Conducting Market Research: Key Things To Keep In Mind
Today, buyers are more informed in terms of resources and options before making a purchase. You are likely aware that they are doing their own research online.
But, have you suited your marketing strategy to match today’s way of customers buying decisions?
Look at some statistics to know customer behavior:
- 200 million Instagrammers visit a business profile every day.
- 87% of consumers browse through search engines first to address their shopping needs.
What’s a marketer should do to ensure buyers find you first and often?
While it is obvious to continue the path you were following, another important thing to consider is how deeply you understand where your buyers are conducting their research and what is influencing their choices. This is where market research is helpful!
This guide will take you to the venture of conducting an in-depth study of your product, your target audience, and how you are true to this industry.
Conducting Market Research
Market research is an organized method of collecting information about your target audience, business buyers’ personas, and customers to identify how feasible and successful your product/service would be for them.
It helps you understand where your customer base and target audience are conducting their own research about products/services similar to those you sell. It also tells you new trends in your industry, and what your prospects want out of products/services like yours.
There are two fundamental types of market research you can conduct to gather actionable information about your products:
It is the pursuit of primary information about your market and customers. It is useful when establishing your buyer persona and segmenting your market. You can use phone interviews, an online survey, and more to collect fresh information on the challenges your customers face. Let’s look into detail:
Know your customers
Think from the standpoint of your customers and know who they are:
- Male or female
- Their educational level
- Their location
- Kind of income they have
- Social status
- Their interests and hobbies
This might give you useful clues on how you can contact them and work out on the issues to provide advantages that meet their requirements.
Know your competitors
While you might look at the local competition if you offer a service, don’t avoid the threat of international competition. Amazon is the best example as marked tremendous growth in the eCommerce business.
So, evaluate your competitors’ strengths and weaknesses by looking at their website or trying their service.
Take customers feedback
Nothing beats than asking your prospects’ feedback!
Spend a day taking people’s reviews and noting their responses. You could offer them coupons or vouchers for your new service as showing your gratitude for their valuable time. If you have a blog or a website with followers, offer them an online survey. Note down the results and use them to develop new ideas.
A quick search on the internet can help you acquire information published by researchers, trade bodies, or bloggers on figures and trends in recognized market places.
Gathering demographic data will help you to illuminate your plan and research if your service targets households or a specific demographic. You can also check out local websites to collect your own information about the local area.
Analyze industry reports
Commercial banks and business advisors can provide industry guidelines and benchmarking reports that provide useful generic advice and might show an expected degree of profitability.
Conducting market research could be an eye-opening experience. The study can likely uncover new messaging tips and channels to help boost your interactions. Remember, your plan is primarily focused on reducing risk, but this also guides you in growing and developing your business!