Marketing costs can be seen as necessary expenses that serve to improve a company’s position in the market. However, not all marketing activities represent costs in the true sense of the word. Market research and customer analysis are exceptional tools that often prove to be investments that not only bring immediate savings, but also contribute to the growth and profitability of the company in the long term . In this article, I will show you the stories of two companies that, thanks to these tools, avoided losses and, on the contrary, were able to significantly increase their profits.
- The difference between market research and customer analysis
- How market research can save millions
- When and how to combine market research and customer analysis
- How customer analytics increases company revenue
1. The difference between market research and customer analysis
First, let’s briefly talk about the difference between market research and customer analysis. I’ll take it hierarchically, i.e. I’ll start with the market. The market is the environment in which your customer is located. It is defined not only geographically at the level of continents, regions, states, counties, cities, but often also by industry, i.e. what companies do, and you can further refine your market by company size (turnover, number of employees). Customer analysis deals with the detailed identification of the needs Market Research of the decision-maker who decides in the company about the purchase of your brazil email list product or service.
You can find out information about the market based on available data (big data):
- How big is the market in terms of number of customers (companies)
- How big is the market in terms of the amount of money circulating in it?
- How the market will develop in the why is influencer marketing analytics so important? future (usually a 5-year horizon is given)
- How is the market currently divided, i.e. which players are already present on it?
- What is the market share of each player?
- What does the product (service) they offer look like and what are their parameters and how do they differ?
This basic overview may not
be Market Research enough for you,
and if you want to find out more about
the customers in your market, you can supplement it with a partial survey. You can choose a questionnaire survey, a moderated discussion called a focus group or in-depth interviews . The individual methods can be combined with each other, which and how always depends on what you specifically need to find out. If you are considering whether or not research would be suitable for you, or which denmark business directoryone to use, take advantage of a free 20-minute consultation .