Conducting Market Research

I have most of my best ideas at 3:00 AM or in the shower. But turning those shower ideas into a business opportunity requires further investigation. That’s where market opportunity analysis comes in. While you and your team may have many new business ideas you want to explore, you don’t…

We are creatures of habit, especially when it comes to buying behavior. We know the location of our favorite products in the store, and we trust that they’ll work year after year. According to McKinsey, nearly 3 out of 4 Americans stick with the same brand — and 8 out…

Across all industries, it’s gotten harder for brands to stand out among the competition. According to a 2020 survey by Crayon, businesses have, on average, 29 competitors — a 16% increase from 2019. Small and large companies alike are fighting for consumers’ attention through targeted marketing campaigns, persuasive sales teams,…

If you’ve ever been in charge of gathering reports for your marketing team, then you know there are a plethora of metrics you can measure. One metric that you might not think to use for several channels is share of voice. However, this is a versatile metric that you can…

Have you ever been playing a game with your loved ones and you have to look around to suss out the competition? Whether you currently own or you’ re looking to start your own business, you need to do the same thing. A competitive analysis will help you identify your…

In some circles, market research is a catch-all term for asking the industry what it wants. “Do we know what the demand is for this product? Who’s even looking for our services? Let me do some market research to find out,” someone might say. But what does that actually mean?…

Whether your focus group is there to give feedback on a product or service or help you assess how your brand stands out in your competitive landscape, thought-provoking, open-ended questions are essential to a productive discussion. However, it’s easier said than done. What can you ask beyond “What do you…

In an ideal world, you’d know just how your product or business idea would be perceived before it’s released. This knowledge could help you make alterations to what you’re offering for the best possible reception, and better inform your sales projections and marketing strategy. Sadly, you’ll never know exactly how…

When I was younger, my dream was to open a cheese store with my family. My mom, brother, sister, and I — we’re all obsessed with cheese. So anytime I see a cheese store, I’ll go in and sample everything … for research, obviously. Although I’d never thought about it…

Growing up, I used to play “grocery store” with my sister. We’d go into our pantry, take out all the food, and set up a grocery store in our living room. I would typically “buy” goldfish. You might be thinking, “What does this have to do with market share?” Well,…