What is Market Research?

Lets start with defining what a “Market” is.

A market is a place where buyers and sellers exchange goods and services.

Market research is all about gathering & analyzing information about a market including its potential customers, competitors, and the overall business environment.

It’s a crucial part of your marketing strategy.

It is the first step in defining your target audience.

Why is it important?

• It educates you on what’s currently trending/relevant.
• It’s required before you develop your marketing strategies, target the right audience, choose appropriate channels, and create compelling messages.
• When you analyze your competitors you find gaps in the market, spot opportunities & areas where you can shine.

What is a “Target Audience”?

Your target audience is a specific group of people or individuals within a given market.

They’re the primary focus of your content creation, product, or service.