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Deciphering an exhaustive market study
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What is market research?
Market research is an essential step in your approach to undertaking a commercial activity. It aims to take a snapshot of your market in order to understand it in a structured and exhaustive way.
- What is the purpose of market research?
Market research will enable you to find out about the key market players, the behaviour of supply and demand as well as its evolution and prospects. This will enable you to position yourself and penetrate this market with solutions benefiting your customers.
- When should a market study be carried out?
Market research can be carried out if you want to enter a new market or as part of a strategic reorientation of your current business.
- The key steps in market research
The first step is to identify the market to be analysed by answering various questions:
- Mass market or niche market?
A niche market requires to become a reference in this market but it is often less competitive and easier to approach than a mass market.
- Age of the market?
A rather young market will offer you more space because the need is new, while a mature market will require different and never proposed solutions. However, the mature market may be more developed with more distinctive and obvious needs.
- Market geography, evolutions of the market size in value and volume, identification of competitors etc.
2) Demand analysis
Having received an initial idea of the market you are interested in, it is now necessary to quantify and analyse the demand very precisely. In this way, you can target your consumers by understanding their habits and unmet needs thus drawing up typical customer profiles.
3) Market players
As with the demand examination, a detailed analysis of supply will enable you to establish your strategy more precisely. To fill a void on the market and complement the existing offers, you need to know about the strengths and weaknesses of the competition. Only then can you have an impactful positioning.
4) Analysis of the project’s environment
What is the position of your market in the current economic space? This involves checking that external factors cannot slow it down or destroy its feasibility. In this respect, substitute products or services should be carefully tracked, as should technological developments or public subsidies, for example.
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