourself, tailored to your needs.
Of course, you can't replace the professional work of a company that does this, but it will allow you to learn a lot about your customers, your product and your market.
And that will make you much more competitive!
Let's look at the concept in more depth and a simple strategy to do your own market research based on a practical example.
To encourage you to get started, I have prepared an infographic with the most basic concepts and a brief summary of the process.
Share it if you like it!
market-research-infographic
What is market research?
Market research is the business tool that consists of collecting, processing and interpreting information to help solve problems or make business decisions.
Market research is applied to customers, competitors and the market.
To make good decisions you need good information, and market research provides it.
It can help at any stage of the company's life and provide solutions to different situations.
Market research can be applied at any stage of your business and in any process or change that you email list france want to implement or that occurs in the environment.
Disciplines such as statistics, mathematics, sociology, psychology and communication, among others, participate in its development.
This science is a pioneer in the use of technology and is increasingly digital.