Market Research North American Insights

To compete in today's increasingly competitive marketplaces, you must stay up to date on industry developments. This is where well-conducted market research can help. In this post, we will investigate: What is market research, and why is it importan Various market research types and approaches. How to conduct market research.Market research is the act of acquiring and analyzing data about your company's target audience. The key goal is to find out who your customers are and what they desire. Market research can assist you answer questions such as the following Market research analysis is more than just tracking figures. It goes one step further by seeking to figure out the "why" underlying the figures.Market research can be time-consuming and resource-intensive. Be strategic about when you perform your study.

Here are four occasions when you might consider undertaking market research Before you start a new business or venture: Initial market research enables you to discover competitive items, pricing structures, and marketing efforts of your competitors. Before entering new markets, you must first understand your potential customers. Economic developments, rising trends, and cultural values vary from place to place. Market research allows you to avoid costly mistakes. Before creating or releasing new products or services: As your firm grows, you are likely to introduce new products and/or services. Before making any major decisions, you should first comprehend the current market conditions.

Follow-up research should be conducted after any of the following starting a new business, entering new markets, or offering new products or services

This will assist you in determining what is effective and what requires improvement. Aside from the conditions described above, you should continually be aware of industry trends and advancements. Markets and customers are always evolving. It's critical to stay informed. Secondary market research is the collection of data from third-party sources, such as public or private databases. Because the data is already available, it is often less expensive. And less resource-intensive. Company reports are reports made by companies regarding their own enterprises (e.g., company websites, investor relations websites, Yahoo Finance, Google Finance). Statista, Pew, Gartner, and Forrester are examples of industry statistics, which provide information and data about entire industries rather than individual enterprises. White papers are authoritative market analyses made by third parties on a specific topic relating to a given industry (e.g., trade publications, market research firms).

Government agency data: Government-collected data shared with the general public (e.g., Bureau of Labor Statistics, Census data, and the Securities and Exchange Commission). Secondary sources provide a macro-level view of your industry as well as information into other market competitors. Simply ensure that the facts and insights are accurate and reliable by citing credible sources.The ideal market research strategy relies on what you want to learn about your market. Of course, you can combine several ways to gain a more complete picture. Here's a summary of the recommended methods based on your market research objective:Interviews allow for in-depth discussions with members of your target audience. They can be free-flowing and unorganized. Or organized and detailed.

Before conducting an interview, consider what type of information you require and create a list of questions. Here are some questions you might ask to address various aspects of business:Competitive analysis is the process of looking at your competitors' products, services, prices, promotions, and other activities. By analyzing competitors, you can avoid their mistakes, copy their achievements, and remain at the forefront of your business. To do so, use a competitor analysis tool such as Market Explorer. After entering your domain and your competitors' domains, you will receive a comprehensive snapshot of your market (including size, traffic, and consolidation). In addition, you will receive extensive information on your top competitors. Focus groups are group interviews in which participants can test your product, give feedback, and answer questions.

They provide insights on your target audience that would be impossible to obtain using other ways

Focus groups are normally comprised of five to ten persons that represent your target population. Sessions are typically recorded.Market segmentation is the process of dividing your market's audience into categories. There are various ways to segment your audience; here are a few examples: Demographic data (e.g., age, gender, locality) socioeconomic characteristics (such as household income and employment position) Psychographic characteristics (such as interests, desires, and preferences) Thinking about your market audience in categories helps you understand how to better suit their demands and ensure that your marketing efforts are effective. Semrush's.Trends tool package may help you uncover demographic, socioeconomic, and psychographic data for any market audience.

For example, Market Explorer can provide a wealth of information about your competitors' target audiences. (Or almost any audience on the market). Let's take Nike as an example to explore what we can learn about their target demographic. This "Audience" report includes data from Nike's most popular websites. A short look at the data reveals key information about Nike's target market population. For example: The audience is relatively evenly split between males and females, with the 25 to 34 age group being the largest component. The bulk of the audience chose YouTube as their social media platform of choice. Nike's target demographic is primarily interested in retail websites. This information allows us to make educated assumptions about the products our target audience may be looking for. Market such products on the platforms where this demographic spends the most time. Next, use the One2Target tool to acquire more information about a specific competitor's audience.

It contains information about the audience's household size and income level, employment status, educational level, and much more

Here are some observations we've made about Nike's target market audience: The bulk of Nike's audience lives in households of three or four individuals, indicating Nike is popular with families. Most of Nike's clients are middle- or low-income. The bulk of Nike's audience works full-time, but it's intriguing to see that a large section of the audience is homemakers. Over 90% of the audience has graduated from high school or attended college. This additional information allows you to construct buyer personas, which are profile renderings of your ideal clients. This allows you to better target marketing initiatives.SurveyMonkey and Google Forms offer survey templates, distribution tools, and data organization and presentation options. Some social media sites also allow you to conduct surveys with your audience.

You can utilize our free buyer persona templates. Your finished buyer persona profile will be like this:All of this allows you to more successfully target your advertising by providing messaging that your clients relate to, in a language they understand, about things they want and can afford. Market research, white papers, and consumer review sites all give valuable information for your organization. The same is true for firms such as Pew, Gartner, Ipsos, and Forrester. Use websites such as G2 and Trustpilot to find reviews and ratings. They provide information on client experience and satisfaction with your firm and competitors. Observation-based research entails seeing individuals in your target audience interact with products, services, marketing materials, and so on. The way individuals react, ask questions, encounter hurdles, and respond in various ways provides valuable insights about how to improve. Surveys enable you to engage with your audience and get immediate feedback. Conduct online surveys to reach a large number of participants and receive responses promptly.