Investigate your products target audience
Identify the motivation for buying and the buying behavior
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Checking the product to ensure it meets the consumers’ needs |
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Exact positioning of your product and evaluating opportunities to increase demand. |
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Identify your target audience |
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Identifying your target audience and determining your customer. |
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Studying the behavior and motivation to identify consumers |
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Learning how consumers relate to your product, competitors' products and why. |
Action plan
Formulating hypotheses to determine your required segmentation
Identifying internal and external sources of secondary and primary data required
Gathering the necessary information
Analyzing the data and preparing detailed report
Results of the study what you get:
•Segmentation of consumers into one or several types of segments - geographic, demographic, psychological, behavioral
•Assessment of each segments potential
•Recommendations for product development strategies
Methods
Studying open source (desk research)
To perform tasks such as determining the size of the market and sales forecasting we use methods such as studying open sources, official statistics, thematic press, customs database, publishing, professional associations, competitors' sites, etc. In some cases, especially in the B2B segment, successfully applied indirect valuation, studies information about the complementary market.
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Competitive Intelligence
One of the main approaches used in solving strategic tasks, such as determining the size of the market and sales forecasting is to obtain information directly from competitors, such as the method of observation, study reports or a series of interviews.
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Identification of demand
One of the key issues addressed in determining the target audience is the identification of demand. Before segmentation you need to identify the criteria for its implementation. Age, gender, and income - the most obvious criteria do not require study, but the cause of the demand can be much more complex.
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Segmentation
Segmentation is a way of defining and understanding the target audience for the product or service. Each segment has its own set of needs and priorities, information about which is then used as a marketing strategy. Segmentation can be performed geographically, demographically, behaviorally or the use of other principles for an appropriate marketing.
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Qualitative methods
For many marketing problems there are widespread qualitative techniques such as focus groups, in-depth interviews, home visits. Qualitative methods allow you to understand the causes of human behavior and its driving force. As a rule, in the process of qualitative research there are defined assumptions and hypotheses, which can then be confirmed using quantitative methods.
PRAKTIKA marketing agency has extensive experience and considerable resources to carry out all types of qualitative research. Learn more about the conduct of the field phase of qualitative methods here
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Monadic Concept
Monadic-testing technique involves one product’s demonstration of the respondent and to identify opinion is about it, without comparison with other products. Methodology is used for testing the properties of any products. If you use this technique in the price survey, respondents were given a single question about the price (buy/not buy). To get a more accurate measurement of the elasticity of demand and study the design with multiple cells (Monadic cells), when different respondents exhibit different price.
The technique is used mainly for confirmation of already approved concepts. Modification techniques include serial Sequential monadic-test (Serial demonstration of two or more products) and Protomonadic-test (paired comparison test, following the demonstration of a product), etc.
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Paired-Comparison Test
Pairwise comparison is when a paired roundup respondent demonstrates two products and ascertains their views on each of the studied attributes on a scale of better or worse. If it seems that is a good method from the common sense point of view, it actually has a significant number of drawbacks. As a rule, to study the properties of products Monadic or Sequential Monadic methods are preferred.
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Conjoint analysis
Conjoint analysis is a statistical technique used to study consumer preferences. Conjoint analysis determines which configuration features of the product are best suited.
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Research types
Personal interviews
One of the most common methods in marketing research is a personal interview face-to-face. Personal interviews conducted by a structured questionnaire whereby the interviewer personally communicates with the respondent. Interviews face-to-face are held in different places - street interviews, in-home interview, etc.
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Online Survey
Modern affordable research method reduce not only the budget, but also time. Respondent is invited to a survey by sending invitations by e-mail and respondents are able to choose the time and place of the interview by themselves. The method is characterized by short deadlines, availability of hard-to-reach groups, a high level of openness of the respondent, the possibility of multimedia integration.
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Quantitative Methods
Quantitative research is a group of practices in which the information obtained is analyzed by statistical and mathematical methods. Quantitative methods form the largest section of market research and include a plurality of methodologies and tools. Often quantitative methods are used to confirm hypotheses and the assumptions developed in the course of qualitative research.
For more details about quantitative research read below on the Tools page
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Getting data from open sources
Monitoring of open source - the official statistics, thematic press, custom database, professional associations publications, competitors' sites, social media and social networks.
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Telephone interviews
CATI (Computer Assisted Telephone Interview) is one of the most inexpensive ways to analyze this as it allows you to quickly reach a large sample in a short time. In a telephone interview the operator asks questions to the respondent on a structured questionnaire. All responses are recorded in a special program and this research method allows 100% audio control interview.
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Retail Audit
This is the key method of assessing the availability of goods to consumers, market coverage and competitive products. Retail audit of large areas shows the problem areas of the distribution system. Such research allows you to quickly and effectively assess changes in its position in the market.
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Observation
The method of collecting primary marketing information by observing the consumer groups, the situation on the market. Observation provides additional information about the object in a comprehensive study, helps in building hypotheses and data validation. The basis of the method - clear instructions for more data latch.
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In-depth interviews
Long, detailed discussion with the respondent with questions on the topic under study. Interviews conducted by the moderator or a prearranged plan, which aims to encourage the respondent to speak on a particular topic, to get detailed answers.
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Focus groups
One of the qualitative methods, based on a panel discussion held in the group of respondents. Focus group participants exchanged opinions; discussion is focused on a number of topics, which raises a guidance discussion moderator. In a panel discussion, the participants express their own opinions, as well as respond to the opinions of other members of the focus group.
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Home visits
Used in research with ethnographic component, the researcher captures how the product is used in vivo residence of the consumer. This method gives the opportunity to explore the lifestyle of the target audience, understand the consumer, see opportunities to improve the product, its positioning and demonstrations in promotional materials.
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