Proper market analysis is key to business success, especially for newly opened companies. All marketing initiatives, business strategies, and tactics derive from the results of market research and the insights gained.
Market research involves collecting and analyzing information about your niche: the target audience, main competitors, the supply-demand ratio, customer needs, and other market-related factors.
The complex and extensive process of market research includes the following stages:
Depending on the depth of study, there are two types of market research: primary and secondary.
Primary Market Research is the collection of “first-hand” information about customers and the industry. It is essential to segment the market and identify buyer personas. Primary market research is divided into:
Secondary Market Research involves analyzing existing data and facts to draw conclusions about trends, statistics, and sales data. It is especially useful for competitor research and includes:
After collecting and analyzing this information, the next steps include: