What is it?
It’s the process of collecting and analyzing information about a market, about a product or service to be offered in that market, and about the past, present, and potential customers for the product or service. Market research can help a company understand what products or services people might buy, how much they might be willing to pay, and where they might buy them. Market research is a way to get accurate and up-to-date information about the market, so that a company can make informed decisions about how to develop and sell its products or services.
How do we do it?
There are many ways to do market research, and the specific methods you choose will depend on your research questions and the resources you have available. Here are some common methods for conducting market research:
- Surveys: Surveys involve asking questions to a large number of people, either through online forms, phone calls, or in-person interviews. Surveys can be used to gather a wide range of information, including people's opinions, preferences, and behaviors.
- Focus groups: Focus groups involve bringing a small, diverse group of people together in a room to discuss and provide feedback on a specific product or topic. This can be a useful way to get a sense of how different people perceive and respond to a product or idea.
- Online analytics: Many companies track customer behavior on their websites and social media platforms. This data can be used to understand how people are interacting with a company's online presence, and to make informed decisions about marketing and product development.
- Experiments: In some cases, a company may want to test a product or marketing strategy in a controlled setting. This can be done through experiments, in which different groups are exposed to different variables and their responses are measured.
- Industry reports and databases: There are many industry reports and databases available that can provide valuable information about market trends, competitors, and potential customers.
