Market Research & Analysis is the backbone, foundation, and building block to your marketing strategy and overall growth of your company. Market research means collecting information from customers to make better, more informed business decisions. Market research can be used to answer questions such as prices consumers are willing to pay, specific products they prefer, and which locations are most profitable. It is important to understand customers’ interests, problems, and needs so that you can meet your customer where they are at. Market research is valuable because it allows you to understand your users. Without this information it would be hard to predict and understand what is and isn’t working for your business. This information is critical in deciding if business decisions are working or not and ensuring the most cost effective decisions. Do you offer the lowest price? Unparalleled service? A unique product mix not available elsewhere? Forbes Magazine knows before investing significant time and money in starting your business, you need to find your niche and determine your clients’ willingness to pay for your offering.
Market analysis is similar to market research. However, it contains information about the entire market including competitors. Market analysis includes information collected through market research as well as data found from competitors and the market as a whole. This information can then be analyzed to support or discourage certain business decisions. For example if a business is seeing a decline in customers while their competitors are seeing an increase, it could be a sign that the competitors started offering something new that is resonating with customers. This analysis would encourage the business to add new factors to keep themselves competitive.
Together, both market research and analysis are important to an effective marketing strategy. They help you understand your customers and stay up to date with changing trends and preferences. LMA recognizes the importance of this research and we have the necessary tools and experience to provide your brand with the current information about not only your market, but competitors as well. Using this information, LMA can help make logical business decisions for your brand that will result in more effective marketing.