The aim of market research is to determine the interest of consumers interest in your products and services. It is a requisite tool for entrepreneurs and works on consumer behavior, including how personal, societal and cultural factors affect the behavioral traits.
Market research is not exclusive to large scale businesses and isn’t a tool to be implemented after a certain part of your business. It’s a common misconception with emerging entrepreneurs to not conduct Market Research at the initial stage of their business. Another misconception that follows is, market research being complex and not feasible, which is not the case.
To simplify it, let’s learn the first 2 major steps of marketing research in detail.
Step 1:- Primary Research
Primary research involves the basics of data collection and analyzing, it’s more of a direct process. It can be conducted with simple methods, which involves anything from telephone interviews to online polls with randomly selected members of a targeted group of your market. Make sure your surveys are short, simple and relevant as it’s the natural tendency of people to opt-out of lengthy surveys. After the completion of data collection, you are to study it with your personal sales record with proper analyses to finish the primary research.
Step 2:- Secondary Research
Secondary research revolves around the study of reports found on websites of various other organizations and blogs, papers, reports published regarding researches conducted for your industry. Years of researches should be studied for better knowledge of the competition in the market. Both the researches should be combined and analyzed thoroughly for the result.
Let’s look in detail about the Market Competition Analysis, which is the 3rd step after primary and secondary research is done and how to combine them with optimum utilization of social media.
Step 3:- Market Competition Analysis
The ultimate aim of Market Research is awareness of the competition in the market of your industry. The more data you collect, the better will be your knowledge of market trends and traits. The information you collect should be fresh as well as dated, this helps in a better forecast of market conditions. Competitors are the best medium for this, keep up with the campaigns and broadcasts (blogs, newsletters, posts) of your competitors, this gives you an idea of what audience they are targeting and the current price scale in the market. Also, be attentive to their reach, consumer engagement, and techniques, compare all this to your personal results and figure out where you lack and excel.
Step 4:- Social Media Utilisation
Social media is a 0 investment market research tool, it is by far the most economically feasible method for research. There are various dedicated groups, pages, and forums made for every industry and is a free source of market trends, they are a free source of data and are very specific which provides precision in detail study of your field. Specific Metadata tags (also known as Hashtags) will lead you to big databases on social media, these databases have limitless content and they keep updating, creating an index and following useful hashtags will give you an advantage. Another major use of social media is getting feedback and analyzing the response of your consumers, with an idea of your company’s goodwill and consumer response, you can improve your services even better and build better consumer relations.
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To conclude, Market research is the best answer to the question ‘What will make them buy from you?’. Tapping information sources to provide the answers to as many questions as you can, will make your plan more convincing and your odds of success higher. Market Research should be the primary and initial step of your business, entering the market without its understanding, and knowledge is a vacuous approach. It is always better to be prepared and moreover, market research is never an option. Adbits is always ready to help startups and businesses with all digital and IT needs.