3 Simple Tips To Effectively Carry Out Your Market Research.
Updated: May 28, 2021
A common challenge for many companies is to weather through the ever-competitive business landscape. In order to do so, it is essential to have a deep understanding of your consumers and their demands. Effective market research can help you to attain powerful insights to lead your marketing efforts and business in the right direction.
Tip #1. Establish the Purpose of your Market Research
There are many types of market research, whereby different methods serve different purposes.
With a purpose in mind, you will be able to elect suitable research methods to produce applicable analysis for your business problems.
For example, if your company’s purpose is to learn more about how your pricing strategies affect your customers, an in-depth pricing research can be the direction to set for your team to mine on.
By doing so, you will find out data about how much the consumer is willing to pay for similar products.
The clearer defined your purpose is, the more effective your research methods will be in gathering useful insights.
Tip #2. Identify your Target Audience
Before jumping straight into conducting market research, you must first establish who you need to conduct the research on.
For effective marketing efforts, it is crucial to pinpoint your target audience.
Defining buyer persona is a simple yet practical way to identify your target audience, enabling you to distinguish key characteristics of consumer groups.
With a clearly defined target audience, you can then streamline your market research to target these people to gain relevant insights.
#3. Recognise your Competitors
Competitor analysis is a common research method used to identify your competitors’ weaknesses, strengths, and more.
Recognising who your competitors are, that is the first step to achieving an effective analysis.
In the current business climate, competitors can be from the same industry or even outside of the industry.
It is important to list down competitors whose products or services overlap with yours.
By having a comprehensive list of competitors, you will be able to effectively conduct competitor analysis or other market research to ascertain your company’s marketing position.
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