The market study and its main indicators
The market study and its main indicators
Market research is one of the essential tools whatever business moment a company finds itself in. Whether you are about to start up, in a development phase or even in a period of crisis, this research allows you to define business strategies more efficiently. In conclusion, the better a brand knows its market segment, the easier it is to achieve business success.
What does a market study consist of?
This technique aims to collect essential data about the market segment in which a brand is inserted/wants to be inserted, based on quantitative and qualitative aspects. It analyzes, in depth, variables such as: target audience, consumer buying behavior, competition, threats and opportunities, trends.
By obtaining this information, the company creates the necessary conditions for its business to be more consistent, with prospects for sustainable growth. Market research contributes to brand positioning by understanding what the current/potential consumer thinks and how they relate to the competition.
Key indicators
Through market research, the company seeks to differentiate itself both in the industry and in the
top of mind
of the consumer. This differentiation is only possible on the basis of methods and techniques for strategic decision-making.
There are a number of indicators that are used in market research, of which the following can be highlighted:
Market share
: indicates the degree to which a company participates in the market with regard to the sale of the product/service. There are many formulas, but traditionally they are based on total sales in the industry.
Buyer persona
: the prototype of the brand’s consumer, based on characteristics such as age, profession, hobbies, etc.
hobbies
or consumption habits.- Purchase intention: Identifies whether the consumer would buy the company’s product/service, how much they would be willing to spend, life cycle, relevance (even for new launches).
- Product testing: alongside purchase intention, it allows you to find out if any product/service similar to the one the company has already exists.
In conclusion
There is no doubt that market research provides a brand with all the information it needs to improve business results and broaden its market vision. It allows you to take a truly holistic view.
However, in order to achieve these objectives, you must choose the most appropriate market research for your brand, so if you have any doubts and are looking for help in carrying it out, do not hesitate to contact us. Talk to us using the form below!
