Market research is a process of gathering, analyzing, and interpreting information about a given market. It takes into account geographic, demographic, and psychographic data about past, current, and potential customers, as well as competitive analysis to evaluate the viability of a product offer.
In other words, it’s the process of understanding who your business is targeting so you can better position your marketing strategy.
In this guide, you’ll learn:
A marketing strategy is a business’s overall game plan for reaching consumers and turning them into customers.
The key word in the above definition is “game plan”. Entering a market with a product is like starting a new game. Since you’re new to the game, you don’t know the rules, and you don’t know who you’re playing against.
This is exactly where market research comes in. Market research allows you to discover the rules of the marketing game by understanding your target audience. Moreover, it allows you to understand who your opponent is by assessing the strengths and weaknesses of your competition.
Research is what marketing pros do to plan their moves, and outperform their competition. It’s also what marketing pros use to identify the strengths and weaknesses of their own marketing strategy.
But is market research the ultimate business oracle? Unfortunately no. Even companies that specialize in market research admit it — here’s a quote…