What do customers want? The fundamental role of Market Research
Posted: Tue Dec 03, 2024 7:20 am
Understanding what customers want, that is, what products and services they need and australia phone number list are looking for on the market, is essential to setting up an adequate marketing strategy . To do this, companies have various tools at their disposal, among which the most relevant are undoubtedly market analyses or market research . This type of analysis can be based both on surveys, questionnaires or interviews, called surveys, which are submitted to loyal or potential customers to better understand and study their purchasing behavior, and on professional tools and databases for data collection.
However, one should not think that these analyses provide valuable information only in relation to customers, as they are a tool that allows you to have a complete overview of the market , industry trends and even the strengths and weaknesses of competitors. In order to obtain the information it needs, therefore, the company must set up this analysis by first defining the purpose of the investigation .
This step is very important because a market research that aims to explore the possibilities of a new sector is fundamentally different from an analysis that instead takes into consideration the purchasing preferences of customers. To develop a marketing strategy starting from a market analysis it is therefore necessary that companies can rely on competent and professional realities and on specific figures , such as that of the Marketing Analyst .
Market Analysis: What is it and how is it done?
Before even understanding how to best carry out a Market Analysis , it is first necessary to provide a definition, an overview of what it is exactly. Market research can be considered real analytical research that companies carry out for a wide variety of purposes , including better understanding the market and the economic context in which they operate, studying the reference sector and observing the purchasing behavior of their customers.
For market research to be considered effective, the company must establish a primary objective on which to focus its attention: this means that it is possible to carry out different analyses to understand market trends, analyse the performance of the sector or even to understand what existing and potential customers need.
Only once the data sought has been obtained will it finally be possible to proceed with the planning of a real marketing strategy in which statistical, analytical and psycho-sociological factors come into play.
The steps of the Market Research
But how exactly do you do a market research? What are the steps to follow to set up the analysis? Let's look at them together:
Internal Audit: analysis of the company's Value Proposition and its business model;
Competitive Context Analysis : identify direct and indirect competitors and examine some aspects such as their business models, communication strategies, etc.
Formulation of Hypotheses : the analysis of the results of the first phases will lead to the formulation of hypotheses regarding the Target, the Fit Factors and the Purchasing Process;
Database Identification : based on the required objectives, the databases necessary for the analysis will be identified;
Contact Channel Selection and Survey Processing : activities that are built according to the company's needs;
Sending and disseminating surveys : disseminating surveys using IT tools;
Analysis of Results : in this phase patterns, trends and models emerge which will constitute the information assets of the market research;
Reporting : the most relevant outputs and models capable of giving substance to the company's marketing action are constructed.
Why do a Market Analysis?
Having explained the importance and how to carry out a market research, a question arises spontaneously, namely, why choose to do a market research ? As we have already underlined, a research is useful for analyzing current trends, understanding consumer behavior and drawing up an action plan for the future, which respects the data and the real needs of your audience.
However, one should not think that these analyses provide valuable information only in relation to customers, as they are a tool that allows you to have a complete overview of the market , industry trends and even the strengths and weaknesses of competitors. In order to obtain the information it needs, therefore, the company must set up this analysis by first defining the purpose of the investigation .
This step is very important because a market research that aims to explore the possibilities of a new sector is fundamentally different from an analysis that instead takes into consideration the purchasing preferences of customers. To develop a marketing strategy starting from a market analysis it is therefore necessary that companies can rely on competent and professional realities and on specific figures , such as that of the Marketing Analyst .
Market Analysis: What is it and how is it done?
Before even understanding how to best carry out a Market Analysis , it is first necessary to provide a definition, an overview of what it is exactly. Market research can be considered real analytical research that companies carry out for a wide variety of purposes , including better understanding the market and the economic context in which they operate, studying the reference sector and observing the purchasing behavior of their customers.
For market research to be considered effective, the company must establish a primary objective on which to focus its attention: this means that it is possible to carry out different analyses to understand market trends, analyse the performance of the sector or even to understand what existing and potential customers need.
Only once the data sought has been obtained will it finally be possible to proceed with the planning of a real marketing strategy in which statistical, analytical and psycho-sociological factors come into play.
The steps of the Market Research
But how exactly do you do a market research? What are the steps to follow to set up the analysis? Let's look at them together:
Internal Audit: analysis of the company's Value Proposition and its business model;
Competitive Context Analysis : identify direct and indirect competitors and examine some aspects such as their business models, communication strategies, etc.
Formulation of Hypotheses : the analysis of the results of the first phases will lead to the formulation of hypotheses regarding the Target, the Fit Factors and the Purchasing Process;
Database Identification : based on the required objectives, the databases necessary for the analysis will be identified;
Contact Channel Selection and Survey Processing : activities that are built according to the company's needs;
Sending and disseminating surveys : disseminating surveys using IT tools;
Analysis of Results : in this phase patterns, trends and models emerge which will constitute the information assets of the market research;
Reporting : the most relevant outputs and models capable of giving substance to the company's marketing action are constructed.
Why do a Market Analysis?
Having explained the importance and how to carry out a market research, a question arises spontaneously, namely, why choose to do a market research ? As we have already underlined, a research is useful for analyzing current trends, understanding consumer behavior and drawing up an action plan for the future, which respects the data and the real needs of your audience.