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Tips on Conducting Market Research

Tips on Conducting Market Research

In order to have a successful business, you have to know the business and that’s where market research comes into play. Know your competition, your audience, demographics, and statistics. Research is an ongoing project; stay up to date with your product by keeping on top of these tips. 87% of mobile consumers turn to search engines first to address their needs. Effective research leads to effective advertising in order to persuade your audience.

Beginner’s Guide to Market Research

  • Know What Type of Research to Do

Similar to a book report or research paper, there is primary and secondary research. First, primary sources include researching what the product is about and what brands and audiences have to say about it. Then, secondary research is specific statistics and data. Additionally, research the top keywords associated with your product.

  • Know Your Competition

Next, research what your competitors are doing to grow their business. Look at their prices and reviews. Are you competing against small businesses or large corporations? Also, find out the target audience to whom they are reaching out. Knowing your competition can help you adjust your prices and campaign. 

  • Know Your Audience

Now that you’re aware of your competition’s audience, you can start looking at your audience. Researching their demographics will help connect your product to your target market. Observe the habits of your consumer, such as their related interests and what social media platforms they use. Know their age, gender, job titles, location, and income. This will help format your advertisements. 

Go Back to the Drawing Board Often

  • Keeping Up With Consumer Statistics

Consumer statistics change with time. COVID-19 imposes uncertainty on consumers and their habits or their preferred brands may change. The COVID-19 link has advice on how to adapt. Since the audience may shift, or format/design may upgrade, gauging the audience’s reaction to new situations is important. Know what the product is most often used for if it has multiple functions. This could also change with the seasons.

Market research can take weeks to properly conduct. There are many aspects to take into consideration, and observing product activity during a time frame is the most effective way to gather essential information.

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