Whatever the market you are looking for, you need to do some analysis first. Properly executed, these various market studies can tell you in advance whether your product or service will break through quickly and effectively. They can also serve as a basis for orienting or rethinking your strategy if they reveal results that are not what you expected. In general, the main studies to be carried out can be divided into three well-defined parts: the documentary part, the qualitative analysis and the quantitative study.
THE DOCUMENTARY STUDY, AN IMPORTANT PREPARATORY OPERATION
As the expression indicates, it is a study based on the analysis of documents related to the theme you are interested in. An essential preparation among the various market studies to be carried out later, the documentary study is based on the search for information that may relate to the product or service that you intend to launch. You can find this information in numerous sources such as trade journals, interviews with professionals broadcast on television, publications of the organisations concerned, consulting dedicated documentation centres, or simply by searching on the Internet. Given the diversity of sources, this part requires a significant investment of time. On the other hand, it requires very little budget for its implementation.
QUALITATIVE STUDY, AN ANALYSIS OF A SUBJECTIVE NATURE
After completing the literature review, the next step is to perform the baptism of fire for your product or service. It consists of contacting the potential market to find out how to respond through surveys, interviews or tests. While the various market research studies generally aim to explain the reason for a commercial success or failure, qualitative research seeks to answer a specific question: why will the customer buy? Thanks to these various operations to put the consumer in a real-life situation, the answers to the various questionnaires will help to define the ideal way of attacking the market to ensure the success of the offer to be launched.
QUANTITATIVE RESEARCH, A DECISIVE OPTION
This specific section of the various market research studies is carried out immediately after, if not in parallel with, the qualitative study. It consists of putting the product or service in real consumer conditions. These are proposed to potential customers in order to define the speed and frequency of purchase, as well as the price determination and the most suitable sales channel.