An ancient Chinese proverb says that you should know your enemy. This way, you’ll know yourself. When it comes to your business, your enemy is less obvious than you think. Your competitors are only a part of a huge machine that stands against you. This machine is called “a market†and it always opposes you. Unless you find enough information to fight back. In this case, the market will become your business best friend. That’s when a business market research gets in the spotlight.
What is a business market research?
A business market research is a careful process of collecting all kinds of information about the market you want your business to be operating on. It includes the information about different products that already exist on this market, as well as about the goods that were withdrawn from this market because of failing to meet the sales expectations. Also, business market research shows you the portrait of your past, current, and potential clients, involving their needs, features they find beneficial, habits etc. Business market researches are aimed at finding out everything about the target audience and the industry in general.
Business market research includes two types of market analysis: primary and secondary. At the time when the primary analysis is the one you perform on your own, the secondary one includes the data that has already been gathered before. Combining these two types of information will bring more precise results.
When the business needs a market research?
Some people think that a thorough business market research is needed only when you start your business or when it undergoes some changes like a rebranding or a redesign. However, the market research should be present on each and every stage of your business development. However, a market research is more than crucial when you need to:
– evaluate the sales potential of your product;
– attract more clients to your product;
– boost your product awareness by launching new advertising campaigns, open new locations, or introducing the new lines of your product.
Why does business need a marketing research?
In marketing studies, there is a rule of 4 P’s that will help you to define why your business does need a market research.
Product is the first and the most important P-element. According to the product data obtained for your business, you will see the ways your goods or services can be improved. This includes those features your customers need along with additional useful functions, upgraded designs, and other customer services.
Price is another component that also stands for a convincing reason that explains the necessity of a business market research. You always need to know the way your price influences your competitors and the way theirs impact your business.
Placement is another important feature that helps you to understand the best ways and places to distribute your product. The better your product placement is, the more chances you have to experience the boom in sales.
Promotion is the last but not least P-element that explains the necessity of a market research. Finding out more about your product’s promotion helps to understand the best ways to reach the market niche you’re targeted at due to social media, advertising, and branding.
How can design be helpful for your business market research?
Design is a visual part of the communication between your product and your client. That’s why it plays a fundamental role while evaluating and assessing the market. First and foremost, a design is an indicator of whether your product looks up-to-date or out-of-date. What is more, it may show the place your product takes in the line among your competitors, and how this place can be promoted. A good branding cannot be good enough without a proper design. That’s why it can never ever be dismissed.
