We hear “market research” every day. But do we even know what it is, how much more, carrying it out? Market research, according to Hubspot, is “the process of gathering information about your target market and customers”. It refers to the process of understanding the market’s needs and measuring their purchase behaviour.
Market research helps a company gauge the success of a new product or identify the traction of an already existing product. This means it is a vital aspect of the business. It informs your decision on how relevant your product will be to the market you are sending it to. It also helps you know what is working, the gaps and how to fill them.
The importance of market research cannot be overemphasized. This article outlines a guide to carrying out proper market research. Is this something you are interested in? Let’s proceed.
Define your buyer persona
Your buyer persona can also be referred to as the image of your ideal customer. Have a picture in mind and crystalize it. This buyer persona will represent who your customers will be, what they desire, and their expectations of your product or service.
If you do not know who you are servicing, you won’t be able to do a proper job. While figuring out your buyer persona, use metrics such as gender, age, income, and unique challenges.
Prepare research questions
For any research to be successful, a research question or a host of research questions must be involved. These questions will help guide the research process itself. To do the research, compile questions for questionnaires, interviews, and opinion polls.
Carrying out surveys is a great way to do market research. Whether your business is B2B or B2C, identify your core customers or prospects and then engage them. These surveys can be done online via Google Forms, Survey Monkey, and other platforms. You can also do this by conducting interviews, whether online or physical. Taking polls on social media is another way to gather opinions from your target audience.
It could be prospects or existing customers who need to give feedback and thoughts on your product.
Identify your competitors
It is important that you keep an eye on what your competitors are up to. This is because it will help you know their strengths and weaknesses and how to improve upon your model. At the end of the day, the goal is to outrun them in the race. So, the knowledge of their progress will encourage initiative and adaptability to market conditions. You can do this through market report applications like Forrester or social media. Go to their pages and check what their customers say about them.
Conclude your findings
With all the information you have gathered from different sources, the next thing is to put them together. Use any software to help you calculate and draw diagrams and illustrations. A definite outline includes the executive summary, awareness, consideration, decision, and action plan.Featured Image Source: Hotjar
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