First of all, let’s take a brief look at why on earth you would be interested in leading a market research in the first place. Given that you have some new product in mind that you want to launch or some new idea you want to test, a market research is the best approach to show you what might best bring profit. And in cases of products that you already have, you can find out whether they are what your customers need, whether there are ups and downs about hem you were unaware of and whether you could bring any improvements to them.
This is why it’s so essential to ask the right questions that can bring you the right answers. So we’re next going to cover some tips for a perfect market research!
What kind of market researches you can conduct
1. Primary research
This basically refers to gathering first handed information both about your customers and your products. A primary research can be conducted under the shape of online surveys, phone interviews or focus groups.
- It can outline your ideal buyers
We can refer to this as your buyers’ personas, also known under the name of marketing personas. They refer to a generalized interpretation of your perfect customer. Some of the information you should include here is regarding: age, income, family size, gender, location and job title.
- Connect with your audience
This mostly refers to users that have recently made a purchase from you. It’s essential to go for people who have recently engaged with you, be it through a purchase or an evaluation.
- Choose your buyers wisely
There are quite a few tips when it comes to choosing the people that will take part in your research. For instance, you can pick the people who recently made a purchase, people who attempted to make a purchase but did not finalize it, people that follow you on any type of social media. Also think of ways to motivate your participants into spending time on your research.
- Prepare your questions
It’s good to have a plan about what you intend to ask your participants, you can ask about background information and then offer them some bullet points regarding the intention of the research, you want to cover their solutions for the problems that they encountered in the connection with your product and never forget to thank them for their time.
2. Secondary research
At this point you have to analyze all the data and info that you have at hand and draw your conclusions accordingly. This will help you most when it comes to having a clearer idea about your competitors.
First of all you have to identify the industry or industries you are pursuing, in order to figure out which competitors overlap with your field.
Once you managed to pull out all the info that you were interested in put it all together. Here you have to include your initial purpose for running the research in the first place, a list of the participants that took part, what you have learned overall, describe the learnings that you uncovered (improvements that might have been suggested for instance) and suggest an action plan.
All in all, leading a market research can be a huge point for you and your company. You can find out things you might not even have thought of and your clients will notice that you really are interested in making improvements and that their opinion matters. However, beware not to fall into some of the most common mistakes when it comes to leading a marketing research!