Market Research
Market research is used to establish the current environment your business is operating in and what your current position is in the marketplace. Market researchers are interested in information like the
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Plan and conduct online, mobile, mail and face-to-face surveys for customers and prospects.
Verify your hypotheses and assess whether your product meets customers' expectations and needs.
Spy on your competitors and study the current market and industry to find gaps and opportunities.
Plan your finances and strategies by looking at market trends, global and domestic economies and policies.
Plot or improve your buyer's journey by researching general consumer or customer behaviours.
How to conduct a comprehensive market research? What resources would you recommend? Share your tips and experience.
735 views
Sonja Ceri, CMO at Four Drunk Parrots
The best way to start any research is, to begin with, your goals. First, outline clearly what you are aiming to achieve with your research. This will ensure your research has a clear scope and direction.
Some broad areas of research are outlined below.
Customers
As with any venture, it is vital to understand your customer when beginning a new professional services venture. Create a clear outline of your customer to help direct your business. Some questions to ask include:
Demand
An important element to consider is the demand for the services you intend to offer. Research how much demand there is for your offering. Google Trends can be useful for this type of research.
Qualitative market research is a powerful tool to plumb the depths of new territory and discover truths that are normally hidden from easy view. What does a given product category really mean to...
5.55K views
Narine Poghosyan, Community Manager at SavvySME
Thanks for sharing such useful information. It is very important to choose the best market research techniques for your business.
What's the best and most cost effective ways to do a market research for a new business idea, product or service? Is it better to outsource it and hire a market research company?
671 views
Paige Arnof-Fenn, Founder & CEO at Mavens & Moguls
Market research is a critical tool for business yet often overlooked or underutilized. Are real customers willing to pay real money for your product or service? If so you have a real business. Do not just ask your friends & family for feedback, they do not want to hurt your feelings and will not be objective. Do market research with real customers. Whether you conduct qualtitative (focus groups or a listening tour) or quantitative reseach using Zoomerang or Survey Monkey for example does not matter. Just make sure you ask questions in an objective way so you get real feedback that is useful. Unless you have expertise in house it makes sense to engage an indepeendent outsider who can help draft the questionaire otherwise it can be garbage in and garbage out wasting time with useless informtion. Research does not require big budgets but it does need to be objctive to gain real customer insights.
Brian Dorricott, Business Specialist at Meteorical
Hi Steve,
Great to see you're doing a survey.
Looking at the questions, I'm struggling to see what you hope to learn. Are you looking to find out what problems people face at a major appliance retailer?
Brian
Plan and conduct online, mobile, mail and face-to-face surveys for customers and prospects.
Verify your hypotheses and assess whether your product meets customers' expectations and needs.
Spy on your competitors and study the current market and industry to find gaps and opportunities.
Plan your finances and strategies by looking at market trends, global and domestic economies and policies.
Plot or improve your buyer's journey by researching general consumer or customer behaviours.
I have an animal hospital and I want to increase the profit of my business or my audience.
1.15K views
John Eustace, Principal / Communications and Media Strategist at Bells and Whistles Marketing Pty Ltd
It is easy to suggest generalities, however what has proven popular on social media has little bearing on fiscal reality and your practice’s commercial aspirations. You will find that there is a great deal of emphasis placed on technology and rather obvious communications platforms, and whilst they may eventually be considered relevant, it is what you say and to whom that must dictate the avenues you subsequently select.Your business requires some effective differentiators, possibly one or two may have already been identified. Look at what other Vets are doing and analyse what you can do that will eclipses them. Set out to establish a business that the others will need to compete with, rather than following any fad driven trends. There is little point in publishing cutesy photos or using your valuable time on a blog that will likely only ever be read by your immediate family!As far as getting to know more about your audience, that initially mandates that that your niche market entry point (and the audience that represents), must initially be aligned to your specific skill set and then identified.
Animal Emergency Service , The Animal Emergency Service is a specialised veterinary pra at Animal Emergency Service
Thank you John. This is really a great idea to analyze competitor and drive new ideas to create new audience.
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Market research is used to establish the current environment your business is operating in and what your current position is in the marketplace. Market researchers are interested in information like the size of your market, your share of it, your position and offering compared to your competitors, the attitudes of the market towards you and your product, who your customers are, what they need and so on. Market research is a vital first step in creating an effective marketing strategy.
Market research includes any activity which gathers or analyses valuable information about your marketplace including:
There are two main types of market research you can carry out for your business:
Both types of research are important and neither should be neglected when assessing the feasibility of your business or constructing a marketing strategy.
Your marketing strategy should reflect the best information you were able to find, but no strategy is ever perfect. Effective marketing strategists continue to collect data as their strategy is rolled out, as the execution of your strategy will test your assumptions and provide valuable information which you can use to refine your approach.
Whenever a customer is gained, it’s good practice to ascertain precisely where they came from and which marketing method drew them in. The more information you can get about how they found you and why they chose you, the better.