Market Research

Market analysis is the process of gathering information about a market within an industry. Your analysis studies the dynamics of a market and what makes potential customers tick. Market research aims to make a synthesis of the data collected, to provide an overview of the audience as a profile. The data collection process contains several methods, therefore it is possible to collect the data utilising various techniques, from surveys and questionnaires to research groups. 

Market analysis may seem complex, but it’s necessary if you want to lead your organisation in the direction of success. Conducting market research will provide you with the opportunity to collect data from a wide audience, from non-members of ELSA to partners, depending on your goals. 

When you conduct market analysis, you learn the following:

• Who are my potential members?

• How large is my target audience?

• Who is my competition?

• What are my competitors’ strengths and weaknesses?

Your market analysis can make or break your organisation. Analysing markets helps you reduce risks because you can better understand your members/potential members and market conditions. The number of responses correlates with the quality of the market research. In order to achieve perfect market research, sound use of promotion techniques and awareness of the importance of market research is vital. Once the responses are recorded, the data collected is analysed. The analysis is of great importance, as the results can lead to a change in the association as well as highlight improvements needed to take the association to the next level.