Market research is very important to understand our target audience, our area of operation and the launch of new products. With a good data collection structure, market research helps you make the best decisions for your company.
Data collection is the search for essential information to find new and better business opportunities or if a certain area of activity is very successful in the market. Thus, it will be possible to identify the paths to follow.
What are the benefits of market research?
- The company makes more assertive and effective decisions;
- More in-depth knowledge of the target audience;
- Launch of products and services that better meet the preferences of the public;
- Fairer and more competitive pricing practices;
- Understanding how the market works, better grasping opportunities;
- Possibility to explore new niches, with more precision and accurate choices.
Types of market research
In this type, the objective is to calculate the expenses and the desired profit average, checking if the price will be accepted by its public. This serves to prevent the company from producing, but then does not see a return, because the public does not accept the price.
This research is usually done with a sample of your audience. You will thus analyze whether people are willing to pay a certain amount for your product.
Before launching a product on the market, check if it is important to them and if they will like it. In this step it is possible to detect faults and correct them before launch.
In this survey, check which channels will be used, that is, in which channels your audience will prefer to be approached. Thus, marketing actions will be more accurate.
Here, the objective is to analyze the behavior of competitors, the way they talk about their products, the service offered, etc. You can try to buy their products, to analyze how they work.
How to do your market research?
Typically, surveys are done through questionnaires, distributed over the internet or in the physical world. Its elaboration must be done carefully, so define your research objectives well before writing the questions.
The next step is to specify the audience you want to consult. It may be, for example, testing a methodology of service to suppliers, so the study should be done directly with them.
Then, define the sample of your audience, that is, how many people will be interviewed. Choose to interview groups with more than 50 people, as a smaller sample may not lead to good conclusions.
When the questionnaire is ready, validate with the team, who can help to complete it.
The next step is to choose the means of distribution of the questionnaire. You can use Google Forms or make inquiries in the physical environment, such as in the streets or shopping centers.