Market research provides you with an overview of the industry overall, the local target market size, opportunity, and ideal customers and partners with respect to your product.
What Market Research does
- Provide you with an overview of the target industry, opportunity, and customers with respect to your product.
- Information on customer preferences and needs. This will help in planning your product portfolio, diversification, etc.,
- Insights on how customers buy and why they buy.
Market Research essentials are
- What is the size of the market?
- What unique need does your product/ services meet?
- How much are customers willing to pay for it?
- Is this a price-sensitive commodity or premium product?
- Who are the other key players?
- What is the gap un-serviced by current players?
- What is the available market for you?
- How is your product different from the competition?
One step further: – Scanning the social web and expert forums with crawlers to:
- Understand Trends and Segments
- Monitor Clients, Competition & Partners
- Identify Trigger Events, Real-Time Alerts
Understanding the Route Cause
The Route Cause Analysis tells the reasons, why something is happening. The result is a graph, that outlines the visible outcome (typically a problem) and a step by step investigation of the underlying phenomenon, which is causing the problem.