Market is an arena where buyers and sellers meet to negotiate transactions for goods and services. It may be a physical location, like retail stores or auction sites, or virtual, like internet-based marketplaces and social media platforms. Markets are driven by a combination of factors, including buyer demand and availability, supplier production and pricing, and the competition for those goods and services.
Primary market research involves collecting data about your industry and customers from multiple sources. It can include reviews, industry quadrants (like G2 Crowd and Capterra), competitive analysis, and a survey of your target audience. Review mining can reveal the exact words that your audience uses to describe their problems and desired outcomes, while social listening on LinkedIn, Reddit, and industry forums can uncover pain points and feature requests that competitors fail to address. Surveys of your customer base can provide insights into purchase triggers, price sensitivity, and satisfaction with current products and brands.
Secondary research also includes statistical information from sources such as the US Bureau of Labor Statistics and industry reports from companies like Gartner and Forrester. These can help you understand the size of your market and how it changes over time, including growth trends.
Once you’ve collected the necessary data, make sure it’s put to work by sharing your findings with stakeholders across your organization. Involving marketing, sales, product development, and other departments will foster alignment and ensure your insights drive actions that align with company goals. Regularly updating your market analysis will also allow you to spot shifting market conditions and opportunities faster.
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