The Importance of Conducting a Market Research

Every seed doesn’t get to grow into a fruit-bearing plant. Among other reasons, the one that affects the growth most is finding favorable conditions. Well, plants are not capable of deciding on the place or conditions that favor their seedlings, but we humans are not afflicted with such impediments.  

So, it is always prudent to test the water before jumping in. That’s why before launching your mobile app idea, it needs to be validated according to the market. And for validating your app idea “Market Research” plays a determining factor. 

According to research conducted in 2018, 72% of new mobile app-based products fail to perform to their expectations because of inadequate market research.  

Therefore, if you need a reliable mobile app, the solution is—Conduct comprehensive market research. Let’s dive into the advantages it offers- 

• Faster data collection  

Mobile app market research enables faster data collection. The new-age customers are dependent on smartphones more than any other device which makes it easier to get faster responses through an app.  

• Better communication 

In-depth market research drives your communication with your current customer base as well as your target customers. It shows you where you can reach your customers and which language is most effective at attracting and emotionally appealing to them. 

• Improves the brand value 

Customer needs and wants are constantly changing. Therefore, it is difficult for businesses to find a core target audience or which areas of the market are interested in their mobile application. Market research helps to promote customer-brand relationships and ultimately enhances brand value. 

Broadly, the process of market research is categorized into two major categories:  

1. Primary research  

Primary research basically consists of 3 steps as follows: 

• Need for the app in the market 

You can either choose from the list of potential apps or you may have an idea of your own and think that it's going to be the next big thing. But one question that keeps nagging at you is how to know for sure this is really the case or not just mere wishful thinking.  

The answer lies in a simple question: What sort of problem it is going to solve?  

Market research assists you in analyzing what people expect from your product. Being aware of their expectations helps you to build on them to provide efficient solutions and broadens your customer base. 

By constant evaluation and analysis, you can keep configuring the app.  

• Business model  

The business model is important for both new and established businesses. The type of model you choose significantly depends upon your app features and your vision.  

It is recommended to have a business revenue model for your app. It eventually helps you in analyzing and planning the mobile app launch. 

Will you be using :

• Freemium Model 
• Paid 
• In-app purchase 
• In-add option 

It all depends upon what services you are going to provide, your targeted market, and input cost. 

• Competitor analysis 

To know your competitor is integral to any mobile app marketing strategy. With so many apps already in the fray vying for the customer’s attention, knowing your competitor in addition to your targeted customer is something you cannot do without. 

First, identify your competitors’ weaknesses and strengths by studying them comprehensively.  

Second, study their digital strategy and marketing campaigns. 

And third, your competitors’ apps are available on different platforms, so, you need to determine- 

• Are they free? 
• App store ratings 
• Rankings 
• Reviews 

On the whole, these are essential things to accurately profile your competitors and get ahead in the competition.  

2. Secondary research 

It includes 2 important steps that are as follows: 

• App core strengthening 

The first thing you need in the secondary research is to strengthen your app’s core. You need to run a SWOT analysis on your app. 

So, what is a SWOT analysis? 

It is a research and examination tool that helps you identify strengths, weaknesses, opportunities, or threats related to your app business. You need to assess both internal (strengths and weaknesses) and external (opportunities and threats) to execute your ideas effectively. 

• Develop a practical social media strategy 

One of the easiest and effective ways to communicate directly with your customer is to increase your web presence on all social media platforms like Instagram, Facebook, Twitter, LinkedIn, etc. To develop a practical and effective social media strategy you need to consider these 3 factors- 

• You need to know your target audience. 
• Know the latest trends. 
• You need to optimize according to above mentioned two points, so, you can expand your reach. 

Market research deepens a comprehensive understanding of customers. A detailed analysis of the market for your business app helps you understand customer behavior, customer expectations, and their experiences. And hence saves you from cluttering your mobile app with unnecessary features.  

At Hashbrown Systems, we provide information technology, mobile development, application development, digital transition and, data engineering services across various platforms.  

Tap to know more about our mobile application development services or contact us if you would like to discuss your mobile app development initiatives.