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Market research is the act of gathering and analyzing data about the position of a product or service in a market. It looks at information regarding current customer interest and potential growth.
The market analysis also gathers information about the people who are and might be interested in a product or service. industry research, SWOT Analysis, consulting services, interprets data as they relate to customer spending habits, geographic locations, industry competitors, and economic conditions.
These insights help you find out:
How many people are likely to become your customers
Who your customers are
Why they buy
How they buy
How much they buy
Why do they buy from you
Why do they buy from a competitor
Where there might be opportunities for niche marketing
A vital part of marketing research is determining your market size, or the potential reach of your products or service. Research to see how many people you could reasonably expect to become your customers. For this type of research, there are the U.S. Census data tools. The site has more than a dozen online market research tools and free industry research reports that help you gain insight into the demographics and geographic locations of populations who might be interested in your offerings.
Another one of the best sites for market research as it relates to customer demographics and economic statistics is the U.S. Small Business Administration website. Their Office of Entrepreneurship Education has a variety of market research analysis tools, resources, and reports that provide information useful for learning about customer statistics, product production, economic factors, and data you can use for your marketing intelligence.
For more reports and datasets to use in your market research, search the Pew Research Center. The company conducts “public opinion polling, demographic research, content analysis and other data-driven social science research,” all of which offer insights into social, industry, and media trends. The varied and in-depth reports help businesses get a data-focused perspective on the topics shaping industries and geographic areas.
My Website: https://whipsmartmi.com/reports
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