They are the studies that are usually done when you are thinking of creating. A new business and want to know how the market is doing, identify possible problems. And detect latent opportunities. For this type of study, statistics, expert reports. Interviews with current members of the market and thematic publications are usually used. It is a type of market study that aims to detect the cause and effect relationships that occur in commercial traffic. In your case, you could do a causal analysis of current sales in the industry. To do this, you must analyze what are the causes that generate more sales. You can focus on analyzing the impact of advertising investment on sales volume. Or on how improving the copywriting of the texts of your online store can generate a higher volume of orders.

The best way to forecast future market size is through descriptive market research. In addition, this type of analysis also allows you to segment the market. So that you can target customers with specific offers based on certain socioeconomic or demographic characteristics. How to do a market study step by step Although you already know. What a market study is and the types of market study you can carry out, it is possible that you still do not know where to start. So now we are going to give you a detailed explanation of the steps to do a market study . As an initial step for your market study how to do a market study Within the first phase of your market study. All efforts will be focused on analyzing the environment in which your business will develop.

Descriptive Market Research

The main objective is to study the set of businesses UAE phone number that operate in the same market. In which your online store is going to operate. However, in the e-commerce sector the market is huge. That is why it is absolutely necessary, from the beginning. To know who your direct and indirect competitors are. This, in addition, must be completed with basic data. Such as what types of products your competition sells, their price levels and what their competitive advantages are. Once you have defined and profiled your competition well. It is time to segment the different competitors: For product prices. Maybe not all of them, but those that are really similar. Or the same as what you sell. By structure of the online store : how is its design, its corporate image. Its colors, the catalogs, if they have reviews, etc.

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By purchase, sale and payment processes. Here you can analyze how agile the processes are that are handled in the stores of the competition. What are the steps that the customer must follow to make the purchase, if there are sales restrictions. You can also review the payment processes and methods, along with the different shipping options. For the images they use in their online stores : you can study the quality of the images they use. To show their products, what sizes they are, if they use effects, what the shots are like, their creativity, etc. For this first step, you can use a strategy known as benchmarking , which is perfect for establishing industry standards. As well as listing the competitive advantages of the online stores you share a market with.

Analyze The Environment

Thanks to this strategy, you will be able to determine which stores you intend to compete with. Or you will even be able to decide if you are interested in collaborating with your competition and generating new strategic alliances to attract more customers . 2. Determine the profile of your current customers In the second step of your market study, the objective is to know in depth who your current customers are , what profile they have and what their behavior is in your online store and in the market in general. The factors to identify are: Consumption habits : what do they consume, what do they want to consume, what are the needs they want to satisfy, when do they consume the product the most.

Shopping habits : how they make purchases, whether or not they abandon shopping carts, what their preferred payment and shipping methods are, where they access your store from (website, app), etc. This also works for leads you want to convert into loyal customers. As a final result of this second phase, you will have a good amount of data that will help you improve marketing strategies with the aim of increasing your customers’ purchases. Also, you should always think about the product and how it will meet the demands of each buyer. how to do a market study 3. Implement actions based on the data collected in the previous phases of the market study In the third and final phase, with the information compiled in the previous steps, a short summary document should be created. In it you will reflect in writing the most appropriate strategy to obtain the objectives set.

 

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