How to conduct a market study for my company in 5 steps
Posted: Tue Jan 07, 2025 6:38 am
1. Define your goals
The first step is to define what you want to achieve. Typically, market research seeks to understand how likely a product or service is to be marketed and how attractive the offering will be to consumers before it is launched.
But as we already mentioned, the objectives can vary depending on the time at which the study is conducted.
For example, if you already have a business with a specific market, you will need to validate a new target audience for a diversification strategy, or determine how much competition there is in a region you want to reach.
Regardless of your objectives, defining them colombia phone data will be the best starting point for your research. For this reason, we recommend that you ask them with specific questions.
2. Research the market
In this part, you will need to plan how to get to the answers you are looking for. You can do this by identifying the best tools, as well as the media you will use.
Determine what works best for your data and interviews and structure your research with a timeline.
Think about who your target audience will be, what characteristics they should have, their geographic location and how you can reach them.
What instruments will you use? These could be questionnaires, questions in a focus group or the field observation method.
It will also be time to define the type of questions in the instruments; whether they will be open or multiple choice, the tools you will use are online or people will need an application to answer the survey.
Tip: You can use Google Forms to create quick, free surveys, or go a step further and try apps like SurveyMonkey.
The size of your market is also a point to consider when planning your research.
By this we mean delimiting the location by country or region, knowing if there is any specific regulation, the turnover volume of said sector, its evolution or technological biases, as well as understanding the growth trends and projections for the coming years.
In turn, understanding who your competition is is something you need to define from the very beginning. We recommend taking the time to research them at this stage.
Look for direct and indirect competitors, but define what you would need from each one. Be realistic and think that your competition should be in the same price and market range so that you can follow their steps and understand what works for them or where they have a weakness.
The first step is to define what you want to achieve. Typically, market research seeks to understand how likely a product or service is to be marketed and how attractive the offering will be to consumers before it is launched.
But as we already mentioned, the objectives can vary depending on the time at which the study is conducted.
For example, if you already have a business with a specific market, you will need to validate a new target audience for a diversification strategy, or determine how much competition there is in a region you want to reach.
Regardless of your objectives, defining them colombia phone data will be the best starting point for your research. For this reason, we recommend that you ask them with specific questions.
2. Research the market
In this part, you will need to plan how to get to the answers you are looking for. You can do this by identifying the best tools, as well as the media you will use.
Determine what works best for your data and interviews and structure your research with a timeline.
Think about who your target audience will be, what characteristics they should have, their geographic location and how you can reach them.
What instruments will you use? These could be questionnaires, questions in a focus group or the field observation method.
It will also be time to define the type of questions in the instruments; whether they will be open or multiple choice, the tools you will use are online or people will need an application to answer the survey.
Tip: You can use Google Forms to create quick, free surveys, or go a step further and try apps like SurveyMonkey.
The size of your market is also a point to consider when planning your research.
By this we mean delimiting the location by country or region, knowing if there is any specific regulation, the turnover volume of said sector, its evolution or technological biases, as well as understanding the growth trends and projections for the coming years.
In turn, understanding who your competition is is something you need to define from the very beginning. We recommend taking the time to research them at this stage.
Look for direct and indirect competitors, but define what you would need from each one. Be realistic and think that your competition should be in the same price and market range so that you can follow their steps and understand what works for them or where they have a weakness.