What is the Importance of Market Research Before Launching a Service or Product?

If you do a business venture or already have one, then you should know what is a market research and why this is important. This factor is essential, since in order to be successful and to overcome obstacles at a commercial level, extensive knowledge or experience is required.

What is market research?

Market research is a guide or work plan that will help you to make business decisions, providing data about the market. Among the data that can be found are, competitors, products, marketing and customers, having a complete investigation will help to develop a marketing strategy.

Thanks to market research, it is possible to prevent or minimize risks, since it allows to determine products, prices and promotions that exist. Once the investigation is done, you can better establish and focus the resources or materials necessary to make them more effective.

What types of market research are there?

Now we show you the two main types of research, get to know them well so that you can get the most out of it, these are: quantitative and qualitative research.

  • Quantitative investigation: This focuses on producing numbers, for example what percentage of people buy a certain product in the market and how much it is valued. To achieve this production of numbers, a survey and forms are carried out to identify possible risks and increases in demand from customers.
  • Qualitative research: This research focuses on the facts and evidence that reveal what consumers think and feel about the products and items that affect them. On the other hand, you can do online surveys, and rely on organizations that offer data on the size of the market.

Among the factors that are taken into account to carry out a qualitative research are the following elements: consumer profiles, competitor activity and trends in sales.

Importance of market research

If you are leading the way in a business, it is important to understand why market research is critical to understanding consumers.

quantitative market analysis

  1. You get exact information from customers regarding the evolution of current purchases.
  2. You can assess key trends so that you are prepared for a crucial change.
  3. You manage to identify the new market sectors.
  4. Design new items and choose the target of the market.
  5. The analysis of the markets will help you plan the strategy to use in marketing.
  6. Good market research will allow you to have a close contact with customers using social media.

The aforementioned importances, when taking them into account, make you successful in your company before launching a product or service.

How can you plan a market research?

To have a successful investigation you must first be clear about the objective you want to achieve in your company or business. We will show you a list of the factors that you must apply to carry out a good investigation, and have an effective result.

  • If it is a sales place, thinking or evaluating the movement of people will help you determine which elements attract attention.
  • Talking to customers will be a invaluable source of information, since this way you can get fixed and potential consumers.
  • Have a comprehensive and comprehensive approach, market research will strengthen you.
  • Have the ability to interpret results and not let negative opinions affect your determination.
  • Designing and applying the right questions will be the fundamental formula for market research.
  • Use advertising tools on social networks such as Facebook or similar ones such as Pinterest.
  • Using electronic devices will allow closer access to customers.
  • Set the goals you want to achieve in the short and long term.
  • Create an online community that allows you to have an interaction with consumers and you can receive more opinions.
  • Write down all the available data and keep it simple.
  • Look for the advice from trained people They can offer you timely and accurate help with your market research when launching a product.

conducting marketing survey

We have concluded this informative post, which aims to increase the knowledge required to carry out market research.

Source by

Deja un comentario