If you’re planning to launch an innovative product or want to improve your current offerings, market research will help you understand the landscape and make more informed decisions. Market analysis is a blend of market research that is the process of collecting data and market insights, the analysis of that data. Both are crucial elements and can be accomplished using AI-enabled software.

A market analysis provides a clear picture of the current state of your business in terms of competitive trends, industry trends and the likelihood of success. An in-depth analysis will contain quantitative data, like the size and structure of pricing of the market potential as well as qualitative factors such as the values, beliefs and buying motivations of customers. It can help you determine your competitors and predict future needs based on market developments.

An in-depth market analysis can provide evidence that your idea for a business has value, and it can also serve as the basis of your business plan. It will let you know if there is a market for your product, as well as how you can charge for it and how fast you can achieve profitability.

After you have market research for your business completed your market analysis, you will need to apply insights to maintain a competitive advantage based on data and not guesswork. One important insight to remember is the distinction between causation and correlation. For instance, a infamous study revealed a direct link between the consumption of ice cream and homicide rates, but the fact that they are linked does not mean that ice creams cause the majority of murders.