Market research definition is something every sales company should at least be thinking about. The fact is that once you investigate this interesting topic more thoroughly, you can succeed more easily. Today’s competitive environment requires companies to think and investigate before acting. Moreover, investments must be carefully thought through so as not to make an expensive mistake. Spending a while with us by reading this blog article and understanding the market research will help your business to acquire a tool to enhance its competitive advantage.
Start by understanding market research definition
It is good to spend a while to understand the market research definition. First of all, it includes multiple aspects covered by the term. Many recognize market research as focusing solely on studying consumers and what they want to buy. However, market research definition extends all the way to the competitors. Hence, it is a useful tool for companies that are entering a new market. No company should enter a market full of competition since the operating environment could be very harsh. Even in the strategy discussions, the famous blue and red ocean strategies emerge as an important aspect.
- In the desirable blue ocean strategy, your company should find the market opportunities where there is no competition.
- In the red oceans the market is already saturated with operators leading to smaller margins.
Katrium has acquired 17 years of experience in conducting market research and all of its different subsections. Do you want to research your market and understand the competition around you to gain competitive advantage? Let’s have a meeting and discuss your case in particular.
Use market research definition to map out blue and red oceans
Market research definition allows your company to find the formerly mentioned blue and red oceans. Choosing the wrong market to compete at can become costly. In the worst case scenario it can even lead to companies going out of business. Conducting the competitor analysis which is part of the market research, allows your company to understand the operating environment.
Competitor analysis can help to recognize what the other companies are actually doing in the market as well. Knowing what others are doing could give your company an opportunity to separate from the fiercely contended market. Moreover, separation allows you to acquire competitive advantage over the others.
At Katrium we are specialized in every field of the market research definition. Therefore, we can help your company to discover the state of competition. In particular, our services are tailored to your needs with flexibility and competitive pricing. Should you have any questions, contact us and let’s have a chat.
Market research to analyze trends
The Eastman Kodak company used to be a big American camera film maker. However, failing to acknowledge market disruption and conduct proper market research led the company close to filing bankruptcy in 2013. Kodak is a famous example where market research could have helped the company to steer the direction before hitting the rocks.
In short, Kodak did not recognize that new market trends were emerging. In particular, digital cameras replaced the ones with camera films. The definition of market research includes a tool to investigate what consumers are looking for. Therefore, It can help your company to understand the market and avoid heading down.
Understanding consumer trends helps keep your business on the track, especially as these trends evolve over time. The definition of market research also encompasses understanding these trends, which factors such as culture can influence and vary in timing across different regions of the globe.
However, when talking about the consumers, 70 % expect the companies to deliver personalisation and are disappointed when not getting it. This is a typical case where is the market research definition proves useful, as it helps to understand customer needs. One could say that company success comes like in a marathon, and market research is the physical condition to conduct it. One can only succeed with the other.
Understanding the trends and adapting them to your customers can be very hard without having information or data to explain it. Therefore, we have developed our market research service at Katrium. It helps you acquire data to raise awareness and align your operations with customer expectations.
Market research definition covers advertising as well
Market research definition takes into account the marketing advertisements as well. Marketing advertisements are the most important ways for companies to interact with their customers. It accelerates the sales and helps potential customers to find your products and services relevant for them. For instance, 75% of Instagram users who see an advertisement tend to click “like” or visit the advertiser’s site. Therefore, social media advertisement can be seen as an effective tool for the ones aiming for inbound marketing.
Additionally, social media advertisements which are informative, entertaining and appeal emotionally have the greatest effect on the audience. The stakes in advertising are high, with identity and marketing expenditures in the USA reaching around 10,4 billion USD in 2023.
At Katrium we offer services for content creation as well as SEO optimization to enhance your company visibility and increase reachability of your inbound marketing. We expertise in offering our services with flexibility while increasing your competitiveness cost effectively. Let’s schedule an appointment and plan together how you can exceed your marketing goals with our services.
Market research in conclusion
Market research definition does not only include understanding the customers and what they want to buy. Instead, market research definition has multiple different aspects that together can enhance the competitiveness of your business as well. All in all, market research definition include consumer preferences, advertisements and competitor analysis. This multifaceted term is often more than many can even imagine.
However, at Katrium, we hope that this blog writing clarifies market research definition for you. Moreover, it discusses the potential tools to conduct it. In essence, market research harnesses the customer centric approach that consumers expect. Should you have any questions about these tools, we are always happy to answer. Want to know more about Katrium? Visit our website here.
