TMCnet Feature
March 18, 2019

Top Ways to Do Market Research in 2019

In today’s competitive times, it's important to understand your market and prospective clients more than ever.  And businesses have a responsibility to get detailed information through organized research and market informatics.

Let’s see how we can make market research easy, fruitful and smart.

The first thing - understanding your subject.

Do you want to gain information about prospective buyers?  Is investment a good option?  It's important to do a quick check concerning what you want to know about. As a quick note, going to a market research marketplace can also help with all of the below steps as they can help you save money and give direction to your research.  So be sure to check that out as you go through the below steps:

The Different Types of Market Research

There are two basic kinds of research:

The first one is Primary research. Here, the task is to gain first-hand information about your market and your customers (and prospective buyers).

The second one is Secondary research. Here the correct data comes in handy. This type of research is based on all the information you have at your disposal to understand the market, the general trends and what is new in the market. What’s soaring and surging?

Basically, all sorts of information you want to know about your market (which will help after further analysis), are covered by both kinds of research.

To cut the story short, this is all the public and private records and data you’ll need to help you make conclusions.

This all comes in handy while doing market research.

Data Analysis and Market Research go Hand in Hand

Now that you are aware of the two broad types of research, it is important to understand how it can really help. Also, do the following:

Get to Know Your Buyers Closely

The more you know your buyer's persona and what they prefer, the more you will understand and be able to measure your customer’s buying trends and purchasing behavior.

Primary Market Research helps in deciding your course of action and which problems need immediate focus.

Primary research involves knowing the basic traits and intrinsic details concerning your customers. Some key characteristics include name, age, gender, family size, location, job, basic income etc.

Understand Your Audience (News - Alert) as Well as You Can

Now that you have your audience segment in place, try engaging with them. This can be done by creating focus groups, online surveys, interviews, telephone conversations, just any way you can get the required information and answers from your customers.

Here a few tips:

#1 Always Research a Good Number of Participants from Each Persona/Group

#2 Know What to Focus On

Focus on your subject and theme of your research (don’t get carried away).

#3 Prepare a Detailed Questionnaire Containing What You Will Ask Your Participants

#4 Interview Fresh Customers

#5 Choose the Right Mix of Participants

Focusing on only one type will not give the desired results, as the results will be partial and lopsided.

#6 Ask the Participants Candid Questions 

Asking straight to the point questions helps you understand what worked for you in the past and what didn’t.  It also helps to know about your competitors, competitor products and where you can make improvements.

Now that we are familiar with the the first few crucial steps, let’s walk through what needs to be done next.

Get Involved in Specific Research

It’s time to get down to actual business.

Engage with your data extensively, as much as possible. The flip side to this is, if you are an individual, you won't have large chunks of information at your disposal, but this isn't necessarily something to be worried about.

Just, start analyzing and studying all the information you have, like past endeavors and business activities. For example, study the customers who recently bought your products, or what were the most searched-for and purchased products, or which product didn’t do well and why? This is what you actually need to concentrate and focus on.

These factors will eventually help you to take the necessary corrective actions and further aid your specific research.

Make use of Social Networking Platforms

These days, online portals and social platforms play a very supportive role in advertising and marketing your products.

Use them as much as you can for your business.

Also, look through your contacts and publicize profusely that you are conducting research. Garner helpful support from your friends, family and business associates.

Your research questions are equally important as your clientele to help you know where you are heading. Practice prudence and create a well-written questionnaire (as discussed earlier).

Market Research is all about Smart Research

Get into the heart of the matter - this is what actually counts. Knowing your audience is only the first step.

» More TMCnet Feature Articles


» More TMCnet Feature Articles