What is market research? Why to do it?
What is market research
Market research is understanding the target customers and their need, finding problems and it’s need of fixing, understand the competition and defining a unique selling proposition (USP), detailed analysis of the problem and it’s complexity, understanding the complexity of the problem and feasibility to fix it.
Collecting statistics of customers and market share. If it is a unique product and new to market, finding the current need of a customer in imperative because sometimes, the product will be early to the market.
Finding problems
Fixing an existing problem is half way success for a product. So, I would suggest searching a problem from real life is one source. Online forums and social groups are also the better source for finding problems to develop a product and finding answers for the product which will be developed. Find right forums and ask right questions to open a right discussion.
Competitive Analysis
Parameters that are being considered are imperative to understand the competition even before starting the development of a product. Search for right websites which are publishing the results, turnover and market share of a company. Do a detailed analysis to know the time taken for establishment, breakeven and growth, these parameter are useful while panning the budget, efforts and time.
The best way to do competitive analysis is to find problems in the competitive product. It is a wise decision to fix the existing problems while developing a new product. Eventually, it helps finding the unique selling proposition and developing a product which is robust to fulfill the customer needs. These parameters help planning the market pitch either.
Surveys
Survey is collecting other’s opinion. It could be about a product which is going to be developed or taking an idea to develop a product or understanding the need or knowing a problem to develop a product. It could be online or offline. I believe there is no robust online process to take surveys yet except online applications like surveymonkey, Offline surveys can be done with a groups of people.
Statistics
Genuine statistics plays vital role to understand the reality. Numbers drive numerus factors like market share, product revenue, company revenue, line of business revenue. These numbers help to understand the pricing strategy and the way it works to generate qualitative and quantitative numbers. A part from that it helps to plan the budget either.
Social media presence
Social media presence is one of the parameter which can not be ignored in today’s business. The followers, reviews and rating will let us the know the performance up to some extent and customer satisfaction. Performance and customer satisfaction are the keys to plan further.
Product Demos
Product demo is the best way to understand competitive product and it’s features. They helps to design the right product for customer need. Designing better and unique features are possible after understanding a proved product. I would consider product demo is one of the best parameters to understand the competitor.
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