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How to do a market study in a simple way?
Today, when you want to launch a product or start a business, it is important to know how to do a market study. This is because it allows for better decision-making and understanding of the current scenario.
Many people do not give this the importance it requires, which causes some problems to arise that can lead you to lose money. If you don't know how to do a market study, don't worry, in this article we will briefly explain what it is and how it is done.
What is a market study?
A market study is simply an investigation that is used in different branches of the industry.
The objective is to help the decision-making process of the company or future company. In this , different factors are taken into account, such as requirements, competition analysis or purchasing patterns.
By conducting a market study, it is possible to better understand how the company should act in the situation. In addition, it will tell you whether or not it is worth entering said market. That is why it is essential to know how to do a market study.
Market research techniques
There are several techniques for conducting a market study. Each one focuses on a specific aspect of the sector or the potential client, and uses specific tools:
Interviews.
Surveys.
Discussion groups.
Research on the use of the product/service.
Observation-based research.
Buyer research.
Market segmentation study.
Price study.
Competition analysis study.
Research on customer satisfaction and loyalty.
Brand awareness study.
Campaign analysis.
Surveys and interviews are really important and are the most frequently used. This is due to the fact that they provide a close and, therefore, privileged view of the system of considerations and expectations that a person has on a given topic.
How to do a market study: necessary steps
Now that we have reviewed the main types of market research and the most used techniques, we are going to get to the heart of the matter and learn how to do a market study, step by step.
It is important to mention that this is just an example of how to do a market study. There are people who do it a different way, but this could be considered the "standard" process for doing it.
1. Define your “buyer persona”
When we talk about a “buyer persona” it is a fictitious and generalized representation of what your ideal clients would be like. They are profiles that have the distinctive characteristics of the model client and report possible recurring actions.
Buyer personas try to create an everyday narrative that strives to better understand consumers, the challenges they face, and the decision-making processes they use to choose products and services.
2. Identify a group of people to target
Once the key characteristics of buyers have been defined, this information should be used to identify the group of real people you want to ask questions of.
If the selection has been made accurately, this group should constitute a representative sample of the target customers.
3. Prepare the questions for the participants
The next step is to prepare the questions in such a way that a clear path is drawn and not scattered.
Be sure to structure the interview in a sequence that ensures progressive depth of understanding, and manage your time so you can ask all the important questions.
4. List your main competitors
At this point, prepare a prospectus that lists and describes your main competitors. Identify strengths and weaknesses, financial situation, reputation, etc. each.
5. Summarize your conclusions
Here, the objective is to create a summary document in which you can organize the results of the market study.
The chosen tool must facilitate clear communication and the sharing of the knowledge acquired with the rest of the team, with project managers, CMOs, executives from other departments, etc.
6. Tell a story
Now it's about structuring what our market research has revealed in a way that is immediately understandable, comprehensive and interesting.
Keeping stakeholders' attention is not a trivial matter. Therefore, a solution may be to translate the results into a story and build its narrative dimension.
7. Choose technologies that automate and simplify data acquisition, communication and exchange processes
Even in the case of market research, data is the most valuable resource. In order to improve and optimize them, and make them available for subsequent marketing processes, it is necessary to respect the integrity and security of the documents in which the data, integrated into the research results, are recorded.
Document management processes allow information from heterogeneous sources to be exploited, returning it in the form of output suitable for pagination and communication.
In this way, data also comes into play in the creation of valuable content that can be used within a customer experience strategy.
Now that you know how to do a market study, you will be able to put it into practice. In this way you will be able to avoid losing money when investing.
