What is the use of studying its market? How to do a market research? What are the best methods of study?
Market research is one of the key steps in building a project. Yet it is often seen as a constraint, a waste of time or even a forced passage to obtain financing.
Few future entrepreneurs understand the value of a real market study, probably because they have difficulty detaching themselves from their ideal image of their activity. Why try to find out more about the market when everything is already decided?
Yet the project leader must seek to detach himself from his "dream" and begin to take an interest in the client's goal:
Far from being wasted time, market research must win, identifying as soon as possible the potential of the market, the most buoyant customer segments and the central expectations of customers. Market research helps to reduce risk and to mark the construction of a relevant offer.
Definition: Market research involves gathering and analyzing information to better understand a market and its stakeholders. In the end, the results of the market research must make it possible to define a strategic positioning adapted to the expectations of the target clientele. The market research can be summarized in the business plan.
The objective is, therefore, to know the needs of clients, directly (by asking them questions or by inquiring about them) or indirectly (by asking questions or by inquiring with actors in contact with them).
Finally, market research is not solely conducted to validate or invalidate an idea; It is especially an excellent way to get in touch with future customers and partners to start a sustainable business relationship.
Here are the best methods of market research, by decreasing interest.
Method: Interview by telephone or if possible face-to-face. It is a question of asking a maximum number of issues open to the professional: type of clientele, characteristics, behavior, competition, the effectiveness of the means of communication used, obstacles encountered, tricks and good practices, etc.
Advantages: The business study often delivers accurate and relevant information. Interviewer 2 or 3 professionals can cross-check information and compare practices.
Note: Contrary to popular belief, the presence of a vast number of competitors in the market can be seen as a sign of market dynamism. On the other hand, the absence of competition can reveal a risky, non-existent or not the very lucrative market.
Method: Mystery shopper analysis, on-site or by telephone. Field observation report. Analysis of the reputation. Study of commercial discourse.
Advantages: The study of the competition makes it possible to calibrate its offer, and assume a clear positioning.
Method: Listing and supplier listings, direct approach, analysis of the offer and the commercial speech, direct questioning on the best sales, the best customers, the trends of the market.
Method: Identification of prescribers (who would benefit from prescribing my product?). Meet by phone or face-to-face.
Google Trends: a free tool that allows you to view keyword search trends over a period of time, and compare several keywords together. The tool also provides close-in keyword ideas and provides trends by country or region.
Google Alerts: a free tool that allows you to subscribe to keywords and receive by e-mail the latest content related to these keywords (articles, publications, news, sites, blogs ...). This ensures automatic access to source information on a given theme.
The advice of the Business Triumphs expert: Prefer the quality of the data to the quantity. Put yourself in a logic of direct contact and acquisition of customers. Your investors will appreciate it.
Do not hesitate to comment on this article or ask your questions (below).
Market research is one of the key steps in building a project. Yet it is often seen as a constraint, a waste of time or even a forced passage to obtain financing.
Few future entrepreneurs understand the value of a real market study, probably because they have difficulty detaching themselves from their ideal image of their activity. Why try to find out more about the market when everything is already decided?
Yet the project leader must seek to detach himself from his "dream" and begin to take an interest in the client's goal:
Far from being wasted time, market research must win, identifying as soon as possible the potential of the market, the most buoyant customer segments and the central expectations of customers. Market research helps to reduce risk and to mark the construction of a relevant offer.
Definition: Market research involves gathering and analyzing information to better understand a market and its stakeholders. In the end, the results of the market research must make it possible to define a strategic positioning adapted to the expectations of the target clientele. The market research can be summarized in the business plan.
The objective is, therefore, to know the needs of clients, directly (by asking them questions or by inquiring about them) or indirectly (by asking questions or by inquiring with actors in contact with them).
Finally, market research is not solely conducted to validate or invalidate an idea; It is especially an excellent way to get in touch with future customers and partners to start a sustainable business relationship.
Here are the best methods of market research, by decreasing interest.
METHOD 1: The business study.
The market research involves questioning professionals who work on the same type of activity. It is not a matter of interviewing competitors but professionals working in a comparable market but in a different geographical area.Method: Interview by telephone or if possible face-to-face. It is a question of asking a maximum number of issues open to the professional: type of clientele, characteristics, behavior, competition, the effectiveness of the means of communication used, obstacles encountered, tricks and good practices, etc.
Advantages: The business study often delivers accurate and relevant information. Interviewer 2 or 3 professionals can cross-check information and compare practices.
METHOD 2: The study of competition.
Tell me the state of the game and I will say the condition of the market! Analyzing the competition consists of listing the professionals already established in the target market and studying precisely their location, their area of intervention, their offer, their positioning, their price, their distribution method and their communication policy. The study of competitors is often very wealthy in lessons.Note: Contrary to popular belief, the presence of a vast number of competitors in the market can be seen as a sign of market dynamism. On the other hand, the absence of competition can reveal a risky, non-existent or not the very lucrative market.
Method: Mystery shopper analysis, on-site or by telephone. Field observation report. Analysis of the reputation. Study of commercial discourse.
Advantages: The study of the competition makes it possible to calibrate its offer, and assume a clear positioning.
METHOD 3: The study of suppliers.
How to do a market research, continued with the study of vendors. The study of providers is a good way to access the main characteristics of the market. Suppliers, by their number, location, offer communication and prices, provide valuable information on the state and dynamism of the market.Method: Listing and supplier listings, direct approach, analysis of the offer and the commercial speech, direct questioning on the best sales, the best customers, the trends of the market.
METHOD 4: The study of prescribers.
A prescriber is an individual, professional or institution that is likely to recommend the purchase of a product or service. For example, a TV vendor can redirect its customers to an antenna installation company. Prescribers are often an excellent potential source of revenue. This involves identifying the first prescribers and seeing the extent to which a partnership could be established.Method: Identification of prescribers (who would benefit from prescribing my product?). Meet by phone or face-to-face.
METHOD 5: The study of potential clients by questionnaire.
The poll ("survey" or "survey") is the best-known market research process, but it is not necessarily the most effective. Indeed, it is often difficult to identify or interview a representative sample of potential clients and to obtain relevant answers.METHOD 6: The study of potential clients by observation.
The observation method consists in studying the behavior of potential customers in their environment, in the manner of a sociologist. The study must be done invisibly: the subject of the investigation does not know that it is observed. This involves, for example, studying the use of a street by passers-by or vehicles, studying the journey of customers in a shop, and noting any particular, recurring or remarkable behavior.METHOD 7: The study of keywords and trends.
Here the new information and communication technologies must be used to identify particular trends in the market, for example:Google Trends: a free tool that allows you to view keyword search trends over a period of time, and compare several keywords together. The tool also provides close-in keyword ideas and provides trends by country or region.
Google Alerts: a free tool that allows you to subscribe to keywords and receive by e-mail the latest content related to these keywords (articles, publications, news, sites, blogs ...). This ensures automatic access to source information on a given theme.
The advice of the Business Triumphs expert: Prefer the quality of the data to the quantity. Put yourself in a logic of direct contact and acquisition of customers. Your investors will appreciate it.
Do not hesitate to comment on this article or ask your questions (below).
The Best Methods of Market Research
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