Secondary Market Research
Label: Market Research
You may have a new challenge such as creating a new marketing campaign, a new product or service, trying to serve a new market with an existing product, etc. In any case, the first step is to do market research. An effective Secondary Research campaign can help you to make certain decisions quickly by relying on published secondary data such as statistics and aggregated data.
Steps:
STEP 1
Market environment
Learn about the market environment. Find the most recent news related to the product, problem, or challenge. You and your team can use magazines, journals, newspapers, TV news, etc, and add them to the board.
Everyone should add their relevant findings to sticky notes on the Sticky Board, one finding per note.
STEP 2
Step 2: Discuss findings
Each member discusses their findings with the group. Cover information in the following categories and write down findings:
- Macro-environment:
- Demographics factors
- Economic factors
- Social Cultural factors
- Environment Factors
- Tech Factors
- Micro-environment:
- Market size, trends, growth, ROI, Competition, etc
- Customer needs, segmentation, patterns, motivations.
- Suppliers
- Competitors
- Partners & Influencers
- Internal
- Sales
- ROA
- Brand awareness
- Culture and values
STEP 3
Other alternatives or solutions.
Write down a list of old solutions in the market. Think about how they work, and how they cover each of the categories above. Which solutions failed? Why? If you are focused on creating a marketing campaign, what competition or old campaigns have resonated with the market, and why?
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