Market Research Data Analysis Companies
When it comes to communicating with customers, brands often fail to identify their target market. A target market is someone who needs your products or services in his/her day-to-day life. By accurately identifying your target market, you will understand the exact needs of your customers, reduce unnecessary costs, and know whom to go after with the marketing campaigns.
Therefore, it boils down to one thing – if you want to make your marketing campaign a success and enhance the profitability of your business, you will have to identify your target market! But, how do you do it? To identify the target you need to perform qualitative market research, which encompasses identifying the demographics, audience type, and other attributes associated with the customers.
If you are launching new products, you should study your competitors to gain insights as well. The biggest benefit of using qualitative market research is you don’t resort to assumptions because incorrect assumptions can adversely affect your conversion rates.
Another crucial thing one should bear in mind is that the target market may keep evolving. Therefore, you should continually keep refining your marketing strategies such that it aligns with your target market needs and ensure you are on the right path.
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How to Identify and Analyze Your Target Market : Data Analysis Companies
To analyze the target market you need to have thorough answers to the following questions:
- What are the features and benefits of your products or services?
- Are these features and benefits helping the users?
- What does your target market to shop for?
- Do they shop online?
- The age and gender of your target market
- Their average income and education
And here’s how to get started with analyzing your target audience:
Define your target market clearly – senior citizens, kids, working moms, stay-at-home moms, millennials, etc. Then determine if your products or services are exhaustive enough to cater to the needs of the target audience. Do you need to amend the offerings to maximize effectiveness? This is important because if your products or services are not fulfilling the needs or help sort the issues of target audience, then why would they buy from you!
Categorize your customers
Customers who like your products often share similar traits. You can uncover these traits by gaining information
about their age, location, gender, income level, marital status, education level, beliefs, pain-points, and occupation.
Go a little deeper and you will gain more clarity about your target audience. Find out their interests, hobbies, values, behaviors, attitudes, and lifestyle preferences. This list is not comprehensive but consider it as a starting point to assess your market size and the potential it holds. You can add more criteria to this qualitative research list to understand your customers better.
You can find more information about your industry, the market segments, your competition, and potential customers by performing a simple online search. You may also contact agencies that conduct qualitative research analysis that’s specific to your industry.
However, if you want more comprehensive and relevant market research, you may seek the services of a market research company. A market research firm will conduct a thorough qualitative analysis on behalf of you so that you can focus on your core competencies.
Check out your competition
Keeping a check on your competitors is essential to sustain in the ever-evolving marketplace. Start your competitor research by understanding why customers purchase from them, what is their market positioning? What are the prices of their products/services? Which social media platforms they use to interact with their customers? What makes your offerings better than them?
If your competitors are doing extremely well, then budding entrepreneurs should probably avoid entering a similar market. However, if their audiences aren’t satisfied with their products/services, it may be a great opportunity for you to compete.
Conduct primary research
Primary research is research wherein you gather data directly from the consumers. Now, this type of research could be a little expensive but it will allow you to obtain specific answers or feedback about your business, products, or services. Here’s how you can conduct primary research:
Surveys: Consider sending surveys to existing and potential customers via mail or email.
Interviews: Talk to customers who you think could be your target market. You can ask a few questions to customers directly at a tradeshow, a park, or a shopping mall.
Focus groups: You can also gather a small group of people together and get feedback from them via group discussions and QnA.
ACT IN A BUSINESS-SAFE MANNER, WITH DATA ANALYSIS
Efficient data analysis offers companies many advantages. Among other things, corporate data becomes more transparent, errors are exposed and manipulative treatments to avert damage are made possible. Selecting the right data analysis software is important for success, as is its effective and efficient application. With the advantages of using data analysis companies can reduce their business and entrepreneurial risk.
Again, conducting primary research is time-consuming and expensive. You can entrust your primary market research requirements to us at The Analyst Agency. With extensive experience in market research (both qualitative and quantitative), business analysis, sales & marketing consulting, media & industry analysis and digital transformation, and with a wide-range of organizations over the world benefitting from our services, we believe we can help you get ahead of the curve and outclass the competition.