Market research is essential in business – it allows you to identify the needs of your clients so that you can create a more attractive business and generate more sales. Here are a few effective ways to do market research that will ensure the best results.
Surveys involve directly asking your target market for their opinion so that you can appeal to them more. Sites like SurveyMonkey allow you to generate free surveys and are a popular tool. You can also create physical survey cards or interview people one-on-one with survey questions. The more people you survey, the more accurate your results will be – just make sure that all these people fit your target demographic, otherwise their answers will be useless.
Organise focus groups
Focus groups involve assembling a group of people and getting them to answer questions/test your product. The results can be quite different to surveying people individually – you can see how people respond as a group and whether people seem to wholly agree with a certain point. Allow the focus group to feed off one another’s discussion, but make sure to keep everyone on topic.
Keep tabs on competitors
You can learn a lot from observing your competitors and the strategies that they use. Make sure to regularly check on your competitors’ websites to see if they are advertising any new services or deals. If they own a rival store or restaurant you may even be able to visit to get an idea of what their business is all about. You can then borrow tactics and come up with other tactics to set yourself apart.
Sign up to online data reports
When it comes to secondary research, you can do better than reading books and blogs. There are many sites where you can sign up to insightful data reports. For instance, the likes of Tussell allows you to keep track of public tenders allowing you potentially win government contracts. Sites like SEMrush meanwhile allow you to get a better idea of keywords being used by competitors so that you can improve your SEO tactics.
Encourage customer feedback
Customer feedback can be a valuable form of market research. There are many forms of customer feedback that you can encourage. Online reviews on sites like TrustPilot are one popular way in which customers give feedback – these can be an important marketing tool as well as a market research tool, allowing you and other consumers to see what customers loved and hated about your company. You can also encourage private feedback in the form of feedback forms or by simply asking in person. This is best done after working with a customer (a restaurant may give customers a feedback form with the bill, whilst a recruitment company may email over a feedback form after having helped find recruits for a client).