Market Research is a crucial component of a brand’s business plan. Is a process that includes various important steps to gather information about customers and the strategies to be applied for a successful marketing plan.
All brands, from the most important and Global to the smallest, do Market Research before launching a new product or trying a new strategy.
There are two types of Market Research: The Secondary Research, based on previous data from census, polls, and previous studies, and the Primary Research made by us, in search of current and specific data related to our brand. Both types of researches give us insights about our objective customer’s preferences and their needs.
If your brand is a new product for cats, for example, you must look for general information about number, gender, expense habits, preferences, and location of the potential customers for that product. There is no such thing as too much information. For this, you can use a simple search engine such as Google, rely on census, poll results, magazine articles, etc. Once you have all the general information you can start your Primary Research by polling via e-mail or person to person, using focus groups, etc.
The most important thing at this stage is to be certain about what you want to know, make very specific questions to gather useful information for your future marketing strategy.
Your research results, in two stages, will help you have a better knowledge of the market to which you are introducing your brand, with a successful strategy.
To know the preferences and needs of your customers will help you define the best ways to channel your messages (Social media, Email Marketing, conventional advertisement), the actual message and the tone you will use to convey it to your audience. It will also help you to determine where is your ideal audience and other important data.
Market research can be thrilling and fun; furthermore, to discover new tools to get to know better your customers and offer them what they really need will be crucial for your brand’s success.