L2 Flashcards
Techniques for market research
- Primary Research
- Secondary Research
- Competitor Analysis
Primary Research
- Surveys and Questionnaires
- Interviews
- Focus groups
Surveys and Questionnaires
Collecting data directly from potential customers to understand their preferences, behavior, and needs.
Interviews
One-on-one discussions can provide in-depth insights into consumer motivations and pain points.
Focus groups
Gathering a small group of people to discuss products or services can reveal qualitative data and group dynamics.
Secondary Research
- Industry reports
- Academic journals
- Online Resources
Industry reports
Utilize reports from market research firms that provide data and analysis on specific industries.
Academic Journals
Review scholarly articles for theoretical insights and case studies.
Online Resources
Websites like Statista, Pew Research, and government databases can provide valuable statistics
Competitor Analysis
- SWOT Analysis
- Benchmarking
SWOT Analysis
Assess the Strengths, Weaknesses, Opportunities, and Threats of your competitors to identify market gaps.
Benchmarking
Compare your business metrics against industry leaders to find areas for improvement.
Understanding Market Needs and Gaps
- Identifying Customer pain points
- Analyzing customer feedback
- Market Segmentation
- Value proposition development
Identifying customer pain points
Conduct interviews or surveys to ask customers about their frustrations or challenges related to existing products or services.
Analyzing customer feedbacks
Use social media, online reviews, and customer service interactions to gather insights about what customers value or dislike.
Market Segmentation
Break down the market into specific segments based on demographics, psychographics, and buying behavior to pinpoint unmet needs.
Value proposition development
Create a clear statement of how your product or service meets the needs of the target market better than competitors.
Tools for identifying trends
- Trend Analysis
- Industry news and reports
- Innovation labs and start-up ecosystems
- Economic indicators
Trend analysis
Use tools like Google Trends or social media analytics to observe changes in consumer behavior over time.
Analyze search engine data to see what topics or products are gaining interest.
Industry news and reports
Subscribe to newsletters, follow industry leaders on social media, and participate in webinars to stay updated on market changes.
Innovation labs and start-up ecosystems
Engage with innovation hubs or incubators where emerging start-ups often present new ideas, indicating potential market trends.
Economic indicators
Monitor economic data such as unemployment rates, consumer spending, and inflation as they often correlate with market trends.
