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Doing a market study : steps to follow and the costs

All business leaders who wish to integrate into a given sector or expand their business are advised to go through the market study stage before launching.

Doing a market study : steps to follow and the costs

Credit Photo : Homebuildersresearch.com

Indeed, the latter represents an essential step to ensure the reliability and the relevance of a project, it makes it possible to implement a series of forecasts to be able to manage possible difficulties and, finally it can, of course, be necessary to obtain a loan and bring credibility to the project in question. Indeed, the current context is complex because businesses, regardless of the sector of activity, are subject to fierce competition. To put the odds on your side and ensure success in all areas market research report remains essential.

The stages of market research

Market research consists of four steps :

1)    The definition of the market and its knowledge, understanding and analysis

When creating a business or expanding an existing group that wishes to diversify, knowing the market is essential. Indeed, it is important to analyse the key figures, the various results, but also the number of companies that open their doors in the sector in question, and how many close after one or two years. This step enables the establishment of a series of statistics aimed at defining the entire sector. It is possible to carry out specialised studies in internal or external diagnosis, such as the SWOT matrix, PESTEL, or even the establishment of Porter's forces.
It is also important to know the prices charged, the possible formulas put in place and also to know the presence of others on the net and social networks. This brings us to our second step, the supply analysis.

2)    Analysis of the existing offer

In this part, it is a question of leaning on future competitors. It is interesting here to carry out a benchmark of the competition, to set up a better analysis and knowledge of the competitors, whether direct or indirect. The objective is to be able to understand why such and such a player is unable to achieve its figure? What is not appropriate in its methods, etc. Analysing the other offers present in a relevant manner also means ensuring that the same mistakes are not made again. Conversely, it is always interesting to know what the marketing strategy of those who manage to position themselves as a leader in the segment is. The benchmark is a complete study, which allows potential new entrants to get an idea of the competition, whether in a region, a city or in a district. Opening a business or starting a project without knowing the offers that are already available is dangerous for long-term survival. As we said above, you have to know how others work to be inspired by the best, without copying and to be sure to offer a more innovative service in order to stand out more effectively.

3)    Demand analysis

In this stage, it is a question of devoting oneself to the future customers of the company, or more generally, to all consumers. It is impossible to open a business without knowing the needs and expectations of customers, especially in the current context, where individuals are all ultra-connected and where trends change very quickly. Demand is a dominant component of a company's success, and as such, it is essential in market research.
This part highlights the expectations and needs of consumers, their new consumption habits, the main trends and the importance of innovations in attracting, seducing and retaining consumers. In addition, it is also important to ensure a continuous and effective presence on the net, and social networks, since this is the place where a large majority of individuals are now connected. Finally, what is the target chosen by this new company? What is the marketing means to be implemented to seduce this target in particular? What are the preferred means of communication to be closer to the request?

4)    Environmental analysis

The environment refers to all the people and things that surround the business directly or indirectly and that contribute to its success. It is about the choice in partners, suppliers, or even everything concerning the communication of the company, a position not to be left to chance, especially when opening a new business.

The costs of market research

A market study is something that is often tailor-made, that is to say, that everyone does not necessarily have the same needs. The prices can, therefore, vary according to the expectations of the leaders or future leaders, but also according to the professional who will perform it. Various criteria are taken into account, such as the quality of the study and its complexity. Thus, an experienced marketing agency will cost between 3,000 and 8,000 euros, a junior company between 1,500 and 3,000 euros, while a specialised consultant can do a market research report for between 1000 and 3000 euros. There are professionals who offer ultra simplified reports for 500 or 600 euros, but these are not often used, as it is possible to do it yourself, especially with the amount of information that we find on the net today.
It is important to know how to assess the seriousness of a service provider before starting. It must be registered in the register of companies, SIREN or SIRET and have verifiable customer references.

Conclusion

Carrying out a market study is, therefore, necessary to fully understand and analyse the world, and the economic and societal context surrounding the creation of a new company. Today more than ever there are new difficulties to be taken into account, which is why a file must be as solid as possible to limit the margins of error and the risk of failure. Nevertheless, one must be careful to entrust this study to real professionals with references and relevant experience.


REFERENCES
https://www.cote-azur.cci.fr/etude-de-marche/
https://www.lecoindesentrepreneurs.fr/etude-de-marche/#:~:text=L'%C3%A9tude%20de%20march%C3%A9%20quantitative%20est%20essentially%20bas%C3%A9e%20sur %20of,activity%C3%A9%2C%20of a%20sector.&text=For%20more%20information%20%3A%20the%20quantitative%20market%20study%C3%A9%20 .