How to conduct market research? Simple tips
Posted: Sun Dec 22, 2024 7:19 am
What exactly is market research? Is it the same as analyzing competitors and growth opportunities? Is it only worth doing when starting a business, or at a later stage as well? We will try to answer these questions in this article. Virtually every entrepreneur has faced similar dilemmas at some point. Questions such as:
What color should the logo be?
Whether product prices should be low or very low.
How to reach customers in the most philippine cp number effective way
These questions are on the minds of every entrepreneur. Some choose to proceed by trial and error, completely ignoring the potential benefits that reliable market research could bring.
Especially in times of crisis, which, due to a pandemic, will probably soon hit the global economy, it is worth using any knowledge that gives you an advantage over your competitors.
Market research: expansion into new markets
More and more companies are going online and trying to operate internationally. This is not surprising, as the Internet is more suited to this than any other medium. However, before you decide to target foreign customers, it is worth doing some market research. We may seem to live in a global village, but consumer preferences can still vary greatly from one country to another.
And without a thorough understanding of the market, it's easy to make a spectacular mistake. There's no need to be ashamed: it's happened even to the largest companies. Take an example from the automotive industry: the name of one of AUDI's popular SUVs, the Q3, is read as "miserable" in Spanish-speaking countries. This, like many other examples of blunders, undoubtedly had an impact on the sales statistics of this vehicle.
What color should the logo be?
Whether product prices should be low or very low.
How to reach customers in the most philippine cp number effective way
These questions are on the minds of every entrepreneur. Some choose to proceed by trial and error, completely ignoring the potential benefits that reliable market research could bring.
Especially in times of crisis, which, due to a pandemic, will probably soon hit the global economy, it is worth using any knowledge that gives you an advantage over your competitors.
Market research: expansion into new markets
More and more companies are going online and trying to operate internationally. This is not surprising, as the Internet is more suited to this than any other medium. However, before you decide to target foreign customers, it is worth doing some market research. We may seem to live in a global village, but consumer preferences can still vary greatly from one country to another.
And without a thorough understanding of the market, it's easy to make a spectacular mistake. There's no need to be ashamed: it's happened even to the largest companies. Take an example from the automotive industry: the name of one of AUDI's popular SUVs, the Q3, is read as "miserable" in Spanish-speaking countries. This, like many other examples of blunders, undoubtedly had an impact on the sales statistics of this vehicle.