How to Conduct Market Research

Market research is the process of gathering information about a target audience. The purpose of market research is to understand your customers and what they want. Conducting market research can help you identify opportunities and persuade stakeholders. There are two main types of market research: primary market research and secondary market research. Primary market research is conducted by your company, while secondary market research is conducted by an outside company. There are two main types of market research: primary and secondary. Primary market research is conducted by the company themselves. This can be in the form of focus groups, interviews, or observation-based research. This type of research is more costly and time-consuming to collect, but it can give you more detailed and specific insights into your target market. Secondary market research is conducted by someone else, such as a market research firm. This research is typically more cost-effective and less time-consuming to collect. It can provide you with a broader view of your industry, as well as insights about other competitors in the market. Quantitative data from secondary sources can include page views, survey results, social media data, and social media followings. This data can be used to create charts and graphs. You can learn about your market and target audience by looking at market reports, white papers, and consumer rating sites. To get reviews and ratings, check out sites like G2 and Trustpilot. You can also do observation-based research, which involves watching people from your target audience interact with products. Another way to learn about your target audience is by doing market segmentation, which is the process of breaking your market's audience into groups. To begin conducting market research for your company, you must first define the research problem and develop a research plan. Next, you will collect data and generate insights. Once you have gathered all of this information, you will present your findings and adjust your plan as necessary. There is a moderate level of consolidation in the market, with one large player owning most of the market share and a few smaller players owning the rest. The Market Explorer tool can help you understand who the industry leaders are, what their strategies and growth prospects look like, and how you can study them. Your data can help you find answers to your research question, which you can then use to create strategies. To get quantitative data, you can use a spreadsheet or specialized software. After you have the data, you can use Google Looker Studio or Tableau to put it into graphs or charts. If you have quantitative data, you should put it all together in one place and look for things like averages, ranges, or other statistics. It is beneficial to conduct agile market research to evaluate the success of marketing decisions made from earlier in-depth market research. The agile market research process involves multiple cycles of research in order to gain data that can be continuously improved. With new data technology, the costs and difficulty of conducting market research has become less expensive and more manageable. In the future, there will be even more solutions available that will make market research even easier and more affordable. Be observant for new opportunities and trends and be successful in your market research endeavours!

(source: https://www.semrush.com/blog/market-research-guide)