Market Research

Rather than gathering information about the market, the target and the competition, the Market Research allows to guide and define the priority decisions to be taken at each stage of the project/brand/product/service. This can be of two types:

• Primary Research: collection of information on sales results and competition, through interviews, surveys, questionnaires or focus group (sample of potential consumers).
• Secondary Research: analysis and evaluation of data that have already been published by other entities, to observe the competition, references and identify targets.

But what is the market research for?

To launch a new product or service in the market, to know the profile of the target (sociodemographic data, personality and lifestyle or behavior towards the product/service) and their needs, to understand the strategy used by the competitors, to analyze the suppliers, to size the market, identify new trends and evaluate the performance of products or services.

Recommendations:

• Define the product/service to be launched
• Identify potential customers and their characteristics
• Create a set of questions to put
• Analyze the results and define the actions to implement

Thus, Market Research is considered a crucial step, because it will make all the difference between the success or failure of a new product/service in the market!