In this article we will be sharing some Market Research Tips that can come handy for any marketing professional. Marketing has evolved to become more customer-centric. Constant marketing upgrades to the ways people start and grow a business are happening. The importance of conducting comprehensive market research before making any business decisions has remained prevailingly constant.
Every business, big or small, needs market research for continued success. Even a thriving business requires frequent and constant attempts at market research. This helps to keep on improving its development and implementation strategies for the product and services it offers.
Businesses nowadays are using various marketing strategy frameworks to accomplish this. However, we will be highlighting the basics that every marketing research should be based on because it might be all you need.
Some really helpful Market Research Tips
Know Your Customers, KYC
Do you really know who your customers are? When planning to launch a product or service, you need to ask yourself this question. And assess how deep is your understanding of them.
When you know your niche market and the target audience, by digging into the demographics, i.e., their ages, level of education, urban or rural residence, etc. Then alone can you create a consumer profile that you can serve.
KYC helps in developing a focused brand positioning and the type of marketing strategy you might need later on in order to see continued growth. A way of knowing your customers is tracking their purchases and overall behavior and response to your products.
Research Your Competitors is one of the best Market Research Tips
Imagine for a while that the outcomes of your competitors’ market research have been better than yours. In order to keep your market relevancy, in response to your competitors’ new strategy, you have to adapt. Assessing the competitors is a great way to help you understand where you stand in relation to everyone else in the market.
Due to the interconnectedness of markets, thanks to globalization. Our business has to compete globally with businesses many times the size of ours. In such a situation, you need someone with global management experience. Preferably someone who holds an MBA in Global Management Program Online. So that you can cement your place in the global markets.
Thus, it requires that you are not only aware of the national competitors; and have assessed their strengths and weaknesses but also the international players. Be aware of the trends, practices, and processes that are shifting and evolving at great speed. Necessitating that every business be aware and well-researched on the latest developments.
Set Goals for Market Research
What results do you want to get from your research? Set some objectives that can help you understand the future of your business. We suggest using the widely-used framework of SMART Objectives for this purpose.
The first factor, specificity, requires you to keep the market research very focused and on point. Secondly, measurement means that you must analyze the results of the research. The third factor is achievability, where you must identify the goals that can be achieved and omit those that appear overly ambitious. The fourth factor is relevancy, where you ensure that the set objectives comply with your business model, and you have sufficient resources to achieve them. The last factor is the time or deadline within you have to achieve those goals.
Design Short and Simple Interviews
Just admit that we all hate long interviews, don’t understand big questions, and are not always in the mood for googling every incomprehensible word. The point is, when conducting interviews or surveys, remember to keep the questions short, direct, and simple. Ask only the necessary questions, and don’t bore your audience with long scripts. Avoid asking personal or intimate questions unless extremely necessary.
Give a brief background and purpose of the research when asking questions from the audience. Quantifiable data can help you gain the exact data you need, while qualitative questions can bring subjectivity into the research, exhaust the reviewers, and may be utterly useless in the end.
Focus on Observational Research
Observational research means observing people who use your product and jotting down their reactions. It is a good alternative for focus groups and is less expensive. Since it is a qualitative method of research, you can get data on how people react to the product in real time rather than taking their testimonials.
Although you cannot determine what people ‘think’ of your product, you sometimes get participants’ most genuine and sudden reactions when first exposed to your product. Observation is the universal prerequisite of any market research and you can frame your whole research on it.
Don’t Just Assume
In your opinion, you have an excellent product and people will love it. You conducted a survey and thought to exclude asking questions about the products’ flaws. However, there is a major bug in the app or software that neither you nor the IT team could detect. As a result, the corporation dismisses it as an option.
Mistakes like these happen because we assume that our own products are superior and overlook its flaws. When conducting market research, never assume something on your own and let your audience decide it for you. Similarly, when you receive the results of any research program, making assumptions without considering the numbers and feedback can be a recipe for disaster.
Offer Incentives to Participants
Offer incentives and compensations to the participants of your market research to further encourage their participation. The idea of getting monetary or other rewards at the end of an interview or survey can increase the participation rates.
Some circles look upon incentivizing participation for research as unethical. But that’s still debatable, and it can be a great option if you think that people may not volunteer. Compensations could be of any form. You can offer cash payments, make entries into lucky draws, coupon codes, discounts, or product giveaways for filling out surveys or giving short interviews.
Data Transparency and Analysis
When your loyal customers participate in the research process, they expect their information and opinions to be kept confidential and used for their intended purposes only. Data transparency allows the participants mental peace, encouraging them to participate with greater enthusiasm and integrity, and making market research easier.
Similarly, when you start analyzing data received from research, make sure the whole process is as unbiased and objective as it can be. Use strategic approaches to mine data and turn metrics into insights that can benefit the company.
Market Research Tips
Conducting market research can enlightening for companies, product developers, and marketers. Even if your performance is exceptional, research is useful in uncovering the marketing issues, new communication modes, ways of increasing sales and profits, and introducing innovation into the market. Everyone needs to research the market they operate in or are planning to enter. That’s why the above-mentioned tips will allow you to gather greater, in-depth insights from your market researches.