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MARKET RESEARCH
KNOW YOUR INDUSTRY

 WHY MARKET RESEARCH?

When you start a business or want to launch a new product, there are two approaches one can use to bring their product or company to the market. The first approach is to just enter and adjust along the way. The other approach is to research your industry, market, audience, and strategy to create a plan to enter the market. This second approach has a much higher success rate. This is where market research comes in.

Market research involves all of the planning to take your brand to the marketplace. It is the most effective way to forecast opportunities and threats for your company! Properly conducted research will provide you an in-depth understanding of your industry’s market, competitors, consumers, and your corporation’s target market. Your business’s marketing efforts will consistently miss the mark if you do not have an understanding of this analysis. Market research ensures that your company’s advertising and marketing are effective in generating actual revenue.

At Boiling Point Media, we use the latest market evaluation resources and tools to collect relevant information about your industry and the market environment for your product or service. We help you understand important external factors that affect your business. This includes information concerning political, legal, economic, cultural, or social issues that could impact your market and business. We also provide you with information concerning your target market and any gaps in the market, new market trends and where new opportunities exist for your business in your market.

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WHAT YOU CAN EXPECT FROM OUR MARKET RESEARCH SERVICES

Market research gives you the tools you need to make tangible, long-term goals and decisions for your business. Our team at Boiling Point Media in Oklahoma will gather information on your current customers as well as potential customers. We provide valuable insight into your customer’s attitudes and beliefs concerning your business as well as the products and services you provide. Our consumer research will include:

  • Consumer research and customer profiles
  • Social and lifestyle trends
  • Competitors and competitor profiles
  • Target audience and demographics
  • Market perception
  • Market share and industry evaluation

STILL HAVE QUESTIONS? NOT A PROBLEM! 

Market research is the process of determining the viability of a product or service through interviewing potential customers, competitors, as well as finding published data. Market research allows a business to uncover their target market while obtaining opinions and other feedback from potential consumers about their interest in the product or service.

Market research is important to a business because the research will help to identify problems & opportunities within the industry as well as understand the needs of existing customers and why they would choose your service over a competitor. This information will allow you to make well-informed market decisions about your services and develop effective marketing strategies.

The four main uses of market research in business are:

    1. Customer satisfaction 
    2. Brand awareness 
    3. Viewing figures & usage 
    4. Monitoring performance

The market research techniques that are the most commonly used are

    1. Surveys
    2. Consumer interview
    3. Focus groups
    4. Observation

Begin by looking at the entire industry, the market potential, as well as your service area. Market research for startups is just like performing market research for any other business. You should start with specifying the companies you are going to analyze as well as the market audience for your product and service.