Market research analysis involves understanding what consumers want and determining how businesses can best provide it to them. It’s a vital profession that requires outstanding analytical abilities and an eagerness to learn.
Exploratory market research seeks general input from large groups of consumers while more targeted primary market research investigates issues or opportunities identified by a business.
What is Market Research?
Market research is an invaluable way to make sound business decisions and achieve important goals. By identifying key trends, understanding your target audience, and meeting other important objectives, market research helps businesses make sound choices about how best to run their operations.
Market research can take many forms, but all can generally be divided into two broad categories: exploratory and specific. Exploratory market research typically involves questioning groups of people through focus groups or telephone interviews; specific market research delves deeper into questions or issues you already identified.
Market research should gather useful, actionable information that you can apply in your business. While you could conduct this research yourself, many companies opt for third-party experts to simplify and optimize this process for maximum results. Furthermore, using external experts saves both time and resources by conducting the study instead of having to devote them yourself – allowing them to focus their energy solely on supporting the core competencies of their own businesses instead.
Market Research Methods
Market research involves collecting information pertaining to your target market sector and customers, with the purpose of making informed strategic decisions that will ensure products and marketing plans will maintain your competitive advantage and help maintain business.
Demographic information such as age, gender, ethnicity, income and family size; techgraphics such as how people use products; psychographics which reveals values, desires and motivations to purchase; as well as behavioral data regarding your target market can all help form this picture of who your potential customer base might be. Likewise it could include details regarding competitor offerings and marketing strategies to give an understanding of your potential market and make marketing strategies for them.
Market research can be accomplished qualitatively with focus groups, interviews and surveys or quantitatively using survey software such as Semrush.Trends. Both approaches to market research have their own set of benefits and drawbacks; qualitative methods tend to require more time and effort but are generally more reliable.
Market Research Tools
Market research is a must for every business. It provides businesses with a deeper insight into customer needs, helping them develop products to fulfill them more efficiently as well as effective marketing strategies.
Market analysis can be completed through various tools, including online tools, focus groups and telephone interviews. Market analysis helps assess the viability of a new product idea or refine an existing design to make sure it fits a particular target market more effectively.
Statista is an excellent market research tool with data visualization features. It collects information from reliable sources and organizes it in an accessible format, while offering search capabilities so you can locate specific details about your industry.
Market Research Reports
Market research reports are written documents that present the findings from research projects. A well-executed market research report should contain information about objectives, methodology, findings and recommendations of an investigation project.
Research data can be collected through various means – surveys, focus groups, observations, interviews and so on. Depending on your goal, qualitative or quantitative information could be required.
Market research reports can be an invaluable source of insight, enabling you to compare your business ideas against competitive ones and discover your optimal pricing strategy through tools such as conjoint analysis.
UNC Libraries offer several resources that can assist with finding industry and market research reports, including First Research Industry Profiles in ABI/Inform database which provide high-level industry overviews in the United States; or Business Monitor International in ProQuest Entrepreneurship database which offers international reports. Both of these databases can be accessed both through public library access as well as subscription databases at UNC.