Do you have a more or less precise idea of taking over a project or founding a company? Before launching your project, you should consider conducting market research. This is a key element to establish your business model. The best option for a successful market analysis is to divide it into many steps.
What is market research?
In principle, market research refers to an analysis aimed at understanding the demand and supply in a market. It is from this study that it is possible to establish a commercial action plan or the best marketing strategy for the company. Market analysis is generally used by business owners to evaluate the viability and feasibility of their project. This step is also essential for drawing up a business plan. A market study often includes a quantitative analysis that includes the collection of data on potential customers, the analysis of demographic, economic and financial information. This analysis also includes a qualitative study that is based mainly on visits to points of sale, telephone interviews, etc.
What are the different objectives of market analysis?
Overall, market research is used to evaluate the size of the market to be conquered and to define the target customers and their needs. To do this, the company needs to know the different demographics of its future clients (age, socio-professional category, average income, etc.). It also needs to perceive what its potential customers expect from the services and products it sells. Doing market research is really important for any company wishing to adapt its services to the needs of its customers. It also allows the company to adjust its offer as well as its marketing strategy in order to differentiate itself from competitors.
What are the means used to conduct effective market research?
There are many ways for an entrepreneur to conduct market research. These tools differ mainly according to the scope of the study, the objectives set by the company and the expected results. Indeed, the price of a market analysis can be very important depending on the type of study to be done. To conduct effective market research, the company can turn to sales prospecting in the street. It can also turn to a competitive analysis on a specific territory or opt for a collection and analysis of information online or on social networks.