Market share changes are tracked by regularly analyzing sales data, industry reports, and competitor performance. This involves using tools like trend analysis and benchmarking to monitor and compare shifts in market dynamics.
Customer pain points are identified through surveys, focus groups, and customer feedback analysis. Observational studies and social media sentiment analysis also help uncover challenges and areas for improvement in the customer experience.
Market research helps determine pricing strategies by analyzing factors like consumer willingness to pay, competitor pricing, and perceived value. Techniques like conjoint analysis and price elasticity studies are used to optimize pricing decisions.
The ROI of market research is evaluated by comparing the cost of research to the financial benefits gained, such as increased revenue, improved customer retention, or enhanced product success rates. Metrics like cost savings or market share growth are also considered.
Market research identifies new opportunities by analyzing unmet customer needs, industry trends, competitive gaps, and emerging markets. Primary and secondary data provide insights to guide innovation and strategic decision-making.
