HOW TO CONDUCT MARKET RESEARCH AND ANALYSIS

Hey there, Eversmart entrepreneurs!

Have you ever been worried about how to conduct market research for your business?

You have heard about conducting market research but lost as to how to go about it.

In the dynamic world of business plan writing and market research, understanding your industry landscape is like having a treasure map to success. But fear not, my friends, for I'm here to guide you through the wilderness of data and insights.

Let's use Bella Fashion is an example.

Bella Fashions wants to open a fashion shop that sells quality and affordable women's clothing.
First she needs to identify which potential customers would be best for her to target.
Bella divides her customers into various segments . Then, she picks the one she thinks she can best serve.
Asking three questions
WHO?
WHAT?
WHY?
will help her define the segments

Asking the "WHO" questions will helps her to divide potential customers into different demographic groups .
Example of demographic groups
Age : what is the age range of her target customers?
Gender: are you targeting male or female?
Occupation: what is their occupation?
Marital Status: will she target married women or single?
Lifestyle: lifestyle segmentation delves deeper into the customer psyche. With lifestyle segmentation marketing, audiences are organized by their preferences, hobbies, wants, needs, likes or dislikes.
Income :Income targeting lets you measure the buying power of your audience. When you know the income range of consumers, you can usually find data to support how people spend money.
Customers with similar characteristics age, occupation, marital status, lifestyle and income can be grouped together.


Asking the "WHAT" questions will helps her to divide potential customers based on their buying habit.

When asking the WHAT questions will help you to find out

The products features they care about
The price they are willing to pay
The channel where they shop
The frequency of their purchases

Those with similar buying habit can be grouped into one segment

Asking the "WHY" questions will helps her to divide potential customers based on motivation and needs.
What motivation that drives people to identify and buy products or services that fulfill conscious and unconscious needs or desires.

Those with similar motivation and needs can be grouped into one.

#MarketResearch #BusinessPlanWriting #IndustryInsights #Entrepreneurship #DataAnalysis #EversmartEntrepreneurs