Marketing research of the market
The first step to solving your business marketing issues
Market research
is a mandatory step before making important
decisions about business development
Should you launch a product
in a new market?
in a new market?
Will the new product be in demand?
How to increase profits?
What is marketing research?
Marketing research is the process of systematically collecting, analyzing, and interpreting data about the market, target audience, competitors, and other factors that affect business success.
In other words, it is a tool that allows you to:
01
Determine the company's position in the segment it occupies and its competitiveness.
02
Research trends and changes in the market.
03
Learn about the needs, behavior and preferences of the target audience.
04
Evaluate the effectiveness of marketing campaigns.
Why do you need marketing research?
Market research plays a key role in making business decisions and developing a comprehensive marketing strategy. It helps companies make informed decisions based on specific facts and data.
To summarize, research provides structured information and conclusions for assessing the current state of the business and the market in general. And thus, it indicates the vector for achieving business goals.
But now we will emphasize the cases when there is a special need for its implementation:
Launching a new product
In order to determine whether to launch a product and how to do it successfully, it is important to conduct market research. It will help you understand whether there is a demand for this offer, whether it meets the needs of the target audience, how to distinguish it from existing alternatives, etc.
Evaluating the effectiveness of marketing campaigns
This need arises for startups and companies that promote their products on their own. They often have one problem in common: marketing does not bring results, and investments are not paid off.
To solve it, you need to analyze what marketing tools are used and what mistakes are made. And based on this, develop a promotion strategy that will contain recommendations for optimizing the tools already in use and testing new ones.
Developing a marketing strategy
Marketing research is an important tool for creating a comprehensive marketing strategy. After all, it allows you to study the market and competitors, identify the strengths and weaknesses of the business, the best promotion channels and pricing.
Predicting and adapting to market changes
The market is a dynamic structure that is constantly changing under the influence of economic, political, cultural factors and other trends. Accordingly, consumer behavior and needs are changing. Therefore, in order to grow successfully, a business must adapt to these changes, anticipate future market requirements and create a successful promotion strategy based on this.
Stages of marketing
research
Marketing research goes through several stages of collecting, analyzing, and structuring information. As a result, it helps in making informed marketing decisions.
The main stages include:
01
Stage
Determining the purpose of the study
This is the initial stage at which the purpose and objectives of the study are determined. For example, identifying or checking the demand for new goods and services; analyzing problems that affect business development; researching competitors; evaluating the effectiveness of marketing campaigns.
02
Stage
Choice of methods and research design
Selecting the best methods of data collection.
03
Stage
Information collection
Collecting the necessary information using the selected research methods.
04
Stage
Data analysis
Processing and analyzing the information in order to draw important conclusions and insights.
05
Stage
Interpreting the results
Understanding and evaluating the research findings to determine their impact on marketing strategies and decisions.
06
Stage
Preparing a report
After completing the data analysis, a report is generated that contains important conclusions, recommendations and suggestions for solving the tasks.
07
Stage
Application of the results
The last stage is to apply the obtained data and recommendations in the practical activities of the business to improve marketing strategies and make informed decisions.
01
Stage
Determining the purpose of the study
This is the initial stage at which the purpose and objectives of the study are determined. For example, identifying or checking the demand for new goods and services; analyzing problems that affect business development; researching competitors; evaluating the effectiveness of marketing campaigns.
02
Stage
Choice of methods and research design
Selecting the best methods of data collection.
03
Stage
Information collection
Collecting the necessary information using the selected research methods.
04
Stage
Data analysis
Processing and analyzing the information in order to draw important conclusions and insights.
05
Stage
Interpreting the results
Understanding and evaluating the research findings to determine their impact on marketing strategies and decisions.
06
Stage
Preparing a report
After completing the data analysis, a report is generated that contains important conclusions, recommendations and suggestions for solving the tasks.
07
Stage
Application of the results
The last stage is to apply the obtained data and recommendations in the practical activities of the business to improve marketing strategies and make informed decisions.
Marketing research methods
There are several market research methods used to collect data and analyze market information.
Here are some of the main methods:
01/
Questionnaires
This method involves distributing questionnaires to the target audience to collect data about their preferences, opinions, consumption habits, etc. The questionnaires can be online, via email, phone, or in person.
02/
Observation
The method involves observing consumer behavior in real life to understand their interactions with a product or service.
03/
Focus group
This is a discussion of a group of people on a specific topic or product, which is conducted by a moderator. This method allows you to gather in-depth insights and perspectives from a variety of individuals.
04/
Interviews
This method is conducted in person or over the phone with representatives of the target audience or experts to obtain detailed answers and a deeper understanding of a particular topic.
05/
Social media analysis
Using special tools to track and analyze consumer feedback on social media about products or services.
06/
Experiments and testing
Conducting controlled experiments to study the impact of certain marketing strategies on consumers.
07/
Assortment research
Analyzing the range of products and services available, including their competitiveness and consumer demand.
08/
Market and industry research
Market analysis to study the size, potential, trends, key players, and development prospects in a particular industry.
What problems can market research help to solve?
-
01
Few leads at too high a price.
-
02
Your website has a low conversion rate to inquiries and sales.
-
03
Your competitors are getting customers, but it's not clear how.
-
04
You lack the experience to create a marketing plan for the company.
-
05
Your content on social media doesn't attract customer's attention.
Frequently asked questions about market research:
The needs of clients who come to us for market research often differ from each other. But there are some questions that almost everyone asks.
-
It all depends on the specifics of your request and research goals. Leave a request on the website and find out your price during a free consultation with a marketer 🙂
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We involve specialists in the research who will help you find ways to achieve your business goals. So, you will receive a synthesis of recommendations:
- a project marketer who will analyze competitors' websites and resources;
- a content marketer who will analyze your website and social media;
- a lead generation specialist who will help you identify which advertising sources other companies use.
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We have experience with both international SaaS projects and manufacturing. We work with financial and tech startups, logistics projects, training courses, and services.
Do you want
to order market research to further develop your business?
Fill out the feedback form and get a consultation from the marketers of Solve Marketing 🙂
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