Factors that can be investigated through ARS market research include:
Market information: Through market information one can know the prices of different commodities in the market, as well as the supply and demand situation. Market researchers have a wider role than previously recognized by helping their clients to understand social, technical, and even legal aspects of markets.
Market segmentation: Market segmentation is the division of the market or population into subgroups with similar motivations. It is widely used for segmenting on geographic differences, demographic differences (age, gender, ethnicity, etc.), technographic differences, psychographic differences, and differences in product use. For B2B segmentation firm graphics is commonly used.
Market trends: Market trends are the upward or downward movement of a market, during a period of time. Determining the market size may be more difficult if one is starting with a new innovation. In this case, you will have to derive the figures from the number of potential customers, or customer segments.
SWOT analysis: SWOT is a written analysis of the Strengths, Weaknesses, Opportunities and Threats to a business entity. A SWOT may also be written up for the competition to understand how to develop the marketing and product mixes. SWOT method helps to determine and also reassess strategies and analyze business process.
PEST analysis: PEST is an analysis about external environment . It includes a complete examine of a firm's Political, Economic, Social and Technological external factors. Which may impact firm’s objective or profitability. They may become a benefit for the firm or harm its productivity.
Brand health tracker: Brand tracking is way of continuously measuring the health of a brand, both in terms of consumers’ usage of it (i.e. Brand Funnel) and what they think about it. Brand health can be measured in a number of ways, such as brand awareness, brand equity, brand usage and brand loyalty.
Another factor that can be measured is marketing effectiveness. This includes:
Customer analysis (Segmentation of target customers)
Marketing mix modeling
Simulated test marketing
Blind Taste Test at ARS MARKET RESEARCH
⦁ Pick a Product
Wine blind taste tests are the most common, but you can taste test anything. See our blind taste test ideas in the next section for inspiration.
⦁ Narrow it Down to One Variable
That variable may be price, varietal, type, or brand. Whatever you decide, try to limit the number of products to seven.
⦁ Invite the most fun blind taste tests we’ve hosted had a diverse group of tasters:
⦁ Expertise: from true connoisseurs to indiscriminate novices.
⦁ Background: People from different countries and with different tastes and habits.
Emphasize to all invitees the extra importance of arriving on time because the blind taste test can’t start until everyone has arrived.
Tidy up your home if you’re the one hosting the blind taste test, prep the snacks and set the table.
Here’s a quick checklist:
⦁ Something to cover the products being taste-tested.
⦁ Glasses, cups, or plates for everyone.
⦁ A pen and paper for each taster.
⦁ Water for mouth rinsing and hydrating.
⦁ A pre-prepared computer spreadsheet for consolidating the results and declaring a “winner” (if you’re a big nerd like Chris).
⦁ Prep everything you’re going to be taste-testing, aside from what your guests will be bringing.
Welcome your guests as they wait for the others to arrive by preparing a welcome drink (non-alcoholic if you’re tasting booze) and a snack.
Cover up each product—or even better put them all in identical serving containers—and number them.
Only one person should do the disguising, generally the blind taste test host.
⦁ (Optional) Throw in a Twist
Spice up your blind taste test with a curveball. Include two of the exact same product to test how consistent people’s tastes are.
Or throw in something completely different, like a white wine amongst red wines (if blindfolded), or a veggie burger amongst the beef.
Whatever your twist, don’t tell the taste testers.
Get everyone seated and ready and explain how you will conduct the blind taste test: how many products they will taste, how they are expected to score each product, and tips on what to write in the comments (see below), and…
Most importantly, tell them the #1 rule of conducting blind taste tests: No talking about the products while tasting. You don’t want one’s opinions and reactions to affect everyone else’s.
Tip: Do side-by-side comparisons of two products at a time to more easily identify the differences between the products and rank them.
The tasters should write as much as they can about each product.
Longer, more descriptive comments make it easier for tasters to remember and compare the products and make it more fun to share and discuss results afterward.
⦁ Rank or Rate
Each taster scores or ranks the products. (See F.A.Q. for why we recommend ranking over scoring.)
The easiest way we’ve found to rank is group the products by bucket (good, ok, and bad) in your first round of tasting, then do a second round of tasting (and third, and fourth…) to rank the products within those buckets
To avoid a chaotic discussion, it’s best if the host moderates.
Starting from product number one, go around the table asking each taster what their comments were and how they rated or ranked it. Move on to product number two, and so on.
⦁ (Optional) Consolidate and Crown
Consider consolidating everyone’s ratings or rankings into a computer spreadsheet to come up with an overall blind taste test winner and loser.
Market research helps you find customers for your business. Competitive analysis helps you make your business unique. Combine them to find a competitive advantage for your small business.
Use market research to find customers
Use competitive analysis to find a market advantage
Free small business data and trends
Use market research to find customers
Market research blends consumer behavior and economic trends to confirm and improve your business idea.
It’s crucial to understand your consumer base from the outset. Market research lets you reduce risks even while your business is still just a gleam in your eye.
Gather demographic information to better understand opportunities and limitations for gaining customers. This could include population data on age, wealth, family, interests, or anything else that’s relevant for your business.
Then answer these questions to get a good sense of your market.
Demand: Is there a desire for your product or service?
Market size: How many people would be interested in your offering?
Economic indicators: What is the income range and employment rate?
Location: Where do your customers live and where can your business reach?
Market saturation: How many similar options are already available to consumers?
Pricing: What do potential customers pay for these alternatives?
You’ll also want to keep up with the latest small business trends. It’s important to gain a sense of the specific market share that will impact your profits.
You can do market research using existing sources, or you can do the research yourself and go direct to consumers.
Existing sources can save you a lot of time and energy, but the information might not be as specific to your audience as you’d like. Use it to answer questions that are both general and quantifiable, like industry trends, demographics, and household incomes. Check online or start with our list of market research resources.
Asking consumers yourself can give you a nuanced understanding of your specific target audience. But, direct research can be time consuming and expensive. Use it to answer questions about your specific business or customers, like reactions to your logo, improvements you could make to buying experience, and where customers might go instead of your business.
Here are a few methods you can use to do direct research:
For guidance on deciding which methods are worthwhile for your small business, the Small Business Administration provides counseling services through our resource partner network.
Use competitive analysis to find a market advantage
Competitive analysis helps you learn from businesses competing for your potential customers. This is key to defining a competitive edge that creates sustainable revenue.
Your competitive analysis should identify your competition by product line or service and market segment. Assess the following characteristics of the competitive landscape:
Strengths and weaknesses
Your window of opportunity to enter the market
The importance of your target market to your competitors
Any barriers that may hinder you as you enter the market
Indirect or secondary competitors who may impact your success
Several industries might be competing to serve the same market you’re targeting. That’s why you should make sure to differentiate your competitive analysis by industry. There are many methods for doing this, including Porter’s Five Forces analysis. Important industry factors to consider include level of competition, threat of new competitors or services, and the effect of suppliers and customers on price.