Market Studies
Market Study
A market study is the task of gathering data to test a set of hypotheses associated with a belief, and then testing the hypotheses to confirm or debunk the belief.
The data can be gathered in two ways:
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Secondary research – Find information that already exists in publications or studies related to the topic. Sometimes you’ll need to buy this information, but other times you can find it free of charge online or by requesting it from the right person.
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Primary research – Create new data through direct communication with sources. Interviews and surveys are common methods of primary research.
Many b2b clients approach agencies with questions which seek to contribute to strategic objectives. These include:
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Should we enter this new market?
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How should our brand be positioned to increase market share?
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What areas of the business should we invest in order to have the most significant impact on customer experience and thus loyalty and profitability?
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Which touchpoints on the buyer journey are most critical to success?
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Should we invest in the development of a new product or service?