Market Research Analysis
Market Research Analysis Explained
It's almost ironic that the people that get hired to help communicate a business's message online knows very little about the message they are communicating. Market research becomes a must for any web design or other web services firm for this very reason. Although the designer or content provider may not be the experts in the industry of your business, it is essential for them to become very familiar with industry including the products and services offered.
Knowing Your Customer
The most important reason to conduct an market research analysis is to come to a complete understanding of the website's customer base. The five W's are needed to be answered to complete a market research analysis: Who, where, how, what and when. In context it can be expanded to:
- Who are your customers?
- Where can they be found and how should they be contacted?
- What do they want?
- When should the sale take place.
A market research analysis main focus is on the customer because once you understand the customer you know what to strategies need to take place to fulfill the customer's wants and needs. By fulfilling the customer's wants and needs, you will ensure a high conversion rate, high referral rate and repeat business, which means more sales and profits for your business.