BRANDING

What is Market Research?

Market research is about gathering information. The goal is to find data that covers every aspect of a market and turn it into actionable results. This sounds largely abstract but is actually quite concise.

Market research looks for three main kinds of information:

People who are buying products in the market, the companies that are already selling those products, and major trends and tendencies the market itself is experiencing. These, of course, can be broken down into more specific sub-sections, but let’s tackle each on a broader level first.

The Consumers

Let’s go back to the smartphone example. The level of competition is one aspect of your hypothetically flagging sales. The other important element is the fact that consumers don’t see a need for your product. If they don’t think they need what you’re selling, no number of great products will make them buy into the idea. This is where market research truly shines. When you gather data on the market, you’re trying to answer two questions about consumers: 

What do they want? And, what are they not receiving?

Your goal with market research is to appraise what is lacking in the industry you’re entering. If your smartphone can solve a specific problem, customers experience with existing options, they’ll be interested in what you’re offering. This way, you can focus your branding efforts on highlighting your uniqueness while targeting existing pain points to create a more appealing brand.

Market Trends

This last section is somewhat more abstract but still feeds directly into what your brand ultimately accomplishes. One of the areas where Apple excels that helps keep them at the top of the industry is understanding where the market is heading. By successfully adapting to emerging trends and tendencies while continuing to focus on innovation, Apple maintains its relevance thanks to products that appear to be groundbreaking.

Market trends can focus on a number of attributes ranging from innovative technologies, changes in laws and regulations, evolving consumer preferences, and more. Your brand can gain an enormous advantage by realizing how these trends are progressing and adapting accordingly. Placing yourself at the forefront of the industry is always a good policy because it gives you the first mover advantage, letting you corner the market for the new trend while your competitors struggle to catch up.

Existing Companies

Let’s say you've developed a revolutionary new smartphone. You’re ready to start selling your brilliant new device and earn billions of dollars, but quickly run headlong into one large problem. When you walk into the electronics store to sell your phone, you see that there are already hundreds of other smartphones and they all look fairly similar. 

After a few weeks, you still haven’t been able to move that many phones, while competitors are still raking in cash by the thousands. What’s the problem? You’re entering a heavily saturated market full of competition that already meets the lion’s share of consumer needs. It’s crucial to understand the status quo before entering a new market. This means evaluating all the companies selling comparable products, determining how they are unique, and finally how they could take customers from you. Most importantly, assessing your competition can help you figure out how to differentiate your brand along with your products or services.

We signpark are the best branding company in Calicut and experienced at overcoming marketing challenges. We are one of the top branding companies in Calicut. We provide both online and offline platforms and consist of branding, logo design, Digital printing, Vehicle signage, Mug printing, T-shirt printing, and Glass frosting. We also provide a range of print media services, including graphic design.

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