What types of data do you need for your market research

Market research is an essential step in business, whether you are designing or launching a new product, reorienting a marketing strategy, or trying to learn the market.

Today, market research analyzes market information and helps make strategic decisions. Given the importance of these decisions, market research must have reliable data. A specific type of data that must be collected exists at each stage of market research. The data collection methods are mainly desk studies, surveys, and polls.

The first step in market research is to define the market. This step consists of analyzing the evolution of the market, directly or indirectly competing products or services, and key players. The statistics of the field of activity in which the company wants to operate must also be collected. They can be found in research institutes, chambers of commerce, or sectoral professional organizations.

The second step is the in-depth analysis of demand and supply. During this stage, it is ideal to study the overall evolution of supply and demand, the consumer's purchasing behavior and how the demand is segmented, and the characteristics of the supply and competitors. It will be necessary to collect information relating to each of these sub-stages. The data sources can be the same as ones from the previous step, and polling institutes and consumer associations can be additional reliable sources.

The third and final step is the analysis of the business environment. The environment consists of all the elements that influence the life of the company, which are the political, economic, social, technological, ecological, and legal environment (PESTEL analysis).

There are a variety of sources available, and the reliability of these sources conditions the success of the study. The more reliable the information collected is, the more appropriate the strategic decision is to the market. Choosing the right sources is essential, and it is necessary to have trustworthy sources such as business agencies, polling institutes, government agencies, and press reviews.

Sweet Tips from Ally

1. Use research institutes, chambers of commerce, and professional organizations to find accurate statistics.
2. The PESTEL analysis is a must when analyzing any business!
3. The SWOT analysis can also be a useful guide to spotting competition in the marketplace.
4. Always make sure your sources are trustworthy and reliable.