What is Market Research?
Market research is simply the gathering and interpretation of information about target markets or customers. Market research also includes marketing analytics, which is the analysis of data gathered across marketing channels in order to evaluate the success of marketing initiatives. Market research is conducted using quantitative methods focusing on data, statistics, and analytics as well as qualitative methods such as customer surveys and focus groups.
Key Areas of Market Research
Consumer demographics, psychographics, and firmographics
SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats)
Marketing / channel / social media analytics
Supply / demand analysis
Why Do I Need Market Research?
Successful companies rely on market research to support better and ultimately more profitable decision-making. They realize that good market research is essential for identifying, segmenting, and understanding target markets as well as knowing the competition. Market research is also necessary for identifying the best marketing channels and strategies.
Why Choose Competitive Analytics to Conduct Market Research?
We have been successfully delivering actionable market research to our clients for over fourteen years. Our proven analytical approach is unparalleled in terms of accuracy and robustness, giving you the confidence to make the best and most profitable decisions. Our quantitative methods are complimented by our qualitative research, providing clients with a one-stop shop that allows for cohesive and comprehensive market research. Our qualitative research includes custom in-depth surveys and focus groups to discover the motives of consumers and what drives their decision to interact, or not interact, with your company’s products or services. Our deliverables are not solely static, one-off reports that are outdated the moment you receive them. The results of our market research are delivered to you via dynamic and interactive dashboards that are easy to use, easy to digest, and, ultimately, easy to make decisions from.
Still not sure you need market research?