How to Understand Your Marketplace

Before you can conduct any meaningful research to benefit your business, you must first be able to understand the marketplace your organization serves. A marketplace refers to your customers, their characteristics, and how your company operates in order to fulfill their needs with your products and services. Prior to developing a strategy to win more customers, you will also need to study your competition and the driving forces behind growth in the marketplace. In order to be successful in your industry, you must be able to complete online market research that gives your organization a deeper understanding of the competition, the factors that are a threat to success, and how your company can leverage its strengths to stay one step ahead.

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Find Out “Who”

One of the first things you need to do in order to understand your marketplace is find out who the competition is. Who makes similar products, and what is their overall market share? What strategies do they employ that help them grow their business? Answering these questions allows your company to identify growing players in your industry, as well as tactics that you may think about using to improve your relationship with your own customers.

“Who” also relates to your customers – those that have the final say in whether or not your products are purchased. What values do your customers hold? What is a consumer’s typical purchasing behavior? How do your target customers feel about your latest brand initiative? Online market research helps find answers to these questions so your business can be better in tune with the key role players in the market.

What Is the Marketplace?

While it may sound simple, being able to describe your market in basic terms is anything but. To be able to understand your marketplace and how you can succeed, your team must know what makes it tick. Study how your products test in various segments of the United States or in countries around the world. It is also smart to see the current state of the market in terms of monetary volume and competition, and to compare it to where it was five or ten years ago.

Uncover trends in your industry and compare them to past projections to see how the marketplace may grow in the future. Using the insight you gain from this research helps you see new opportunities for expansion, as well as obstacles to overcome.

Where Is the Marketplace?

Are your customers shopping for products in a physical retail location, or is more money spent online? Have you seen a surge in purchases from mobile devices? Build a market research plan that engages your consumers and clients so that your business can see the current business landscape and make any necessary changes or improvements. This will help improve your relationships, and give your research team the data and information needed to outperform the competition.

Focus groups connect you with consumers directly, and provide qualitative results that lead to more informed decisions, because today’s businesses are run on more than just quantitative questions and answers. Learn more about how market research can give your organization a better understanding of the current marketplace by contacting a representative of e-FocusGroups at (707) 585-7363.