HOW TO DO MARKET RESEARCH?

Incorporation

2022-09-05

Reasons of Market Research?

Market research is a good chance to find out who is your customers and the reasons behind of their decision. For example, value and the opinions towards your competitors.

So, good research can help you ensure:

  1. Your product or service meets your target customers’ needs
  2. Your marketing connects with target customers in the right way

When you figured out your target customers’ needs, then tailor-made your product or service to win them authentically. Finally, you boost your business volume ultimately. It is an utterly win-win situation.

How to start?

Now you know the importance of Market Research. However, how to get start? Firstly, Centre O would recommend you to start in an easiest and lowest cost way. That is surfing around internet. You can check out websites for national and local government organisations, industry or trade associations, relevant consumer groups and companies. As they could reveal important industry trends, or give your fresh date about the size of the market. Or tell you something new about the region you are working.

Ask your own questions?

After your have the idea of existing marketing information, then you can dig into your target group. You have to prepare your own questions for your market research. You may get a surprising answer from your target group, which inspires you.

The earlier you speak with real-life customers, the better. The feedback will help you refine your offering, tweak your pricing, or adjust your marketing plan for maximum success. These interactions with target customers can even be used to start pre-selling your product or service.

How do you do your own Market Research?

  1. Chat with people individually: Talk with the people in your target market, just make sure they are not family and friends. Let interviewee feels comfortable if giving negative feedback.
  2. Hold focus groups: Get a big chunk of information from multiple people in just 1-2 hours.
  3. Get a community going: Create a Facebook group or email list and keep sending surveys, updates and fun facts.
  4. Set up beta testers: Put on some food and drinks, and invite people to come around and test your product.

What to do?

The core purpose of market research is improving your service or product to meet customers’ need and refine your marketing strategies. Therefore, you can

  1. Observe: Put the product in their hand and how they react to your product
  2. Choose: Show them difference names or packaging options and have them pick their favourites
  3. Check: To check what they do and don’t like about your competitors.

What you should avoid?

Market Research can be very big. As an entrepreneur, you have to distinguish what you need to know and you want to know. You are absolutely right to learn all about your target customers. However, you have to think about your budget. And the budget is not limited to money, but the time.

Once you get the essentials, get launched. And you should encourage feedback from paying customers. Also, be positive even negative comments.

For further information, please contact us.

You may want to read: Best way to identify your target market

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