Meet the experts
Meet the experts
A Simple Yet Great Way To Find Out What Your Customers Want
Do you want
In order to succeed, you need to identify a reachable marketplace that wants and needs the products and services that you sell.
How do you do that?
One of the best ways that you can use for understanding your market better is through research. Market research is a great way to find out what your customers want and what you can do better to make sure that they get it.
Simply put, market research is the gathering of information that tells you how to improve your marketing efforts.
Market research is done through various methods, some of them quite formal and others very informal.
Now let’s go over some of the actual methods of market research that you can use.
(What methods you choose and how much money you spend will depend upon what your needs are, what information you are trying to get and what your budget for market research realistically is).
1. Personal market research.
In this case you spend time personally trying to find out more about your market. You can do this in a number of ways.
First, you can simply talk to people that you know and maybe ask them to get opinions from people that they know.
You can also use the internet, that is an incredible resource for just about any type of information you are seeking and market research is no exception.
Internet polls can give you nearly as much information as conducting a telephone survey might, and in many cases, polls are free.
You can also visit forums within your industry and find out what people are saying, and try to find out the information you need by posting on those forums.
One of the ways that this is often done is by hiring a group to go door-to-door in an area where you think that those in your market might live.
However, you can also do informal interviews with your current customers and you can even poll your own employees and get their opinions.
The benefit of doing personal interviews is that people have a lot more freedom to speak their mind than they would on an internet poll or a pre-designed telephone survey.
They can tell you things that you might not have thought to ask, and since it is a personal interview, they often feel a lot more comfortable talking about their needs and expressing opinions, especially if your interviewer is good at their job.
3. Focus Groups.
A focus group is a small group of people, as few as three or four and usually no larger than ten, who are getting chosen to give their opinions about a specific product or service.
Focus groups are easy to set up and they can give you a great deal of valuable information because the people involved can give you their opinions firsthand.
This method definitely have the advantage over personal interviews, because you get the opinions of several people at once, which can give you a much clearer picture.
In addition, you usually save money by doing a focus group instead of an individual interview. Just bear in mind that when you have several people in a group, some of them may not feel comfortable expressing their opinion if it is contrary to what everyone else in the group has expressed.
4. Competition-Based Market Research.
When you are new in business, then your competition has the advantage over you.
But if you can take advantage of their knowledge and use it to improve your own marketing efforts, you will be able to turn the tables.
Of course, you’re probably wondering how you can get this information, since it isn’t likely that your competitors are just going to hand over their own market research.
The thing is, you don’t have to talk to competitors directly to find out what strategies they are employing and what research those strategies are based upon.
All you have to do is look at those strategies carefully.
The way that your competitors market their products or services will tell you a great deal about the market in general.
5. Telephone Surveys.
Telephone surveys used to be one of the most popular ways to do market research, but with the Do Not Call List and everyone carrying mobile phones instead of a landline that is listed in a directory, they have become less effective.
However, they are still employed by many organizations for lots of different purposes, including political polling, market research and more.
Telephone surveys do cost money, and you usually have to hire a firm to do the surveying for you, but if you come up with the right questions, it can be an extremely effective way of understanding your market.
Using the internet for knowing your market has sort of replace telephone surveys as the new norm. There are companies out there that have experience in researching markets using advertising, internet polling, email campaigns and a huge number of other methods.
This kind of research can be more effective than some other methods like focus groups or telephone surveys, because many people feel more comfortable expressing their options through writing rather than verbally.
The bottom line is that guessing about the market is not enough, and if you are investing money into a business that provides a particular product or service, it only makes sense that you should research beforehand if there is even a need for that product or service.
You can choose whichever method you want, depending upon your budget and your particular needs.
But a market research should be conducted regularly and you should analyze the use the information gathered to base your business decisions on.
You will be much better off for it than someone who simply plunges forward without any idea of how the market will respond.
© 2018 by Marisa Specogna