Getting cold feet about whether your product or service is going to sink or float? By minimizing the gap of uncertainty, and actively engaging in market research, you can launch your product or service with an ease of mind, and reassurance, that it will sail to the top. Market research specifies information required to address these issues or concerns, designs a method for collecting information, manages and executes the process of retrieving data, reviews the results, communicates findings, and reports helpful suggestions.
You may have the right product, but not the right market; a mismatch between the right product and the right market is the deciding factor on whether or not your product cruises to the top, or pummels to the bottom. Market research entails gathering, analyzing, and understanding information about what people buy, and why people buy it.
First and foremost, you need to have a firm grasp on what influences customers and consumer behaviors, within a particular market. Also, an analysis of the current market characteristics and trends will help you to get a feel of what is popular at the time, and what is not.
There are a variety of tactics you can use to help identify the proper market for products; some of which include surveys, market analysis, focus groups, and product testing. These tools can aid in directing marketing efforts and dollars towards target groups most likely to buy. However, market research not only links the appropriate market to a product, but also identifies potential obstacles customers face when entering the market, and proposes solutions to overcome them.
Market research creates a flow of information that links the customer and end user to the marketers, which ultimately reduces the gap of ambiguity between the supplier and the buyer. However, market research also generates marketing opportunities and threats, creates, refines, and evaluates marketing actions, oversees marketing performance, and improves your overall comprehension of the marketing process.