6 Market Research Methods To Improved Marketing Strategy
One of the biggest failures you can experience is losing your business. Those who don’t do qualitative market research can expect problems once they launch a product or a service. Without knowing your market and audience, a crash and burn are inevitable.
The hard truth is that you need to do the right market research to know what you’re getting into. Here are six market research methods to improve your marketing strategy and give you a good chance of success.
1. Market Surveys
One of the fastest ways to get the most detailed information from your audience is to take their pulse. Surveys are a great way to start your research and get the most accurate information. By conducting online polls and questionnaires, you will get good statistics and data about your target market.
You can also ask people for their opinions and feedback about your products and services. The best thing to do is to send them to your landing page with a survey form. This will help you get valuable information about potential customers.
Effective surveys should be short, concise, and structured. When sending your survey, make sure you provide an incentive for customers to complete it. A simple reward like a discount on their next purchase will do the job.
You can gather a wealth of information from a simple questionnaire. Ask demographic questions such as age, gender, and marital status. Find out about your customers’ preferences regarding your product or service.
Don’t just ask general questions about purchasing behavior and customer satisfaction. Dig deeper and find out about their motivations. This will guide you in the product development stage.
2. Focus Groups
A focus group is a type of qualitative research where you gather a group of people to talk about your products or services. Most of the people in these groups are your target audience. You can ask questions and give examples to the group. You can get valuable feedback from them that can help you improve your products and services.
These groups usually consist of a specific sample size, usually around five to eight if they have experience with the products or ten if they don’t. You can invite customers, employees, or early adopters to participate in your discussion.
A moderator guides the discussion, but the participants are free to speak their minds, as discussions are open-ended questions and opinions. The people are asked to give their honest opinions and reactions rather than what the business wants to hear.
When doing focus group research, you should observe how participants interact with each other. Do they engage with each other? How do they respond to your questions?
3. Social Media Listening
Social media is one of the most powerful tools to gather information about your market. Almost everyone is on social media, and there is a big enough sample size to make it reliable. This makes it easy to conduct social media listening.
With social media listening, you must monitor what people say about your products, services, and brand. You can search engine queries using relevant keywords to see what people and websites are saying about your brand.
You can also use paid tools to automate the entire process, allowing you to set up alerts and track mentions of your company, product, or service. Monitoring conversations on social media can give you a lot of information about your target buyers. For example, what features are they looking for? What issues are they having? What are their pain points?
4. Customer Interviews
Customer interviews are another type of in-depth research that can help you get accurate data about your industry. You can talk to your potential customers directly, ask them about their opinions, and get their feedback on your product.
When you conduct customer interviews with the right people, you can get a lot of information. You can find out what’s on their minds, their struggles, and what they think about your competition.
When you work with an experienced marketing company, they may even be able to connect you with your potential customer. That way, you can interview them in person and get answers to all their questions and concerns.
5. Experiments And Field Trials
If you only have one product or service, there’s no point in doing experiments and field trials. However, if you have multiple products, then this may be something that you should consider.
Experimenting and piloting a new product allows you to test it in the real world. You can try it with actual customers and make adjustments based on what they say. This will make it easier for you to launch your new product on the market.
Although experiments and field trials can be costly, they can provide a wealth of actionable data that you can’t get from other methods. You can test multiple iterations and variations of your product and service.
Experimenting with your digital marketing strategy can help you streamline your operations. You can experiment with different content types, formats, and designs. At a certain point, you will figure out what works and what doesn’t.
6. Market Observation
Market observation is another form of consumer insight gathering. With this method, you will simply watch how your target consumers and competitors behave. If you have the budget, you can even hire experts to do this for you.
People will tell you that you can’t base your marketing decisions solely on anecdotes and stories. While these stories may indicate, they are not enough to guide your decisions.
While stories and observations are essential, you need more solid data to make an informed decision. Market observation will give you the best information. You need to get information about your competitors, the market, and what people are buying.
If you choose to go this route, it’s crucial to have the right tools. A business app, for example, will help you keep track of significant trends. When you focus on your consumers, make a list of everything they do, say, and interact with daily.
Take note of what they look for, how they behave, and what influences their purchasing decisions. If you have no time to do it, look for a digital marketing agency that can do it for you.
The Bottom Line
Marketing research is an effective way to gauge the needs and wants of your potential and existing customers. You need to know what the competition is doing and the market trends. The key to successful online marketing is understanding your audience and tailoring your approach accordingly.
Online marketing tools will help you achieve your marketing efforts. Do your due diligence, try one of these research methods today, and give your business a better chance.