Market research: how to do it successfully?

Introduction

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That's it: After much thought, you have finally found the idea of the century for your business! 😎 But before plunging body and soul into your revolutionary concept, you must ensure that the target market is compatible with your project. How can you be sure that your offer corresponds to the needs of the market if you do not study it first? It's simple, you will never succeed... Unless you make a market study !

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Yes, finding a good idea is not enough, you also need to have a precise knowledge of the targeted sector: this is precisely the role of themarketing study, who represents the collection and analysis of information in order to identify the challenges and characteristics of a specific market. But why is it essential to make a market study ? 🤔

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The objectives of the market study

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Les market studies are essential to the development of a business : from birth to maturity, these studies are necessary at each stage of its cycle, since they allow you to improve your knowledge of your market 🧠. Their aim is to collect as much information as possible on a specific sector of activity by analysing various elements of the market: supply, demand, environment, trends... But that's not all! Very much appreciated, themarket study is also used for:

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💡 Test an idea or concept : Market research offers relevant information on how target consumers perceive an offer. Whether it is an innovation, a future service, or even of a product or an advertising campaign that has already been launched and whose impact you want to measure !

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⚠ Reducing risks : Having a good knowledge of the business environment helps to develop effective strategies, which adapt to market threats, that is, all the external elements that can negatively influence the business, in the short and long term.

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🤩 Identify opportunities in your market : Quickly identifying market opportunities allows you to make effective decisions, while staying informed of the evolution of the sector. This is a very common process, as new opportunities are constantly emerging!

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👍 Understanding consumer expectations and needs : “What are the characteristics of my target customers?” “What is their psychological price ?” “What are their needs and buying habits?” By understanding what their targets want and by assimilating their behaviors and ways of thinking, companies can therefore offer products and services adapted to their needs!

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The types of market research

THEmarket study is therefore an essential step to successfully carry out a business project. But no rush: the universe of investigations is vast and the marketing studies can take different forms and have various properties. If you are determined to take the plunge and Achieve a market study for your business, it remains to know what the different types of studies are and which one best fits your project... 🤔

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To find out, it's important to distinguish between the two main forms ofmarket studies : The qualitative study and the quantitative study.

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Quantitative study makes it possible to measure and quantify the main trends of a market. For example: “On a scale of 0 to 10, how highly would you recommend this product?” It provides numerical information through questionnaires and surveys conducted, either with consumer panels, or, in a more modern and rapid way, via the social networks 📱.

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The qualitative study, on the other hand, analysis of elements that are not directly quantifiable, such as expectations and motivations. It is based more on the desire to better understand public behavior:”What is it that really motivates consumers to buy?” This study comes in several formats: individual interviews, focus groups, observations, etc.

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Regardless of the type of study chosen, it is recommended to interview a representative and solid sample of consumers to gather more reliable data. 👌

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The steps to follow for your market research

The realization of a market study therefore plays a key role in the evolution of a company in its sector. But this analysis is only useful if done correctly! ✅

If the use of a specialist in studies is more recommended, it is possible for a company to carry out this type of survey itself. Discurv invites you to discover the main steps to succeed in your own market study :

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Step 1: Market definition

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It is the overview of the business sector. This first step is essential for fully understand the target market 🤔: “What is the geographic dimension of the market? What is its volume, its value, its evolution? Is the market regular or seasonal?” This also includes identification of the main actors From the market, such as customers, prospects, direct competitors, and anyone directly or indirectly involved.

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Step 2: Demand Analysis

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Precise knowledge of its customers and their perceptions is required to properly assess market demand. This analysis therefore consists in determining:

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• 👀 Trends in the evolution of demand : That is to say to identify the size of the market, the quantities sold as well as the number of customers and its evolution over time.
• 🤔 The characteristics of the target clientele : Important criteria such as age, consumption habits, income, or even the place of residence explain the buying behavior of the target audience.
• 💬 Positioning and Opinions about the competition and offers already offered.
• 🧠 LExpectations and unresolved issues through existing offers.

Step 3: Analysis of the offer

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One market study successful provides a detailed knowledge of the various existing offers on the market, namely competing products and services. This will allow you to position yourself effectively on the target market 😉:”What are the different offers on this market?” “What products or services can possibly replace my offer?” 

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It is therefore essential to Know your competitors well, their prices, their financial results, etc.: “What are their competitive advantages?” “What is their positioning?” “How important are they on the market in terms of turnover? And market shares?” “Are consumers happy with these offers?”

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Step 4: Environmental analysis (with the PESTEL method)

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Now that you have analyzed the target market in detail, all you have to do is identify external factors that can impact your business and its activity. To do this, we can rely on the PESTEL analysis method 🔎, a strategic diagnostic tool that provides an overview of the business context.

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Good to know, the word “PESTEL” is an acronym mnemonic For the six environmental factors to be analyzed in this step:

Choose an expert in the field for your market research!

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As you will have understood, a company today has every interest in creating a Market study ! 😉 However, collecting this information yourself can quickly be long and tedious. Not to mention that the data collected can be complex and difficult to interpret...

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For businesses that want to benefit from accurate, clear and reliable analysis, you can call on the expertise of Discurv And its consumer studies on social networks. 📱

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Why social networks? Simply because they are an integral part of our lives: Networks are now places of exchange that Internet users use to freely share their opinions and thoughts. If the French spend on average close to 2 hours and 26 minutes per day on the Internet, it is not without reason!

So much content, opinions and information make social networks a real gold mine for marketing studies. Not to mention their incredible capacity in terms of targeting: social networks allow you to reach any BtoC and BtoB target in the world, both in France and internationally! 🌎

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That is why, since 2016, Discurv offers its customers a methodology of social media polls modern and effective, regardless of the objectives to be achieved: study of uses and attitudes, satisfaction survey, pre-test polls and post-test, brand awareness survey... and many more! 😌

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For example, the innovation team of a canned, frozen and fresh products company called on Discurv to test a new range concept with its prospects. We questioned 400 consumers of vegetable products in jars, with quotas by distribution channels (Supermarket supermarkets, local supermarkets, short circuits, organic stores, etc.).

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Thanks to this study, the company was able to:

• 🧠 Better understand the potential of the brand's products
• 👀 Identify the specificities of consumption by channels
• 😎 And finally adjust the launch strategy according to the target and the sales channel (recipe, packaging, communication...)

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Conclusion

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For a business, themarket study is an important step that offers him a better understanding of the market 💡. It makes it possible to collect and analyze a lot of information about the company's environment, its customers, as well as its competitors. This data makes it possible to optimize decision-making, to better control the influencing factors, and, in the long run, to have a very precise vision of the market in order to be able to implement effective strategies.

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Do you want to know more? 😉 Take a look at our page FAQS or contact us hither to tell us about your needs in terms ofmarket studies !

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