One of the most important steps to take before starting a business is to conduct market research, done to create effective business strategies.
The following provides some information about market research, its definition, objectives, and some effective research methods, designed especially for [business] beginners.
Market research, also known as marketing research, is an activity that forms part of a marketing strategy that assesses the effectiveness of the products and services offered to the general public, with its purpose being to gather data as insights for marketing efforts.
In addition to assessing the effectiveness of products or services offered to the public, market research has other objectives, such as:
Firstly, market segmentation research aims to identify target markets and determine who the appropriate consumer targets are for the products or services to be offered to the general public, which is crucial for aligning products or services with consumer interests and addressing their needs.
Secondly, while sales research is conceptually different from marketing research, the two are still related. Sales research facilitates the analysis of sales data, and with this information, we can see which marketing activities influence the volume or achievement of sales targets.
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Thirdly, when starting a business, planning research is an integral part of business planning that should be conducted. Through marketing planning research, you can gain insight into the marketing targets for the products or services to be sold, simultaneously determining the marketing strategies.
Fourthly, branding research determines whether your products or services are recognized by the public, playing a crucial role in overall marketing activities; a strong brand can foster consumer trust in your offerings, which in turn helps to boost sales.
Fifthly, competitor analysis research provides information about the competition for products or services that may be similar to yours. In other words, by conducting competitor analysis, you can identify the strengths and weaknesses of competitors while also spotting opportunities so as to gain a competitive edge in the marketplace.
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Lastly, pricing research is an essential type of research because it helps you set appropriate prices for your products based on consumer affordability before launching them in the market. According to data from Katadata, household consumption is projected to be the highest contributor to Indonesia's economic growth in 2023.
After understanding the definition, objectives, and types of market research, here are 7 effective methods for beginners looking to conduct market research themselves:
Firstly, identify which products or services you want to offer and ensure they are acceptable to the public, which is important for making your market research more efficient and preventing it from losing focus.
For example, if you want to find out which platform customers prefer for online shopping, simply collect data from each platform and rank them from most to least popular.
The same approach applies when conducting market research for the products or services you wish to offer.
Secondly, when conducting market research, there are four types of approaches with different objectives:
These four methods should be carefully considered to ensure that your business strategies run smoothly and are well-received by the public, as they align with the needs of many people.
Additionally, you need to determine the data collection methods, such as qualitative and quantitative research, primary data collection, surveys, interviews, focus groups, observations, product testing, and secondary data gathering.
Thirdly, the representation of the typical customer for a business is known as the buyer persona.
Generally, buyer personas are created to reflect the true profile of customers, including customer personalities, demographic data, and their purchasing behaviors.
By identifying the buyer persona, your market research can be more accurate and targeted, as you will have a clearer understanding of your target audience.
For example, if a significant portion of your product's consumers are young, you can adopt a casual communication style during your research, as this will not only facilitate the process but also help you determine the best platforms for communicating with them if your target consumers are young.
Fourthly, market research can also help you identify your business competitors.
The goal of recognizing competitors is to ensure that your products or services can compete in the marketplace.
Conduct research to find out which competitors offer similar products to yours, and once you know the competing products, it is more than likely that the target markets will overlap. From there, you can begin studying their products' strengths and their strategies.
Furthermore, learning about competitors can help you understand how they promote their products, and if the methods prove to be effective, it may be worthwhile to adopt similar strategies for your (own) consumers, however, you must ensure that these strategies are tailored to fit your product type.
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Fifthly, data collection sources can be random and comprehensive, so it is important to ensure that you choose data sources that are relevant to your target market, so that you can accurately represent your planned business objectives.
Sixthly, after obtaining complete data, it is time to analyze the information. For quantitative data, specialized software is typically used, whereas, for qualitative data, you will need to develop your own analysis methods.
For example, one analysis example is using the S.W.O.T analysis (Strengths, Weaknesses, Opportunities, and Threats).
Finally, the last step in market research is that the planning and data collection you've conducted will be in vain if it doesn't yield accurate recommendations for running your business.
If the results indicate shortcomings in the products you offer, it is highly recommended to make adjustments according to the target market, because, over time, the research will help define the right target market for your business.
In addition to conducting market research before starting a business, you should also utilize tools in the form of applications that can assist in managing your business, making business management easier and more efficient.
One such tool is the Youtap Business Application, which features Sales Analysis.
Youtap offers a Point-of-Sale (POS) application, known as Youtap POS, which is a digital cashier app designed to help manage your business, which can be accessed via both tablets and Smartphones.
Moreover, Youtap Indonesia has developed a new feature called Stock Shopping, an online wholesale shopping feature that simplifies the process for business owners to meet their inventory needs from trusted suppliers at affordable prices.
Are you interested in joining as one of our merchants and experiencing the ease of managing your business with Youtap?
Register your business today by downloading the Youtap POS Digital Cashier Application from the Google Play Store or the App Store!
Wisma 46 Kota BNI Lt. 29 Jend. Sudirman Kav. 1 Jakarta Pusat, 10220
e-mail: halo@youtap.id
Whatsapp: 08111 500 523
Direktorat Jenderal Perlindungan Konsumen dan Tertib Niaga Kementerian Perdagangan Republik Indonesia
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