If you have a business idea or an existing business that is researching new directions or strategies, you will learn to conduct market research using the following methods:
Measuring data and KPIs
Using industry reports
After going over standard industry research, you will also learn marketing psychology. These are common principles that marketers use to position their products and marketing messaging that align with how buyers make purchasing decisions.
You will learn about the role of emotions in purchasing decisions compared to the role of logic and reasoning, when each is used, to what extent, and in which way.
PARADOX OF DOING CONSUMER RESEARCH DURING THE BUSINESS IDEA STAGE
More often than entrepreneurs think it will happen, they get the demographics and psychographics of their target users quite wrong. But it makes a lot of sense because when your business is in the business idea stage, you are blinded by excitement and operating on assumptions that fuel that excitement.
This is why you have to do your market research before you start your business. Market research is the data-driven approach to replacing assumptions with facts so you can start your business the right way.
CONSUMER RESEARCH IS ALSO IMPORTANT FOR MARKETING RESEARCH
To create any kind of a marketing strategy, you need to know who you are marketing to. So the deeper you understand and research your consumers, the more accurate your marketing research and subsequent marketing plan and strategy will be.
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