In this article, we’ll walk you through how to do market research and how it can help you succeed. Read on to learn more about the process!
What is market research?
A market analysis is a tool that a business can use to research the market. Through market analysis, the company can identify the latest trends and gain insight into customer behaviour and their needs for the product the company is selling or wants to sell.
With a market analysis, the company can also gain insight into the market itself and who the competitors are. By keeping up to date with these factors, companies can adapt their strategies and position themselves better in the market.
Through market research, you can get information on a range of data such as your target audience’s needs, wants and preferences. This enables you to develop products or solutions that meet these needs in the most efficient way. The purpose of a market analysis is to get information about the market in order to make strategic decisions based on it.
Step by step: How to do a market analysis
Conducting a market analysis can be a lengthy process that requires a structured approach. With the following five steps, you’ll find it easier and faster to complete a comprehensive market analysis:
1. identifying the problem or goal
To perform a market analysis, it’s important to identify the problem you want to solve or the sales goals you want to achieve. This may include uncovering product needs in the market and identifying opportunities to market products or services within the industry.
2. Data collection
Data collection is a critical phase in market analysis. It involves collecting relevant data about the market, industry and customer needs. This can be done through various methods such as surveys, interviews or statistical analysis. It is important to ensure the accuracy of the data to achieve reliable results.
To perform effective market research, you need a solid sales base and access to reliable data from your industry. The use of data collection techniques such as surveys, observations and interaction with potential customers can provide valuable insights for informed decisions based on facts.
Data collection can be one big process, but can be done in a number of different ways. For example, if you want to research new market opportunities, you can read competitors’ customer reviews, gather data on their services/products or read articles in your field until you have a good foundation.
3. Analyzing data
Data analysis is a crucial part of successful market research. By carefully analyzing the collected data, you can gain insights into your target audience’s needs and industry development. Among other things, you can follow the points below that show how to effectively analyze data:
- Identify trends and patterns in data to discover potential market opportunities
- Compare results with previous periods to assess growth or decline
- Research competitors’ actions and success rates to identify possible strategies
4. presentation of results
Once you’ve done a market analysis, you’ll probably need to present it. It’s important to remember that the recipient is not inside the data like you are. That’s why it’s important to:
- Create a structured presentation
- Have a clear goal for the presentation to make the data usable
- Include a summary of key takeaways
- Make suggestions for the next steps
- Time for questions
5. Implementing insights into strategies
The insights you gain from market research must now be implemented into your strategies so that your results don’t go to waste. Once the market research is complete and the data is analyzed, you can identify needs and trends in the industry. These insights can be used to develop targeted marketing strategies and customize company actions according to customer preferences.
By using the data collected from the market analysis, you can make better decisions about product development, branding and sales strategy. Through effective implementation of insight strategies, you’ll secure a competitive advantage in the market by being up-to-date with customer needs (read more about customer types to see what your customers respond to) and demands, as well as how your competitors are responding to them.
Tools and methods for market analysis
- Desk research: The process of collecting, analyzing and interpreting pre-existing data and information. Desk research can include reports, previous studies, articles, publications and other secondary data sources.
- Field research: Collecting primary data directly from the source, often through methods such as interviews, questionnaires, observations and focus groups.
- Online tools and resources: Digital platforms and tools that can help collect, analyze and interpret market data. Examples include Google Analytics, social media analytics tools, online survey platforms like SurveyMonkey and databases like Statistics.
- Data collection from existing customers: By collecting data from existing customers, companies can gain a deeper understanding of their behaviour, preferences and feedback. This can help develop targeted marketing strategies based on real data.
Market analysis is essential for informed decisions. Use the results to drive business growth. Continuous updating of the analysis is necessary to keep up with market developments – but this is only recommended if resources are available, as implementation and execution of the strategy is the first priority after the market analysis is done.
Lay the foundation for your market analysis with Radiant
At Radiant, we help businesses grow in a competitive market every day through Sales as a Service. We do this because we do:
- Have a plan for how we create unique USPs
- Differentiate ourselves from the competition
- Know how to target the most relevant companies for you through intelligent segmentation
Get a use case with Radiant and see how we can specifically help you with market analysis and how we will gain market share for you.