For any company, its marketing success depends on how well they research about the market and its users. It’s very important to get down to these details before you actually start putting effort into marketing. Understanding these details would help companies to plan their marketing roadmap well which can contribute to huge success. There are plenty of things to research in these two categories so one has to cover everything while doing analysis to avoid any pitfalls.
So what are those points? What kinds of research do companies need to do to gain the most out of it? Why are they important? What significance do they have? Below are the points listed considering the above things.
Market research
There are various things that need to be analyzed while doing market research. Missing out on some points will keep your research incomplete and that will make your job difficult to execute your plans with perfection so it’s your job to cover every point in detail. I have curated some points for you but you still need to find more as every industry is different or I might have missed some points.
- What is the market size?
- How many buyers are there?
- Who are our competitors?
- What is the intensity of the competition?
- What are the barriers to entry?
- Social and cultural norms
- Customers buying behavior
- Customers’ demographics
- Festivals/Holidays
- Popular advertising channels
- Customer’s pain points
- Product pricing
- Competitors’ research
- Marketing analysis
- The 7Ps of Marketing
- 5C analysis
- SWOT analysis
- PEST analysis
- VRIO analysis
User Research
Getting to know your users, understanding their needs, problems, and behaviours are crucial as they help you craft your strategy better. You need to create a proper list that would make your research task easier. Below are some curated points but you can add more to that.
- What’s their age group?
- What are the locations users are active from?
- What languages do they speak?
- Spending power and patterns
- What are their interests?
- What are their challenges?
- Where do they work?
- Designation
- Identify customer pain points
- Identify customer goals
- Understand how you can help
How can you conduct Market and user research?
There are different ways you can gather data about your target market & users, some of which I have listed here and you can find more if I have missed anything.
- Through keyword analysis
- Monitor social media discussions
- Topic content
- Trending hashtags
- Quora questions
- Reddit discussions
- Conduct surveys
- Website chat data
- Website internal searches
- Website analytics data
- Industry blogs
- Industry YouTube channels
- Industry influencers content
- Industry forums
- By interviewing local agencies
- By interviewing industry employees
