Market Research Strategy

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Whether a startup or SMB, the development of a market research strategy is an important and necessary step for any company looking to grow. It allows organizations to see what the competition is up to, what the current market trends are, and how to most effectively communicate with the target audience. This blog post will outline how you can develop your own market research strategy. 

 

So how can you build your own?

 

Well, there are a variety of market research methods that we’ll cover, a few examples include focus groups and surveys. We’ll also look at the different use cases, such as surveys being more often used to gain information on customer satisfaction, while focus groups can be used to assess how customers feel about new products. 

 

We’ll also discuss market research projects, which are often used to describe the process of determining a product's viability for a specific target audience. Market research project ideas include creating surveys, focus groups, or interviews with potential customers, and can also include conducting market analysis and competitor analysis. There are many other examples of market research projects online, and market research project examples can be found fairly easily, but you should be aware that no two projects will look the same. These however can provide a solid foundation for a framework to follow. 

 

Market research is a very important process for any company that wants to stay competitive, and is crucial to developing a successful brand. This research can be used in many ways, such as identifying new markets, determining the best way to sell your product or service, understanding the competition and more. Market research is also an essential part of marketing development because it provides valuable information about your target audience, their needs, and how best to communicate with them.

 

Market Research Strategy Examples

Simply put, market research is a process of gathering information about your company's target market, which in turn will help you develop a strategy to interact. It can be done by observing the behavior and preferences of potential customers, or through tools such as surveys and questionnaires. Strong research is an essential step to developing a successful marketing strategy. Let the market tell you what will work best, instead of assuming and putting extraneous effort and money towards an untested direction. Conducting market research before launching any new product or service helps formulate strategies around how consumers will react to new items or services, and without it you’ll be diving into a scary situation. What if the product or service isn’t what the market actually wanted? Now you have a product that you spent time and money on, that no one uses. Market research provides the knowledge that can help determine what type of marketing campaigns, channels, and messages should be used, as well as other factors like pricing. 

 

Market research method  advantages and disadvantages typically depend on the type of information you’re looking for, and the cost involved in obtaining it. Regardless, the main advantage of doing market research is that it helps organizations make better decisions about marketing and positioning their products or services, along with communication. Market research is also useful when trying to improve customer service by identifying areas where improvements are needed. Disadvantages typically fall under time and budget restraints. 

 

Successful market research examples typically showcase a few steps, but the first step in developing a market research strategy is always to identify the critical success factors for your product or service. During this step you typically want to consider what makes your product or service unique, and how it compares with other products or services on the market. In other words; how are you positioning your offer in the market compared to the competition? 

 

The second step is to conduct a S.W.O.T. analysis, which stands for Strengths, Weaknesses, Opportunities, and Threats. This will help you understand what opportunities exist for your product or service as well as any threats that could prevent success. Most importantly, it helps determine how to utilize your strengths in positioning yourself in the market.

 

The third step is to develop an objective statement that summarizes why you are conducting this research and what information you hope to find through it. Your objective statement should be clear and concise so that it can guide your research efforts while avoiding unnecessary research topics. Regardless, Market research strategy examples answer both how to do market research for a startup, and provide an example of market research for new products. Altogether, these steps are guidelines into how to create a framework to successfully conduct a market research project. 

Market Research Tools

There are a variety of market research tools and audience research tools that are used to gather information both directly and indirectly from the target audience. Using these tools involves a process that typically requires interacting with your target audience in some capacity; such as conducting surveys, interviews, and focus groups to find out their needs and preferences. Market research has become a key part of any company's marketing strategy, and there are many types of market research, but the main focus is the process of gathering information about the market and using it to make decisions about products, services, or business strategies. The purpose of market research is to determine what products are needed in the marketplace and how they can be marketed to consumers most effectively.

 

As previously mentioned, researching your audience is a critical step in developing a successful strategy. Luckily, there are many ways to do this, but it's important to find the right tools for your project. One example is using Google research tools, such as Trends, which can be used to see what people are searching for on Google and how often they search for it. It can also be used to see which topics are trending or what people are talking about on social media platforms like Twitter and Facebook. 

 

The goal of this process is to gain insight into what customers require in order to provide them with products or services that meet their needs. There are many tools that can be used for market research, from surveys and focus groups to customer interviews and observation. These tools vary in terms of their length, cost, ease-of-use, and whether they provide qualitative or quantitative data. Market research examples include:

- Surveys 

- Online questionnaires 

- Interviews 

- Questionnaires 

- Observations

- market research sources (These include market research software tools, market research databases, and some of the best market research platforms.)

How to Write a Market Research Report

A market research report gives a general overview of the methods utilized, specific examples of how data was successfully applied, and a general overview of the collected data. A simple market research report should be like an executive summary of the entire report, in order to highlight the most important aspects that have been discovered. This summary provides insight into the size and scope of the market, who is participating in it, what products are being sold, how they are being sold, and who is buying them.

 

A market research report sample typically includes information on: 

- Demographics of customers (age group, income level) 

- The number of potential customers in an area or region 

- What types of products are being offered to consumers 

- Where customers buy their goods (online vs. retail) 

- Types of marketing campaigns used by companies to sell their goods

Market Research Companies

Partnering with a market research firm is no easy task, either. There are many market research companies, from the best market research companies to the largest market research companies, understanding your goals and objectives is the primary focus to choosing the right option. You’ll also need to understand your timeframe and budget, as these projects can often linger and become very costly. The more custom the project, the more costly. If you’re looking for a pre-written research report these can still typically cost a few grand to start. 

 

There are a ton of market research firms out there, and following is a list of some of the top market research companies in the world:

- Nielsen 

- JFK 

- Dipsos 

- Kan tar World panel 

- Gallup 

- YouGov


There are additional lists that also host the top market research companies in USA, the top 10 market research companies, and top 100 market research companies. If you’re looking to hire a market research firm use lists such as these to determine the right fit for you.

 

 

 

 

 

 

 

 

 

 

 

 

Startup and SME Growth

Sometimes, all you need is a little guidance. 

 

Argona Partners offers hourly consulting with business experts across a wide range of industries and specialties, and provides an outside perspective to accelerating your business. 


Are you curious how Argona Partners can help you grow your business? Check out our consulting services! Argona offers strategy, transformation, design, and general business consulting/ These services help you discover opportunities, analyze them, strategize, implement, and grow your business!

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Mutual success is not just about achieving the goals set today. Argona Partners is committed to fostering long-term relationships and leveraging our dynamic partner ecosystem to help companies realize success in the long run.

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