One of the first steps in starting a business or launching a new project is doing research. Every business has its target users and it’s difficult to understand their habits, expectations, and behaviors without doing market research.

So, what is market research? Market research is the process of gathering data and information pertaining to your target audience. It helps in understanding how viable a product or service is before entering the market. You will also gain an understanding of industry trends and what motivates buyers.

Common types of information used when conducting market research include:

• Demographic Data: Age, gender, income, education, and occupation.
• Psychographic Data: Attitudes, values, and lifestyles of the target audience.
• Behavioral Data: Buying behavior such as purchase frequency, purchase history, and brand loyalty.
• Market Trends: Information on emerging technologies, new competitors, and shifts in consumer behavior.
• Competitor Data: Strengths and weaknesses of competitors, like pricing strategy, marketing tactics, and products.
• Customer Feedback: Customer satisfaction, customer pain points, areas for improvement, etc.

 If you are interested in learning how Envision Greater Fond du Lac can help your business with market research, please contact our Director of Business Intelligence at [email protected]