What can supercharge your business strategies? Certainly, solid research that you can base your decisions on.
Of course, making data-backed calls is a much safer and smarter approach to product development than taking wild leaps without due hypothesis validation, falling back solely on your gut feeling or intuition. But the truth is that obtaining key findings that can positively impact your business is much easier said than done. Here are a few prominent things you should keep in mind about market research.
🕵️ Market Research Meaning
The process devoted to gathering data to study the industry changes, market trends, gain customer insights, and learn more about your competitors can all be called market research. It may be used at different stages of product development, from early idea feasibility phases to later product improvement, depending on the goals.
👣 Market Research Benefits
There are numerous business gains from undergoing market research. For instance, it helps better understand the target audience, allows to allocate resources more reasonably, react to changes timely, and ultimately build better products. It can also aid teams in dodging pricey risks and finding a competitive edge.
🔎 What Kinds of Market Research Are There?
Market research can generally be divided into primary (getting first-hand data) and secondary (utilizing your own findings from earlier times or the data collected by someone else, such as public sources or industry research).
Plus, it could be split into quantitative (care more about numerical data like poll results or metrics) and qualitative (study individual and more subjective data like interview answers).
🕵️ Popular Market Research Methods
What’s for the methods of market research that can be applied, the most popular ones include:
- User interviews;
- Surveys;
- Polls;
- Focus groups;
- Product testing;
- Competitor analysis;
- Usability testing;
- Brand research;
- Running experiments;
- And other techniques.
How do you know which ones to apply? And what’s the process of conducting market research like? Keep reading the full guide for more details, examples, and tips 👇
