Market research can be a really valuable exercise for brands. The real-world data that you can gain from market research can help to shape your marketing and overall business strategies and set you up for success!
But when is it most beneficial for you to do market research? In which scenarios will it bring you the most value? This blog post will answer those questions by looking at four perfect scenarios for when you should consider doing market research.
1. When entering a new market
Let’s say that your company’s objective is to expand into the Japanese market. You probably know that you should localise your website, but what about your strategy to engage with your audience in the country? Do you know who your main competitors are in Japan? Who is your audience and do they respond to the same type of content and message as your audience in your home market? Can you even find your Japanese audience in the same channels? This is all information that you can find out through market research that will really benefit your strategy when entering a new market and help guide your goals and tell you how to reach them. Having a full understanding of your target market will allow you to make these key strategic decisions prior to entry and increase your chances of success from the start.
2. When launching, improving or localising a product/service
Market research can really help you to tailor your product/service to cater to the specific needs of a market. In order for your product/service to succeed, you need an understanding of how your product/service would be culturally received, as well as any challenges that may arise. This is where market research comes in. Even an analysis of conversations happening online about your product/service or niche can help you to better understand what your local audience feels. Their feedback could even generate ideas on new features or improvements you can make to help you succeed in that market. So, whether you are launching a brand-new product/service or whether you are already in the market but want to expand or adapt your offering, market research is all important. By using actual market research to make data-driven decisions, you make the likelihood of them being impactful decisions more likely.
3. When you want deeper insights into your target market and target audience
Market research can really help if you feel there is a need to understand some key aspects of your target market and target audience better so that you can tailor your strategy more effectively. From that point of view, market research is important at any point if the insights it can generate will benefit your strategy and increase your chances of success.
4. When you want to learn more about your competitors and their strategy for a particular market
Market research can give you a deeper and more intimate understanding of your competitors’ strategies and provide actionable insights into how you can effectively adjust yours and gain the upper hand on them. By doing market research focused on your competitors, you can really understand their strategies for a market, as well as their strengths and weaknesses, so that you can address them in your strategy.
In summary, market research is important whenever there is a need from you to benefit from those insights and you feel there is a gap in your knowledge (whether that is competitors, market or audience) that will benefit your strategy. Market research can include anything and everything you need to help you succeed. You may need different elements of market research at different stages of the strategy you are developing and implementing for any given country. There is no one-size-fits-all when it comes to market research. Some market research may be more expansive and others narrower in scope. The key thing is that your market research delivers on the key elements that will give you the insights you need to support your business decisions. Your market research should fit your goals and objectives and can include virtually anything that is relevant to you.
Want to learn more?
I hope this blog post has given you a useful overview of when it is a good idea to conduct market research. For more in-depth information and advice, read my full-length guide here! From reading this guide, you will learn:
- why market research is so important
- when to conduct market research
- what market research can cover
- how to analyse the results of market research to make data-driven decisions
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