Introducing a new product or innovation to the market is no easy task. Backing up your moves with research will guarantee your brand’s resources will be put to good use. Unsure of where to start? Here are the basics of getting started with your market research.
Most people are alarmed by the word “research” due to the fact that research often involves rigorous work and mental gymnastics. Most of us probably had a bad experience with the entire process of research during our undergraduate years. However, despite its negative reputation amongst some people, research is still very important in all industries.
In the marketing realm, any move that isn’t calculated is a huge risk for the brand. This is why the term “market research” guides many start-ups today. Before you actually start marketing your product, idea, or brand, it’s important to determine whether or not there’s an actual need for it. If people need it, then there’s a bigger chance that whatever you’re trying to sell will be popular.
Market research is essential for any brand that wants to create products that will penetrate the market. Given that there are a million and one other brands competing with you, how will you stand out? This is where market research comes into play. If you’re looking into conducting market research for your products, it’s important to know about the basics before proceeding to the actual research.
Find the Loopholes
Market research is conducted in order to assess if there is an unmet need in the market you’re analyzing. In order to determine this, specific research tools can be employed to carry out the market research that you’re doing. One way to gather a large amount of data with minimal effort is to create an online survey that can be distributed to many people through a hyperlink.
Consulting with a company that provides custom survey solutions will help you tailor your online survey to ask the questions that will provide the answers you need. Other methods you can use are intensive one on one interviews or even focus group discussions.
Determine The Size Of Your Market
This is also an important factor to consider in doing your market research. As a brand, all of your initiatives will be forwarded with the target market in mind. One of the things that can be determined through your market research is how many people you’re catering to and whether or not that group is big enough. It’s also important to note that when you’re determining the size of your target market, you also have to pinpoint different characteristics of that market that make them unique.
These unique characteristics will help you later on when you start designing market strategies specially tailored for your target market.
Size Up Your Competition
Markets for all sorts of ideas and products are getting saturated with each passing day. This doesn’t mean that your product doesn’t have the potential to sell; it just means that you might have to look for unique strategies in order to stand out. Competitors offering similar products might be of help, especially if you’re determining what’s already been executed. This can save you from the major faux pas of just repeating what other brands did.
Assessing your possible competitors also gives you an idea of whether or not a new product will actually sell. This can also be an opportunity to determine what competitors lack. Your product can be designed in such a way that it’ll address what other brands don’t have.
Market research isn’t easy! But with the right tools and clear vision, you’ll be able to determine what’s best for your brand and product in no time.