What is Market Research?

Promoting a business in the market without marketing research is sometimes like searching for the necessary item in a dark room without a light source. You may already know some information about the location of the item, but there may have been some moves. As a result, after many attempts, you will find the necessary item, but an additional source of light would help you reach the goal sooner.

Marketing research is often that light for a new or established business.

What is marketing research? It is the collection, classification and analysis of market information. That information can be price, competitors, customers, etc. That data helps in developing marketing strategies and reduces uncertainty.

The importance of marketing research is sometimes overlooked when starting a business for a number of reasons. However, in order to offer a competitive product or service, find your own place in the market and position yourself, you need broad knowledge and answers to many questions, which cannot be obtained by daily observations.

When to do marketing research?

• When it is necessary to set clear goals. For example, to know the competitive market or the customer’s needs and expectations. By finding the answers to these questions, you can set clear goals for product sales.
• When it is necessary to solve problems. Sometimes there are problems with the realization of a product or service or with perceptions among consumers. An example can be low sales figures, which can speak of all sorts of problems: poor quality, unavailability, misunderstandings about the product, etc. Marketing research helps to uncover and recognize these hidden problems.
• Supports the growth of the organization. By understanding what customers want, it is easier to understand what kind of new product needs to be offered to the market.

 Types of Marketing Research

• Market research - to understand market opportunities, fullness, tendencies and mechanisms to make business decisions.
• Studying the image of the client - in other words, identifying the target audience: age, gender, income, interests, education… and based on all this, identifying the client’s requirements.
• Competitor research, which will help to perform a SWOT analysis, to understand one’s own and competitors’ weaknesses and strengths.
• Product or service usage research. how do customers react, are there any difficulties during use, does the product serve its purpose or not? As a result of all this, it is possible to improve the product.
• Pricing - Examining factors affecting pricing to create the best offer.
• Brand awareness research, which will help to understand whether your target audience knows about you and what their attitudes are.
• Collection of data on customer satisfaction and loyalty, as a result of which it is concluded whether our expectations correspond to reality or not.
• Market segmentation study - this makes it possible to offer each segment an exclusive and special product developed for them.
• Studying the results of advertising campaigns - it helps to understand which types of advertising materials generate the most interest and to develop subsequent campaigns based on the information received.

Thus, to develop a competent marketing strategy, be sure to consider the role of marketing research. In this regard, trust us, the Sparsis Marketing Agency, to conduct comprehensive and professional research. Leading companies in the field have already placed their trust in us.