Complete guide to understanding what market research is and what it is used for
Posted: Sat Dec 07, 2024 8:36 am
A market study is a set of actions carried out by commercial organizations that aim to obtain information on the current state of a given market segment . Its purpose is to gain in-depth knowledge of the niche that is intended to be conquered, as well as its degree of profitability.
Knowing your consumer is key to delivering a personalised experience. 66% of UK customers believe brands are using outdated information about them.
In this guide we will explain in detail what market research is ethiopia email list and what it is used for, what its most important characteristics are and the types of market research you can find. In addition, we will see some examples on how to do your own market research.
What is market research and what is it for?
Knowing what market research is and what it is used for will allow you to predict the movements of your target audience, so that you can redirect your marketing strategies and optimize resources to adapt to the movements of that market segment.
The function of market analysis - which is , in other words, researching a market niche - is to determine whether or not it is viable to invest in a particular business or product. When we talk about the market, we are talking about people who buy, so we can say that the objective of market research focuses on obtaining and shaping the profiles of our target audience: who buys?, how much do they buy?, how do they buy?, where do they buy? and why do they do it?
A McKinsey study found that customer-centric organizations generate a 20% to 30% increase in satisfaction. And increased satisfaction translates into higher revenue. As an example, according to Forrester , for car manufacturers, improving CX by one point generates more than $1 billion in additional revenue.
What are the most important features of market research?
As we already said, in this article we bring you explanatory content on what market research is and what it is used for . Below we will see some essential characteristics that market research aimed at companies should have.
A market study is the set of actions that an organization carries out to understand the demand and supply that exists in the market. That is, what are the needs of the target audience and how are they satisfied by our competition.
The main characteristic of a market study is that it is interdisciplinary. This means that the approach is transversally crossed by several areas, so it is necessary for specialists in economics, sociology, statistics, social communication, psychology, among other disciplines, to participate.
On the other hand, a market study analyses supply and demand , which means that we will also have to collect information about the competition, such as: turnover volumes, investment in advertising, price, quality, how it has evolved historically in the market and what users think about the brand. In short, a market study also involves an analysis of prices, public behaviour and the evolution of the different competitors.
What are the different types of market research that exist?
When we ask ourselves what market research is and what it is used for , we must keep in mind that the objective of a market study is to acquire a clear vision of how the characteristics of our product or service will interact with the current market.
Now, depending on the objective of the market study , there are several types of market research to use.
Which study is most suitable for your organization? This depends on several factors, such as the data we want to obtain, the resources we have available, our product and the market it belongs to.
These are the approaches and types of market research that exist:
Qualitative research: This is a type of study that aims to understand the characteristics of our consumers. That is, with qualitative techniques we can investigate the needs, desires and sociocultural characteristics of our target audience. Some of these techniques may include focus groups, in-depth interviews, surveys and advertising tests.
Knowing your consumer is key to delivering a personalised experience. 66% of UK customers believe brands are using outdated information about them.
In this guide we will explain in detail what market research is ethiopia email list and what it is used for, what its most important characteristics are and the types of market research you can find. In addition, we will see some examples on how to do your own market research.
What is market research and what is it for?
Knowing what market research is and what it is used for will allow you to predict the movements of your target audience, so that you can redirect your marketing strategies and optimize resources to adapt to the movements of that market segment.
The function of market analysis - which is , in other words, researching a market niche - is to determine whether or not it is viable to invest in a particular business or product. When we talk about the market, we are talking about people who buy, so we can say that the objective of market research focuses on obtaining and shaping the profiles of our target audience: who buys?, how much do they buy?, how do they buy?, where do they buy? and why do they do it?
A McKinsey study found that customer-centric organizations generate a 20% to 30% increase in satisfaction. And increased satisfaction translates into higher revenue. As an example, according to Forrester , for car manufacturers, improving CX by one point generates more than $1 billion in additional revenue.
What are the most important features of market research?
As we already said, in this article we bring you explanatory content on what market research is and what it is used for . Below we will see some essential characteristics that market research aimed at companies should have.
A market study is the set of actions that an organization carries out to understand the demand and supply that exists in the market. That is, what are the needs of the target audience and how are they satisfied by our competition.
The main characteristic of a market study is that it is interdisciplinary. This means that the approach is transversally crossed by several areas, so it is necessary for specialists in economics, sociology, statistics, social communication, psychology, among other disciplines, to participate.
On the other hand, a market study analyses supply and demand , which means that we will also have to collect information about the competition, such as: turnover volumes, investment in advertising, price, quality, how it has evolved historically in the market and what users think about the brand. In short, a market study also involves an analysis of prices, public behaviour and the evolution of the different competitors.
What are the different types of market research that exist?
When we ask ourselves what market research is and what it is used for , we must keep in mind that the objective of a market study is to acquire a clear vision of how the characteristics of our product or service will interact with the current market.
Now, depending on the objective of the market study , there are several types of market research to use.
Which study is most suitable for your organization? This depends on several factors, such as the data we want to obtain, the resources we have available, our product and the market it belongs to.
These are the approaches and types of market research that exist:
Qualitative research: This is a type of study that aims to understand the characteristics of our consumers. That is, with qualitative techniques we can investigate the needs, desires and sociocultural characteristics of our target audience. Some of these techniques may include focus groups, in-depth interviews, surveys and advertising tests.