Market research is one of those industry terms bandied about and often confused. It encompasses gathering usable information on target markets and customers, offering insight into insight into market needs, trends, and climate and giving you an edge over your competitors.
Although many people recognize its importance, it tends to be a component of marketing that falls to the wayside. But, you have to know the market to know if your products and services are appropriate and viable.
Hunting and Gathering
Researching a market doesn’t have to be complicated and confusing. By following straightforward action steps you can learn to love it and benefit from the results. It is comprised of quantitative and qualitative approaches, but it can be helpful to think of it as opinion-based social research. Plus, you probably already have a lot of tools in place that will help you gather the data that you need.
- Search Engines and Keyword Searches
Simply put: what are people looking for and will they find you? Search keywords related to your business and industry and see what comes up—are people looking for products and services that you sell? What is “trending”? Keyword searches are also a great way to keep an eye on your competitors by seeing how many of them Google has retrieved. And, keyword search engines exist to help you improve your SEO strategy.
- Blogs
Since they are constantly updated with new, relevant content, reading industry blogs is a great way to keep pace with what is hot. Look for references to your products or services as well as predictions and trend reports. Due to their informal nature they often have the inside scoop before static websites have posted an update. Blog reading offers such good insight beyond just market research.
- Surveys and Questionnaires
Conducting surveys and questionnaires is the backbone of traditional market research; putting them online makes it easier for everyone. In the past, surveys were done in person or over the phone, now you can conduct them on your website and social media pages and through online services like SurveyMonkey. The simpler, easier, and more interesting you make it for readers, the more responses you will get. Plus, you can integrate a questionnaire with your CTA.
Boots on the Ground
While the internet has made market research cheaper and easier, don’t feel bound by advanced technology. Before online research was the standard, people gathered market data the “old fashioned” way, and there is room for both. How and where you conduct research will be largely based on your industry, and many still have a need for focus groups, in-person discussions, and even telephone interviews.
Asking All the Right Questions
According to Inc., the major market research categories are: audience research, product research, brand analysis, psychological profiling, scanner research, database research or mining, and post-sale/customer satisfaction research. So, you have seven different major areas that can help you better understand the wants and needs of your clients and the general industry sales climate. Let your data needs guide your questions—think broad industry-based questions balanced with more product-focused ones.
One of the great things about researching the market is the flexibility it creates—it allows you to conduct research that is most pertinent to you, allowing you to uncover the particular data that you need to know. So, now that you have a better understanding of how insightful it is, do you love it?
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