What is Market Research in a nutshell?
Market research is a very important step in a business strategy. It provides important information about: the consumers (needs and preferences), the market size, and the competition. This data is crucial to help solve the marketing challenges a business will face.
Types of market research
1. Product Market Fit:
When at least 40% of your users report that they would be very disappointed if they could no longer use your product or service, you probably have a PMF.
2. Customer Desire Map:
We create a point of reference for any marketing activity by doing an extensive target audience research.
3. Competitive Analysis:
Today’s technology gives us access to extremely valuable information about your competition.
4. User Testing:
The goal of user tests is to gain qualitative insights in how users experience a website or a product.
5. Customer Journey:
The goal of this analysis is to find out where the potential areas for growth are across various traction channels and phases of the customer journey.
Why is market research important for your growth strategy?
Whether you’re launching a new product, looking to expand your business or even simply trying to get more traffic to your website, market research should be your first step when working on your growth strategy. Skipping this crucial step is like building your house on sand. That’s why it’s worth it to spend a fair amount of time to conduct solid research.
Here are some of the benefits you can get from it:
- Proof of your Product Market Fit (PMF)
- Understand your customers needs
- Knowledge of the best traction channels for your business
- Identify the competition, industry trends & business opportunities
- Insights on user experience
Are you struggling with this?
- Identifying the problem areas in your business
- Setting up achievable growth goals
- Finding the right information about your competition
- Choosing the right traction channels
- Finding out what you audience needs and when
You’re not alone! We notice that many of our clients are struggling with this, and we know how to solve them. Let’s get in touch and see how we can help your business!