Long gone are the days when price was a leading factor in consumers’ purchase decisions. While price still plays a role, today multiple factors are at play such as brand differentiation, reputation, and customer-centric return policies.
But how do those considerations drive the purchase decision? It’s hard to read a customer’s mind, and it’s challenging for retailers to figure out where they fit when compared with their competition. Especially for retailers just starting out, it may feel like a lot of decisions are made on guesswork or instinct.
Market research can remove much of this uncertainty by helping you understand your industry, your target customer, your competition, and your product. When you understand all that, your chances of success are a lot greater.
There are many agencies that perform market research, and you can always get help from them. If you’re on a budget, however, you can do the research yourself. In this guide, we’ll show you how.
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