How  should App Companies in PA, Pennsylvania Do Market Research?

01 October, 2020

How should App Companies in PA, Pennsylvania Do Market Research?

As defined by Investopedia ‘Market research is the process of determining the viability of a new service or product through research conducted directly with potential customers. Market research allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service.’ 

Knowing your market in detail is the first and most crucial step while developing an idea and setting up a business. App companies in Pennsylvania will have an upper hand if they already thoroughly know the market they are about to enter, this gives them a higher chance of being successful in the market as they are aware of the current trends and customer needs. 

Therefore here are a few ways in which App companies in Pennsylvania can do market research before converting the app idea into reality:

  • Know and define the target audience: The first step in conducting market research is defining your target audience. Target audience is referred to as the set of individuals who the company aims to sell their products to. Knowing the target audience will allow App companies in Pennsylvania to market and sell their products in the market effectively. In order to study the target audience efficiently, the developer can look into these various factors: 
  • Demographics- This defines age, gender, income, educational levels, etc.
  • Psychographics- This defines the target group’s interests, lifestyles, opinions, values.
  • Buying habits i.e. whether the target market purchases products on a daily, monthly, or weekly basis. 
Through this step, the company will get an idea as to what products the target audience prefers, what are the features and functions customers will like in a mobile app, etc. 
  • What problems can be turned into an opportunity? Another strategy that can come in extremely handy is understanding in detail ‘what are the problems that customers in the market still face, that they have not found a solution to?’ By analyzing this, companies will be able to make an app that meets all customer requirements and solves the problem in an effective manner. Identifying problems that other competitors have not looked into will allow the company to turn this problem into an opportunity, build an app around it, and gain an upper hand in the market. 
  • Analyze the competitors in the market: Another thing App developers in Pennsylvania should keep in mind is that every market will have competitors. Especially the online space which is a rapidly developing and growing market, competitors will only continue to rise. Therefore, it is extremely important that developers analyze the existing and rising competition in the market in order to stay ahead of everyone in the game. Developers should always strive to be better than the competitors and provide better products in order to gain customer attention and grow in the market. Innovation is key when it comes to standing out in the market. 
  • Identifying how to sell/advertise your product: While conducting market research a vital piece of information developers can gain is how to advertise the product in the market and ‘what are the marketing strategies that can be used to pitch the app to the customers’. Advertising is one of the main functions of the company and by analyzing what works with customers and what creates an interest in them towards a particular app, the company can design strategies accordingly and build a desire towards using the application. When the customers start using the application, it increases the chances of publicity and sale of the app in the marketplace.
  • SWOT analysis: Analyzing the external market is one thing, but researching and analyzing what the company’s strengths etc. is what will give developers an idea of what exactly they have to work on. App developers in Pennsylvania need to conduct an internal analysis as well using SWOT (Strengths, weaknesses, opportunities and threats).   
  • Strengths- This will help the company define its strengths, what is the company’s USP, what the company is going to build on etc. 
  • Weaknesses- This section will give the company an insight into what they can work on while in the market. It is crucial to work on weaknesses because if the company chooses to not focus on the weaknesses, it may adversely affect them in the future. 
  • Opportunities- The company can gain an understanding of what are the opportunities that they can tap and use for their benefit in the long run.
  • Threats- Lastly, the threats will help the company understand what might lead to their downfall and be prepared for this in advance. 
In conclusion, we can understand that at the end of the day, research is creating new knowledge that can help the company to be profitable in the future. Market research is crucial for the performance of the app development company in the market as it will allow the company to prepare beforehand for the growth, development, and any other hindrances that might come their way while entering the online app market. 

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