Do you have a project idea in mind and want to know if it’s viable in the marketplace? Or perhaps you’re looking to get to know your audience better so you can better meet their expectations? In either case, conducting market research is an essential step in maximizing your chances of success. In this article, we give you all the keys you need to carry out your market research and make the best decisions for your business. Follow the guide!
Defining market research
Market research involves gathering information on a given market. This information is analyzed and interpreted in order to better understand consumer needs and behaviors, assess the competition, measure opportunities and risks, and make informed business strategy decisions.
The main aim of market research is to minimize the risks and uncertainties involved in decision-making. It provides a solid, objective knowledge base about the market and its players.
The main aim of market research is to minimize the risks and uncertainties associated with decision-making.
Market research can be carried out at various stages in the life cycle of a product or service. It can be carried out from the design phase to the launch or growth phase. As such, it can take different forms depending on the objectives and resources available.
Defining your project and target market
- The first step in market research is to clearly define your project and identify your target market. To do this, it is important to answer the following questions:
- What is my product or service? What are its main features? What is my market positioning?
- Who is my target market? Which market segments are most interesting for my product or service? What are the needs and expectations of these market segments?
- Who are my direct and indirect competitors? What are their strengths and weaknesses? What is their market positioning?
It is also important to carry out a SWOT analysis (strengths, weaknesses, opportunities and threats) to better understand the issues and risks involved in setting up your project and entering the market.
Data collection
Once you have clearly defined the vision and objectives of the project, you need to collect data on the target market and the competition. This step is crucial, as it provides you with reliable and relevant information for your market analysis.
There are various sources of data for gathering market information:
Primary sources
These are data collected directly by the researcher, for example through interviews, questionnaires or online surveys. The advantages of this method are the accuracy and specificity of the data collected, but it can be costly and requires expertise in questionnaire design and data analysis.
Secondary sources
These are publicly available data, for example research reports, press articles, public statistical data or databases. The advantages of this method are availability and rapid access to data, but it can be difficult to find specific, reliable data.
Tertiary sources
These are data supplied by third parties, such as market research consultants or data service providers. The advantages of this method are the quality and reliability of the data provided, but it can be costly.
It is important to choose the data sources best suited to the market research objectives, and to take into account the potential biases associated with each source.
Analyzing the data collected
Once the data has been collected, the next step in market research is to analyze it. This data analysis helps to identify trends, correlations and insights about the market and the competition. Market analysis can be carried out using a variety of methods, such as:
Quantitative analysis
It involves using numerical data to measure phenomena such as market size, market share, growth rate, etc. Quantitative data can be obtained from sources such as surveys, statistical databases, financial reports, etc.
Qualitative analysis
This involves using non-numerical data to understand consumer perceptions, attitudes and behaviors, as well as the motivations and aspirations of market players. Interviews, focus groups, observations, etc., can produce qualitative data that needs to be processed appropriately to provide relevant information for decision-making.
Benchmarking
This involves comparing data between different market segments, products, brands or companies. This method highlights the differences and similarities between different market players. It also enables us to better understand the factors of success or failure.
The method involves comparing data between different market segments, products, brands or companies.
Use appropriate analysis tools to process the data collected and take into account the potential biases associated with each analysis method’is important. The objectives of the market research must guide the analysis to provide clear and relevant information for decision-making.
Market research is a key element in the analysis process.
Interpreting results and making decisions
Once the data has been analyzed, the next step is to interpret the results and make decisions. This step enables conclusions to be drawn about the market and the competition. It also enables us to measure the opportunities and risks associated with the project, and determine the actions we need to take to succeed in the market.
To interpret the results of market research, it is important to:
Identify key trends
What are the major market developments, changes in consumer behavior, technological innovations, etc.
Analyzing the strengths and weaknesses of the competition
What is the market positioning of competitors? What are their strengths and weaknesses, their strategies and tactics?
Assessing opportunities and risks
What are the development opportunities in the market? What are the threats to the project, what uncertainties need to be taken into account?
Making decisions
What actions should be taken to succeed in the market, what priorities should be defined, what strategy should be adopted?
Take the results of the market study into account when making decisions. Then integrate them into the overall strategy of the project. Decisions must be based on reliable and relevant data, and must be aligned with project objectives.
