What Are the Key Questions Business Leaders Should Ask in Market Research?
To make the most out of market research, business leaders should focus on key questions such as:
Who is our target audience? Understanding the demographics, preferences, and behaviors of the target audience is crucial for effective marketing and product development. What are the current market trends? Identifying trends helps in staying ahead of the curve and anticipating changes in the market. Who are our main competitors? Knowing the major players in the market and their strategies can help in positioning the company effectively. What are the pain points of our customers? Addressing customer pain points can lead to improved customer satisfaction and loyalty. What is the market potential for our product or service? Assessing market potential helps in determining the viability and scalability of a product or service.