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Market Research: Definition, Benefits and 3 Types You Can Utilize

Updated: Oct 4, 2022

The process of shopping has drastically changed, even in the last five years. Have you considered this when designing/updating your marketing strategy? The way consumers shop and purchase items have progressively changed as time and the internet has progressed. That means companies need to stay ahead of the curve. One way you can do this is by conducting market research. Never heard of the term? You’ve come to the right place. In this blog, we will cover what market research is, its benefits, and three ways you can utilize it in your business.


Market research is one of the many services that we offer here at Elemental Plans and if you’re looking for a more tailored approach or even more information about the topic of market research, click the link here, https://www.elementalplans.com/contact, fill out the short form, and someone will be in contact with you as soon as possible!


Let’s dive in first by giving a brief overview of what market research is.


What is market research?

Market research is the process of gathering information and analyzing the results of data obtained from your target market or even a defined segment in your business. This data can take many forms, and you can learn a lot about not only your own business but your competitors as well. Data obtained from market research can include information about:

  • Your consumers and their shopping habits

  • Supply and demand in your market

  • Competitor products

  • Gaps in the market

  • If your marketing efforts are effective

As you can see, the amount of information can be truly valuable to any business.


Why is market research important?

Market research is a way for you to gain business insights about your customers, products, competitors and so much more. It can help you not only identify gaps in the market but potential threats to you and your industry. After reading about what market research is and what it can do for you, it seems silly NOT to conduct research now and again. Especially if you are wanting to expand your business and bring in more customers, market research is necessary.


Different types of market research

There are many different ways to conduct market research, and you should choose one that fits within your budget as well as the one that you think will get you the best insights. We will cover the three we think would be the best options overall, but again, there are so many different options to choose from.


Focus Groups

This is a great option for any type of information you are wanting to attain. This option may be best for product demos or even getting feedback on advertisements before they hit the public. This may be one of the most expensive options, but the amount of valuable information you can obtain may outweigh the hefty cost. For a focus group, you will interview a group of specifically chosen individuals about a chosen subject. This could be demoing a new product, asking questions about an existing product, getting feedback on a new ad campaign, or anything else that you can think up that could work in a group setting.


Buyer Persona Research

If you are not quite sure who your target audience is or need help defining more specifically who you should be targeting, this would be a super informative option for businesses. Not only will it help you better define who you need to be marketing to, but it can also shed light on why they want your product/service and what they are looking for in a brand or business.

Competitive Analysis

Competitive analysis is exactly what the name implies. You are wanting to conduct research on your competition in your market area. You may gain some understanding of how other brands in your industry are doing so well and what you can do to differentiate yourself from them. You can gain valuable knowledge on what products other companies offer and if there are any major gaps in your industry you can get a jump on them.


Wrap Up

Elemental Plans does offer buyer persona research and competitive analysis, along with many other services. You can check out our services page here, https://www.elementalplans.com/services. If you need help identifying your target audience or any other type of market research, please give us a shout!


Market research is an essential task for any business in order to grow and prosper in today’s economy. Regular market research can benefit you and your company in numerous ways and we hope we have shed some light on why and how to conduct it.


Resources

HubSpot Blog, “How to Do Market Research: A Guide and Template”, Debbie Farese, August 18, 2022, https://blog.hubspot.com/marketing/market-research-buyers-journey-guide, Accessed September 21, 2022

Similar Web Blog, “Market Research: What It Is, Why It Matters, and How To Get It Right”, Molly Winik, August 3, 2022, https://www.similarweb.com/corp/blog/research/market-research/what-is-market-research/, Accessed September 21, 2022


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