What is Market Research?
A large component of a winning marketing strategy is understanding what your competitors are doing in the market, how feasible a business idea is, and why customers demand a specific product or service. Market research is knowing who will buy your services, and who will not. Understanding this can help you focus your marketing budget on the right customers that convert. Would you rather please all of the people some of the time? Or some of the people all of the time? Knowing this is crucial in gaining a larger share of the market.
What Are the Benefits?
By understanding your market better, you’ll have a stronger position in the market. If your competitors are just getting lucky, but don’t understand the underlying mechanics at play, they won’t be able to adapt to the inevitable shifting tides of consumer demands. If you learn why people do what they do, you’ll have a better likelihood of positioning yourself to what customers want.
Avamia always wants to know the who, what, where, when, and why of a problem. By performing market research for your business, through a systematic process of learning everything about your competition, your customer, and details tangentially related, we can create a valuable set of data points to help you identifies potential threats and opportunities. Through our market research, Avamia will help you focus on what the customers actual needs and demand are, spot emerging trends in the market, as well as facilitate strategic planning for your future marketing endeavors.
Knowing what kind of business goals you have is the first step in market research. Avamia can help you select and refine the goals to keep the research focused and effective.
Depending on how well defined and understood the topic is for the research at hand, Avamia will use the appropriate research method to ensure the right type of data is collected depending on how well know and defined the business topic is at hand.
The next phase of the market research is collecting relevant data. Depending on how in depth the research project is, and what type of research methodology is used, this can take several weeks to many months.
After getting a statistically significant set of data that represents the problem set initially proposed as part of the business problem, we'll be able to analyze the data to draw conclusions and make an informed inference on the results.