When having a business idea , we must take those ideas to concrete actions.
Along the way, doubts, questions will surely arise, we will realize that information is the constant tool that helps us to carry out our objective.
In this process of investigating, collecting and analyzing the necessary information in order to know the market and our product, we will be carrying out a Market Research that provides us with the formula for the success of our business.
This market study will be of great help to make decisions, identify and solve problems.
This basic guide that is presented below, lists the main elements that a market investigation should contain, suggested sources for consultation, and the steps to follow to carry out the investigation correctly.
What Is A Market Study
Market research is a systematic process of collecting and analyzing data and information about customers, competitors, and the market .
Objective Of A Market Study
Its objectives are several, among which we can highlight helping to create a business plan, launch a new product or service, improve existing products or services and expand into new markets.
The basic purpose of this research is to analyze the existing supply and demand in the sector we want to work in and discover whether or not it is convenient for us to enter that market.
Elements Of Market Research
The basic elements of market research are:
.Knowledge of your product or service .
.Needs that it satisfies.
.Identification of competitive advantage.
.Monitoring of the activities of the competition in elements such as: price, quality, design, promotion.
.Knowledge of your market .
.Buying habits and motivation.
.How are the products distributed?
Looking For Sources Of Information
Once the research elements have been identified, that is, the data that will help me obtain relevant information for the identification of problems, strategies and decision making, we have to look for those sources of information.
It is possible to divide my sources into primary and secondary.
These are the direct data that I obtain when carrying out said IM.
Those data that already exist and serve as a query.
.Studies carried out (Universities, Research Organizations)
.Publications at the federal, state, local level. Provided by Government Agencies (Chambers of Commerce, Secretaries)
Using these sources , you can combine quantitative and qualitative research. The importance lies in obtaining the necessary information about your Product and Market.
The information collection tools can be carried out based on registration sheets, questionnaires.
As for the analysis, there is the elaboration or search of statistics, comparative tables. (see: 4 Fundamental Aspects of Market Research)
7 Steps To Carry Out A Market Study
.Identification of the problem
.Determine study group
.Choose sources of information
.Selection of tools and instruments to collect data
.Organization of results and conclusions
1. Problem Ientification
That is, what do I want to know with my research? Example:
.Who is my target audience?
.What is the viability of my product or service in the market?
.Who are the competitors?
2. Objective Statement
The questions above are turned into actions. Example:
.Define the market segment you want to reach.
.Know the viability of my product or service in the market
.Identify the competition.
3. Determine Study Group
What specific group is the study focused on?
For this, it is necessary to know data such as: general characteristics: demographic variations, economic conditions; size, habits, location.
Example: A sample will be studied (a representative part of the universe under study), consisting of: All people subscribed to my Web page in the current year.
4. Choose Sources Of Information
Resorting to the resources that will give me the data of my interest.
Example: Secondary source: Internet statistics query on visits to my Web page.
5. Selection Of Tools And Instruments To Collect Data
Once the objectives and sources that will give me the data of my research, and the study group are known. The tools to be used are selected, they can be questionnaires, record sheets of the information collected.
6. Data Analysis
At the time of interpreting the data obtained. The use of comparative tables, graphs, codes is suggested to facilitate the interpretation and grouping of data.
7. Organization Of Results And Conclusions
Here are the most important aspects of your study. The answers to your initial questions and the correspondence between each one of the objectives that were raised at the beginning and the information that was obtained. Get conclusions from your comparisons, and see trends in statistics.
With market research (IM) carried out correctly, with awareness and dedication, the success of your business is practically assured.
What other elements should a market investigation include? Please leave your comments at the bottom and do not forget to share this note on your social networks.