How to do a good market study: tips and phases

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In three years, global data generation will triple from 47 zettabytes today to around 175 zB in 2025. The benefit of this, however, will not be automatic or direct.

Big Data is set as a major challenge for the next decade to solve both the storage and processing of information . The latter is a critical phase to obtain the real value of this revolution.

For companies to succeed in the technological competition, it will mean being able to position themselves better or worse in increasingly complex and dynamic markets. In the face of the uncertainty of the crisis, data-based strategies have become primary .

Information does not solve all the puzzles, but it does help to increase the efficiency of decision-making at a time of evident liquidity crisis and the opening of market opportunities with projections into the future.

For all these reasons, today at MÁSMÓVIL Negocios we want to finland number data approach this question by breaking down everything that concerns the practical and famous market studies. Does everything end in the SWOT ?

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Planning is not an alternative
In Spain, the minimum amount to form a company , and therefore to start a business, starts at 3,000 euros . With this investment, all the steps taken from the incorporation have a significant associated opportunity cost.

The problem doesn't end there: 56% of first-time entrepreneurs end up failing , and only one in five tested products ever make it to market. To combat this, planning is essential .

Market research provides the insights needed not only to make the most appropriate decisions during critical growth phases, but also to protect the most valuable assets in virtually any situation.

Thus, research is as popular for developing products and services as it is for entering new markets, defining strategies, overcoming rivals or surviving crisis situations.

In each case, different factors will be taken as the backbone of the study. Are we talking about starting a business? Offer, distribution channels and context will be decisive. Is it a product? Portfolios, prices, segmentations and cultural values ​​will all be considered .

Market research is also for SMEs
In the past, before the arrival of the technological revolution and the consequent Digital Transformation , market studies were believed to be restricted to the space of multinationals and large business players.

The democratization of resources brought about by the Internet now opens up this world to SMEs; companies that in practice need more information about these processes. Having little experience or limited resources is no excuse .

SMEs are realising that “ analysing their future clients, and even their current ones, does not cost that much and is an investment that brings results in the short and medium term ,” Gabriel Amann , director of CPS Market and Opinion Studies, told El País .

What types of studies are most interesting? The reality is that there is no closed classification, and it will always depend on the particular objectives of each business. Amman, however, outlines the most common ones in his day-to-day work:

Satisfaction study : measure whether the products and services are correct, and identify what changes are necessary internally to correspond to the tangible and intangible demands of consumers.
Demand analysis : also known as product testing. An estimate is made of the features and prices suitable for a market launch, assuming ceteris paribus (that everything will remain as it is).
Measuring the work environment : the sample is obtained from the employees or partners themselves and the conclusions are oriented towards the internal organization. It is especially interesting to avoid common disputes between startup partners .
Audits : It is common to resort to a mystery shopper , a professional infiltrated in the purchasing process, who externally assesses the experience and highlights possible areas for improvement.
All of them are valid market studies when it comes to generating value in the company. However, before implementing them, it is necessary to know how to accurately handle the analysis tools .