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MARKET RESEARCH - SINGAPORE - Coggle Diagram
MARKET RESEARCH - SINGAPORE
Market research
.....is the process of gathering information about a target market, including its customers’ needs and behaviors, in order to market products to it effectively.
Market analytics
......is the process of studying the metrics of specific marketing efforts, such as landing page sign-ups and social media engagement, in order to increase return on investment.
Industry research
To gain an understanding of your industry
How many businesses are in this industry?
What’s the size of the market in terms of the number of potential customers?
How much revenue does the industry generate?
What are the industry standards?
What is the professional association?
Singapore Furniture Association
Link:
https://www.sfa.org.sg/
Singapore Furniture Industries Council
Link:
https://www.singaporefurniture.com/
Asia Builder Singapore
Link:
https://www.asiabuilders.com.sg/companies/singapore-furniture-association
Competitive landscape
Know who the big players are and how you can differentiate your brand.
What brands are the most well known in your industry? Who sets the trends and captures the attention of customers?
What are these brands’ offers, price points, and value propositions?
What sales tactics, technologies, and platforms do these brands use to create a customer journey?
How do these brands use content to educate and engage an audience?
What can you learn from customer reviews of these brands?
Identify market gaps
Find unsolved problems and unmet desires in your market.
Define your target market
Know your customers’ unique characteristics and tailor your offers and marketing accordingly.
Identify barriers to entry
Know what stands in your way and address challenges head on.
Create a sales forecast
Estimate future sales and make confident business decisions.