There are several reasons for wanting market research.
Are you creating your business? Launch a new product? Do you want to increase your business activity? Or do you specialize or diversify?
A market study will then allow you to have an overview of the opportunities and actions to be put in place to get started, in other words, it is essential.
What is market research?
You must already have some idea.
- This is a global and in-depth analysis of the chosen market . Attention will initially be paid to the analysis of the environment, to understand the functioning of the market, its opportunities, its threats, its history, trends, key figures… a very broad view of the market in the end.
- From there, follows a study of the offer , which will present to you all the competitors in direct or indirect link with your project. Their adaptation to the market, their way of functioning, their services, their history, their location, their target, how they reach it etc… An essential analysis to understand the behavior of your competitors.
- Finally, the last part of the market study, which is just as crucial, aims to analyze the demand, whether it is the acquired consumers or the potential demand. This part of the study can reinforce the launch of your project if the interest of the people surveyed proves to be conducive to its launch. It can reveal other relevant and practical information depending on what you want to know, but also identify a typical persona.
As you will have understood, this file in three complementary parts allows you to have an overview of the environment, of all the players, but also an analysis of the different markets in synergy with yours.
In other words, it will give you the keys to entering your market .
The purpose of this file is to help you build your project, so that you know both the strengths and the weaknesses of the market and its players, but also its expectations.
The essentials of market research
In the sector analysis you must therefore find:
- The size of the market, more precisely the overall evolution of the number of market players and markets in synergy with yours;
- The market shares of the major players;
- Market trends;
- Key success factors;
- Historical knowledge;
- Opportunities and threats;
The Competitive Benchmark
This must identify all the elements useful for understanding and analyzing the behavior of market players . But also competitive intensity. You should find there:
- Essentials, such as the benefits, services, history, location, prices of each actor;
- Economic, such as turnover, profitability, or all information relating to the economic health of the market.
Regarding the study of the request , the information to be found depends on what information you are looking for. This can be your target’s budget, figures relating to the target’s interest in your project, etc.
The study of the request
This study makes it possible to collect the interest of a target population with regard to a product or service. It is a means for you to know if you should enter a market or not. Here are the main methods:
- The administration of questionnaires : quantitative method which aims to survey a target population, and thus collect statistical and comparable data. All this in order to know the interest of the latter.
- Conducting semi-directive interviews : also called qualitative interview or in-depth interview: lasting 30 to 45 minutes, it helps to understand the needs of the interviewee. The investigator has a real power to follow up to fully go into detail. He then produces a detailed report by way of a report.
- The focus group , also called discussion group: qualitative method which aims to bring together a group of people to discuss a subject. It makes it possible to better understand the opinions of users or consumers about a product or service.
Use the relevance of market research for your project
For a useful market study , which you can use during appointments at the bank, in front of investors, or other organizations before which you will have to present your project. It is essential that the study be tailor-made to your needs. You can find comprehensive and ready-made studies on the internet. But to have a file where the analysis is made directly around your project, it will be necessary to go through consulting firms, or Junior-Enterprises (less expensive). We have already highlighted the relevance of presenting such files in our articles: What is a Business plan? and 4 steps to create your business in 2023 .
Advantages ? You can already find them in our article: Why use ESCadrille?
What is very important in the idea of using this type of establishment is that you have a certainty of neutrality when carrying out the report.
Don’t hesitate any longer, take the plunge!
For more than 45 years, we have been supporting all types of clients in their project with expertise in market research . In particular, we carry out sector analyses, competitive benchmarks, demand studies, whether complementary or independent.
But not only ! We offer many services that will meet your needs. Among them, business plans, communication plans or commercial or internationalization strategies.
Finally, we suggest that you carry out an oral defense ourselves with the investor. To answer his questions and bring more credit to the report.