Marketing without data is like driving with your eyes closed
Today people not only buy to satisfy their needs but to also satisfy their wants, and wants are not so easily satisfied.
People research product before buying it, and hence, you as a seller should know what they are researching. Dipping your toes in a new business without research can turn into a catastrophe within a month.
Hence we have prepared a guide for market research that will not let you down.
- 73% of consumers are more likely to purchase a product or service if they can watch a video explaining it beforehand.
- 63% of consumers said they’d think more positively of a brand if it gave them content that was more valuable, interesting or relevant.
- 74% shoppers are unlikely to share a product on social network after purchase.
- 42% of online customers find recommendations from friends and family influential.
These statistics are hint at the things you as a seller should partake in order to win over customers.
Why Do Market Research?
All businesses, whether small or large have a particular market, It may be geographical or based on some other factor.
Every commodity has its market and knowing which is yours is the difference between success and failure.
For example, you can not sell high-end laptops in a low earning neighborhood.
It is imperative to set a budget for research and strategy planning. You can’t spend money on the go as per your wish.
So, the first step in the guide to market research is BUDGET SETTING. It is important to know how much are you willing to spend to know your customer.
Research avenues is second thing on the list. One way is to carry it out directly by performing surveys, asking questions etc. The second way is by using statistics already available on net, or buying them.
Just ensure that all avenues are covered in the research. Cover people of varying economic capacities, races, habits, etc. Same goes for sources, use commercial, internal and public sources equally.
Reddit is a site which is ranked eighth in terms of traffic. On reddit you can find memes, cat GIFs. Another thing you can find on reddit is great discussions which are really helpful in market research!
Nothing is better than this! It is a gold trove for established businesses. You already know what your customers love and what they don’t love. Use this knowledge to your advantage, and as a result, you increase your sales.
The last point on this guide for market research is surveys. Surveys should be of such design that audience remains engaged for the duration of the survey.
A good way is to provide incentives. It may be in form of coupons or discount, etc. Surveys are the most direct way to know the undercurrents of the market.
I would like to conclude by saying that it all boils down to numbers and analysis but a very important thing that people usually overlook are foresight of an experienced entrepreneur.
Risks are necessary but ensure that they are calculated risks. With this we come to an end of this guide for market research.