In the Previous article, we took a look at why your company should do Market Research. We also analysed the periods when it’s appropriate to do a market research in Kenya.
This article will answer to other questions. What do you research during your company Market Research?
What to Research
Market Research in Kenya can be a daunting task. Especially for foreigners who do not yet have a full grasp of the diversity of the country’s economy.
As such, it can be challenging to determine the areas your market research should concentrate on. However, here are the key sections a successful research analyses:
Find out their gender, age, income level, occupation, lifestyle, level of education attainment. Also look into the size of the potential customers, their language and religion.
Find out what they are currently buying now. What are their current buying habits? Which suppliers do they prefer and what features of their products do they prefer most?
Research into why they buy what they currently buy and what it would take to have them buy from you.
Once you have this basic information, it’s time to delve deeper. This implies doing projections based upon your target audience. Sample questions include:
Tools you can use to do customer market research in Kenya include:
“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle” Sun Tzu
Market research in Kenya isn’t complete without a careful look at what your competition is up to. Only when you have a clear understanding of the forces at play can you set a plan of your own in action.
The first step in your competition research is to find out who they are. Make a list of all the major competitors within your range of operation. You can do a search on the internet, look at local listings or even the yellow pages.
Competition may be local or from companies not based at your current location. Therefore, find out the source of all the competing products in the market.
Once you know the competition, it’s time to gather data about them.
Answering these and other questions may be the hard part in doing competitor market research in Kenya. However, here are a few tips that could help:
The above can look daunting. The good news is, you do not, and probably will not, get all the information on your competition. It’s true, the more you know the better you will be prepared. However, don’t get stuck trying to understand them perfectly. Know enough and move on.
When doing market research, taking a look at your industry can be especially eye opening. For an in-depth perspective, your research should look at:
When looking at industries in Kenya, your research should focus on:
The industry data gives you a strategic view of the entire scene. Its importance cannot be underestimated.
Doing market research in Kenya is not a walk in the park. However, the importance of this step cannot be overstated. As you embark on the journey of doing market research for your company, keep the above factors in mind.