A competitive edge is important in any business, but even more so in small businesses. According to the U.S. Small Business Administration (SBA), a deft mix of market research and analysis is needed to achieve a market advantage.
A good example where market research and analysis come across as apropos is product marketing lifestyle; commonly known as lifestyle marketing. The key to effective lifestyle marketing is to leverage consumer lifestyles and incorporate them into your marketing efforts. For this, you will need market research and analysis.
How is lifestyle marketing relevant?
People lead different lifestyles, and they use different products and services that turn their lifestyles into action. When you research and analyze the lifestyle of your target segment, you align your business to that specific lifestyle. Then, you come up with ways for your business to fulfill the aspirations of the particularities that your target consumer base’s lifestyle holds. You could call it “businesses being attentive to the distinct ways of life of populaces.”
What is lifestyle segmentation and how market research and analysis come into this facet?
Categorizing consumers according to their varied lifestyles is called lifestyle segmentation. This can only be accomplished after you’ve grasped the complexities of your target audience’s lives. You would do this by aligning your brand, products, and services with the lives of your consumers. Marketing research and analysis are warranted for this personalization.
What are the processes and goals of market research and analysis?
- Blend consumer behavior and economic trends to enhance and update your business ideas.
- Understand consumer base from the beginning while allowing market research to reduce risks.
- Use competitive analysis to identify the market competition and formulate an effective competitive edge to create organic and sustainable revenue.
When doing market research and analysis, consider these factors:
- Level of competition
- Threats of new competitors or services
- Effect of suppliers and customers on price
Learn the course of action to take in market research and analysis by enrolling in Product Marketing program offered by Genashtim in collaboration with eCornell. Then, effectively leverage market research and analysis to suit product lifestyle marketing and subsequently increase your clientele and profit.
eCornell courses are approved by SkillsFuture Singapore for SkillsFuture Credit as well as by HRD Corp Malaysia.