Where can I learn market research

Market research: getting to know your market

Market research: basis for market analysis

Without facts and figures, it will not be possible to determine the market size, market dynamics and market potential of your sales market. A well-founded competition analysis is also not possible without information on customers, competitors and the competition. The question now is how you can get hold of these figures and data. The simple answer to this is: you need to do market research!

You should carry out quantitative market research for the market analysis, in which you focus primarily on numerical values. Qualitative market research is about information about your target customers and competitors - the findings form the basis for your market analysis.

For market analysis: quantitative market research

There are a variety of sources of information that you can use for your quantitative market research. The aim is to find as many figures and data as possible on your market. You will then be able to prepare and use this information in the further course of the business plan, for example to determine the market size, market dynamics and market potential. The following sources are suitable for quantitative market research:

  • Industry associations
    Most industry associations each carry out their own quantitative market research and usually make the results on market size and market growth freely available.
  • Market studies
    Various banks publish market studies at regular intervals that you can use for your market research. The VR industry letter is definitely recommended.
  • IHK
    You may find regional data for your market research at the IHK near you.
  • Yellow Pages
    Also a kind of market research: Just take a look at the yellow pages to see how many competitors you can find in your sales area.
  • Own market research
    You can also do your own quantitative market research with relative ease. For example, you can stand in front of a competitor's business and count the number of customers per day (attention: so that your own market research is meaningful, you have to do this on different days and locations!).

For competitive analysis: Qualitative market research

Numbers alone are not enough for a competition analysis - a complete competition analysis contains qualitative statements on the trends in the respective sales market, the wishes and needs of the target customers and information on the competition. Accordingly, in addition to quantitative market research, you should also conduct qualitative research. Sources for your qualitative market research are the following:

  • Market research institutes
    The results of market research institutes can usually only be acquired against payment. However, the large market research institutes often provide publications free of charge - use their findings for your market research! ACNielsen, GfK and Ipsos are among the largest market research institutes in Germany.
  • Auditors
    The Big-4 make the results of your market research available to interested readers. Check whether E&Y, Deloitte or PWC have already carried out market research in your sales market.
  • Consulting firms
    McKinsey and Co. regularly publish interesting studies that users can download for free. The following consulting institutes provide the results of their market research: McKinsey, Boston Consulting Group, Accenture
  • Banks
    Banks have a lot of information and often make the results of their own market research available. We recommend, for example, the VR industry letter. Deutsche Bank and Commerzbank also provide free industry information.
  • Own market research
    Since you have already described your target customers based on your target group definition, you can now address them. Carry out your own small qualitative market research by addressing your target group and asking your customers about their wishes, needs, price sensitivity, design, competitive offers, etc. in relation to your offer. In order for your statements to be statistically relevant, you should ideally interview 50-100 customers. It is important that you proceed systematically and ask the same questions in each case. The evaluated answers then form the result of your own market research.

The goal is ...

... that you have collected sufficient information on your target market and customers with the help of your own quantitative and qualitative market research. You will be able to use this information for the market analysis, especially the competition analysis, the marketing and strategy part of your business plan. Start the market analysis area in your business plan with the market size.

Market research and market analysis are an integral part of the business plan. Take advantage of the support of an experienced start-up coach (state subsidized)!

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Author: Für-Gründer.de editors

As editor-in-chief, René Klein has been responsible for the content of the portal and all publications by Für-Gründer.de for over 10 years. He is a regular interlocutor in other media and writes numerous external specialist articles on start-up topics. Before his time as editor-in-chief and co-founder of Für-Gründer.de, he advised listed companies in the field of financial market communication.