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Market research: what it is and how to do it

Market research what they are

The research is marketing analysis conducted by companies to study and evaluate the economic context in which they operate, allowing them to reference the activity and behaviour of their target audience. It is a fundamental tool for developing an effective marketing strategy, through which the company is able to identify any opportunities and risk factors present in a particular market.

The actual analysis uses a mix of tools that are very different but all useful for understanding and evaluating the complex of dynamics present. Specifically, valid market research must be able to combine a quantitative approach, made up of statistical and analytical tools, and a qualitative approach, in which the contribution of sociological and psychological disciplines is decisive. The market analysis aims to provide information on the economic context and on any risks and potential of a given activity. Consequently, it is essential for a company in the start-up phase, but also in the event that you decide to launch a new product or service. In this regard, according to a Nielsen survey, the successful launch of a new product on the market would be able to generate an approximate turnover of € 160,000 for a company in the first year. It is therefore clear how important it is to plan this activity, evaluating all the opportunities and risks present in the reference economic context.

How to do a market research

Market research follows a series of precise steps, ranging from the actual analysis of the context and objectives, to the collection of data and their interpretation. The first step is therefore to clarify the purpose of the investigation. The research could in fact have the objective of evaluating the launch of a new product or analysing the behaviour of users with respect to their services. At this point, it will be possible to move on to the analysis of the reference market, taking into consideration a series of parameters (geographic, demographic, etc.) to trace the boundaries of the reference area. After identifying the reference context, it will be necessary to define the areas of the market on which to dwell. In fact, if the objective of the research is to evaluate the launch of a new product, it will be necessary to conduct a sociological survey relating to the behaviour and needs of consumers.

At this point we will move on to the collection of information which takes place through the use of surveys. Specifically, it is possible to use interviews or questionnaires administered independently. Not only that, in this regard there are several online platforms that allow you to plan market analysis in an effective and economical way. These software’s also allow the interpretation of the results, a fundamental aspect that allows you to draw the necessary conclusions and trace any future marketing actions and strategies.

Market research: all the benefits

Market research therefore remains a very important analysis tool that can be used to improve the performance of one's activities and increase company turnover. In fact, an effective survey makes it possible to identify new business opportunities, as well as to identify possible risk factors. Creating a truly effective business plan, based on detailed analysis of the economic context prepares you for future scenarios. Identifying possible factors of change to which the company should be able to respond will put you in good stead when dealing with inevitable rough times. Finally, a good market analysis allows you to better understand your competition, the expectations of your target and consequently to optimise your communication strategies and improve the satisfaction of your customers.

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