Do you already know if your business will have the demand you expect? Do you know the tastes and preferences of your target market? Do you know what the best channels to reach your audience are?
All successful businesses have something in common: they all know the tastes and needs of their clients and they address them when and where their clients need it. The answers to these questions are obtained through market analysis.
A market analysis is the process of gathering information in order to know the supply and demand of a product or service in the market, and also to know the tastes and preferences of your target market.
Occasionally, small-scale market analyses are conducted within companies. When you talk to your clients about your business or check your competitors’ prices, you are conducting a market analysis.
Our job at DEFRANCORP is to take this to a higher level: we leverage the experience and knowledge from the experts on our team with the goal of implementing smart actions that will allow you to have a positive and specific impact on the profitability of your business.
Market analyses conducted by DEFRANCORP involve a diverse set of information gathering tools, for design, implementation, data processing and evaluation of results.
Through simple and clear questions, crafted according to your business needs, we gather information on the street. By getting data from a sample that is representative of your audience, it is possible to determine the feasibility of a business, learn market tendencies, and establish strategies, among other things.
These surveys can be conducted through closed-ended or open-ended questions. Closed-ended questions are useful to classify and organize results, while open-ended questions have more content that can be interpreted using different analysis categories.
A focus group is a moderated discussion that involves several participants. Through the moderator, it is possible to learn about the attitudes, beliefs, desires and other features that make up the persona representing the clients the product or service is geared towards.
Each participant is chosen after competing a survey that allows the researcher to ensure that the mix of people represents the project’s target audience.
Interviews have multiple uses. This tool makes it possible to identify ways to detect a market need, as well as know more about the target market and adjust business strategies once an action is taken. Additionally, it is also possible to find strategic alliances before starting the business when conducting interviews with key players in the industry.