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for your business to succeed with professional market research!
Market research is crucial to assess supply and demand. This way, you can adjust your products accordingly. Your products must meet the needs of consumers and to do so, you need to know the trends in your industry. A market study will help improve your return on investment while minimizing risk.
Market research reduces risk.
Why do without?
Market research helps minimize the risk of failure when launching a business or a new product, and helps you adjust or target your marketing strategy along the way.
Market analysis is a great source of information about the target market, as well as needs and expectations of future customers. It can help mitigate uncertainty and risk. It is also the best way to assess chances of success before starting a business or launching a product. Market research allows for setting more realistic goals.
- SWOT analysis (Strengths, Weaknesses, Opportunities, Threats)
- Porter’s 5 Forces
- (Intensity of competition, newcomers, bargaining power of customers, bargaining power of suppliers, substitution products)
Consumer Insight is the expression of frustration, or of an unsatisfied desire. This technique is a source of ideas for a company willing to respond with an innovative product or service. According to Insightquest, an insight is based on the following elements:
- the idea in itself, expressed as “I wish I could”, or “it would be convenient”;
- motivation, in which this idea is rooted as “because for me it is important”;
- tension, for that motivation is unfulfilled or only partly met, “but …”.
Marketing Media can help you determine which strength of each of your products to bring forward, with how much highlight, at what price, on what display and marketing channels. This analysis helps you be more competitive.
Once the consumer has determined a need, he will begin a quest to choose which product to buy, but also where to buy it. We know that depending on the complexity of the product and its value, the consumer often visits up to 10 websites before making a decision. An analysis of the competition on the Web allows you to know where you stand in relation to this competition.
Starting a business?
We can help you!
Marketing Media has advised several start-up businesses and helped them prosper. That is why we can help you succeed with your starting business. We offer coaching and professional market research, so we can help your business soar on the Web.