What Is Market Research? Definition of Market Research, Market Research Meaning and Concept
Market prospecting is the set of tasks focused on knowing deeply, as well as gathering all possible information, about a certain target market. A market in which, subsequently, we intend to enter, or within which we want to expand.
Market prospecting, therefore, is similar to market research . However, many marketers draw a distinction, considering it the most in-depth and detailed prospecting process. This is due to the fact that market prospecting is a set of tasks focused on discovering a market in which we are going to enter imminently, or we are already present, wishing to expand or consolidate in it. Meanwhile, market research can be considered a preliminary step, a preliminary study of markets that could be a future target.
But market prospecting, it should be noted, is not just about knowing a market or looking for a strategy to expand, but it is also about being competitive within the market itself. Thus, we are talking about knowing the market in depth , adapting to the new scenarios and the new needs that it presents. For this, it is necessary to know the competition , both present and future, as well as the needs of the market and its size. It is also convenient to know our client in depth , knowing what he thinks of our brand , as well as his personal needs.
In summary, it consists of the combination of quantitative and qualitative techniques, all of them focused on knowing the market in depth, allowing us to permanently adapt, be competitive, as well as achieve the objectives proposed by the company. Among these techniques we can highlight data analysis , satisfaction surveys , contact through social networks , interviews, analysis of the individual and potential client.
In summary, these are techniques that allow us to reduce uncertainty and the possibility of making mistakes in decision-making related to the operations of a company.
Market research techniques
Among the most used techniques in market prospecting, we can highlight two types: qualitative and quantitative.
Let's look at a few of each type:
Qualitative market prospecting techniques are focused on knowing the customer, their behavior, their thoughts, their interest in our brand, their desires, needs, among other aspects.
To do this, we can use the following techniques:
- In-depth interviews.
- Group meetings.
- Paid surveys.
- Demonstrations and private presentations.
On the other hand, we have the quantitative techniques. These, unlike the previous ones, are characterized by being less elaborate techniques, focused on obtaining a larger sample. In this sense, a broader sample that allows us to know, although in less depth, more opinions.
Among these, we can highlight:
- Telephone interview.
- Online survey.
- postal survey.
- Cold door interview.
- Street survey.
Prospecting of international markets
Just as we can be interested in a local market, globalization has allowed us to be in Spain today and, at the same time, in the Chinese market. For this reason, it is increasingly important to know international markets, especially if we are interested in selling in them or are already immersed.
The prospecting of international markets is, therefore, the set of tasks that allow us to know in depth a foreign market.
As we know, when it comes to selling abroad, there are many factors to take into account. This, from the regulatory framework to the political framework, there are many variables that can influence whether the adventure brings us a final return or, on the contrary, a barrage of losses.
For this, the prospecting of international markets is a task focused on knowing all these aspects, as well as the factors that influence and could influence our business. In this way, we can select the correct destination or, if we are already in the market, anticipate it. Let's imagine a change of government that wants to increase the taxes on our products, and that could affect our sales. Market prospecting allows us to anticipate this type of event.
New market research techniques
Digitization and what they call the “ digital revolution ”, also known as the Fourth Industrial Revolution , has brought with it new techniques that allow even deeper market prospecting.
In this sense, the use of artificial intelligence, search engines, social networks and permanent interaction with the end customer, neuromarketing , as well as other techniques have caused an important advance in this discipline, generating a large field of study. in which today thousands of marketing professionals focus.
Within market prospecting, we can highlight customer prospecting.
This type of prospecting is integrated into market prospecting itself, as it focuses on the study of our potential client.
What is market prospecting for?
Finally, we must highlight some uses of this prospecting in the business world.
Among these uses, the following should be highlighted:
- Research of a new market.
- Research of new products.
- Ability to adapt to new scenarios, increasingly uncertain and volatile.
- Knowledge of the terrain, in the face of possible attacks from the competition.
- Ability to anticipate against the competition.
- Research of our clients.
- Ability to know the perception that the client has of our brand.