Market research is crucial for any business that wants to grow in its market presence. Your role as a company is to connect to the customer, and in order to do that you need to understand your market, and what you can do to expand your reach within that market.
Market research, however, is more complicated than it often seems. You need to not only understand the broader market – you need to make sure that it’s successfully segmented so that you can figure out who your market is, where the potential is, and more.
Developing and Using Market Research Segments with SurveyMethods
- Geography Data
- Demographic Data
- Behavioral Data
This data is then parceled out within your market research to answer questions, such as:
- What are a given market’s needs?
- How will that market respond to a change in your products/services?
- Are you at risk for losing any segment of the market?
- How much profit does that market segment provide?
- What can be done to retain the product?
Segments – and survey research – give you the opportunity to answer those questions in a way that no amount of guessing or meetings could otherwise, and it’s important that you also use tools that give you that research opportunity, even if you’re still in the process of learning how to perfect it.