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.
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 want to implement usa phone number list 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.
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Data collection by online and automated studying traffic and crowds means accounts for more than half of the total market, to the detriment of other methods (telephone, in person, etc.).
In 2016, investment in online market research accounted for 56% of total global investment in market research, according to data from ANEIMO .
Thanks to technological development, market research is currently enjoying great growth, accumulating several consecutive years of growth.
Online market research is faster, cheaper and allows for improved quality of information obtained.
Technology enables tracking
and automation, reducing human errors and providing information in real time.
In addition, social networks allow users to collect opinions very quickly and easily, by offering different formats and systems to carry out surveys in real time.
Reduce risk in business decision-making, based on reliable information.
Identify the most important areas where to invest your resources.
Get to know your customers and market better.
Optimize the planning of your marketing strategy and other business strategies.
Improve your products by understanding your customers’ needs.
Case study
For example, imagine you own a flower and plant shop and you are thinking of launching a mushroom self-cultivation kit.
Self-cultivation offers several advantages to potential kit buyers: apart from the satisfaction of self-sufficiency, a high-quality product can be obtained at a low cost.
You also came up with a brilliant idea to use the kit packaging as a stand or “flowerpot”.
Making the kits and advertising them will cost money and time.
If your idea doesn’t end up
being successful, you’ll end up with a stock of kits taking up space in your warehouse and you’ll have wasted your resources.
Before you start manufacturing and selling the new kit, you might want to find out if it will be worth investing in, if it will be profitable.
First you need to know:
Who “needs” a mushroom growing kit? Who is willing to buy it? How many potential customers will you have?
How much money are you willing to spend on this? Is there already a similar product? How much are you paying for it?
What benefit does your grow kit provide? Does it save the customer money or provide any other non-financial benefit? Could it be improved?
This is where market research comes into play, allowing you to understand the viability of the product, its competition and the market you are going to work in before investing too much time and money.