I can almost picture you: You have developed a product that already has its first customers and now you want to do more. Surely you would like to understand your current market and perhaps develop better strategies and a good case to seek investment or financing.
This is the guide you need to read then.
TI will help you understand what the market study is about and how to do it.
Current Market How well do you know and understand it?
What is the study of the current market?
Studying the current market acts as a risk reducer and allows you to visualize the potential success of a product or service. This allows us to determine specific targets of interest to the company, such as:
- What are consumer opinions on the competition?
- What are your needs?
- What are your expectations of the product?
- Which tools could improve our positioning?
In this way it is possible to develop a marketing strategy that meets the needs and preferences of the current market; increased its attractiveness, receptivity and reciprocity of the message.
The most advisable thing is to learn about market trends, inspect the competition and organize tests that encourage the potential customer’s interaction with the product. In this way we can determine:
- The level of conspicuousness.
- The level of satisfaction.
- Points of comparison with the competition.
- opinions and suggestions.
“Putting a product on the market without a proper degree is like moving to another country without knowing the language”
What are the objectives of a study of the current market?
Depending on our needs as a company, we will focus on the objective of the study. In general, however, it aims to clarify the general situation that can arise with our product. This allows us to:
- Define specific problems.
- consumer trends.
- consumption points.
- type of competition.
- product needs.
- Examine the current market situation.
- Describe potential customers.
- Describe the intention to purchase a product or service.
It should be noted that in order to conduct a market study, it is necessary to focus on our target audience and direct our attention to knowing them properly.
What are the current market trends?
Since the beginning of the 21st century, the market has revolved around technology and telecommunications. Thanks to the arrival of the Internet as a new consumption habit, the personalization of the service, e-commerce and free service platforms lead the panorama.
The competition is much more insatiable, and recognition on social networks and positioning on the web affect the level of trust a potential customer has in relation to the product. Luckily, thanks to the right segmentation of the market, there is a wide variety of consumers.
The strategic point to attract the interest of the current market is to add value to our product or service. In this way, our competitiveness increases and there is a differentiator that builds customer loyalty.
It is best to delegate this study to a professional in the field. However, the costs involved force many small businesses to skip analyzing their product situation. Some of the tools used for this study are:
- product testing.
- job interviews.
- social experiments.
- Analyzing the profile of the potential consumer.
No matter how great your business idea is, a study of the current market is always necessary and important. Remember that you are playing with the future of your company. The market study allows you to create an ideal strategy to attract customers, increase sales and build loyalty. Our team can determine if…
Interesting article: How do you do a good market study?
“For every product there are customers, it is enough to know where they are hiding”
At empreder-facil.com we have taken care of writing three articles to help you make a study of the current market. Grab pen and paper and determine how to run your business the right way to ensure profitability.