Market study: identification and targeting

02/17/2023 By Iara Neme 2 Minutes

Contents

What is it?

A market study is a survey that aims to collect important data about the market niche in which the company wants to enter, presenting quantitative and qualitative aspects that can help in making more assertive and efficient decisions.

The market study can act as a guide that allows the understanding of quantitative and qualitative aspects of the sector in which the company operates, in addition, it allows the increase of the efficiency of the marketing campaigns.

In this way, it is also possible to identify the target public, the competitors, the consumption behavior of the buyers and the most profitable segment of the company's niche.

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Essential Aspects of a Market Study

Some aspects available in a market study are:

Segmentation: identification of the profile of buyer’s groups according to needs and preferences;
Competition: evaluating the competition is important to offer different possibilities and solutions that add value to your company;
Regulation: the market study must consider the costs of bureaucracy and hiring;
Target market: identify a niche market that has the potential to generate profits;
Entry barriers: refers to the difficulties that need to be faced to enter this niche market;
Target market needs: knowing the needs of the target audience of the niche market and understanding how the product or service offered by your company can meet these needs;

Why do a Market Study?

The market study guarantees knowledge for the company, the more the company understands about its niche, the more efficient its strategies will be, in addition to its goals and objectives becoming more realistic.

Knowing from real information how your target audience behaves, what their needs are and how your business can act to offer solutions and supply these consumers, allows the formation of solid strategies that bring more consistency to the company's marketing.

Furthermore, a good market study contributes to a better positioning of the brand, making the decisions taken more assertive so that it differentiates itself from competitors and obtains a prominent position. In this way, the study is an extremely useful tool in view of the high competitiveness and speed of consumption today.

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