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What is market research?
You need to adapt your marketing strategy to complement the way today's consumers research, shop, & buy to sell your service. To do that, you must have a deep understanding of who your buyers are, your specific market, and what influences the purchase decisions and behavior of your target audience members.
Market research is the process of gathering information about your business's buyers personas, target audience, and customers to determine how viable and successful your product or service would be, and/or is, among these people.
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Why do market research?
Market research allows you to meet your buyer where they are, & understand your buyer's problems, pain points, & desired solutions. You can then market your service to appeal to them.
Market research also provides insight into :
- Where your target audience & current customers conduct their service research
- Which of your competitors your target audience looks to for information/options/purchases
- What's trending in your industry & in the eyes of your buyer
- Who makes up your market & what their challenges are
- What influences purchases & conversions among your target audience
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Primary vs. Secondary Research
Primary Research
- Exploratory Primary Research: It is concerned with potential problems that would be worth tackling.
- Specific Primary Research: It is used to dive into opportunities the business has already identified as important.
Secondary Research
- Public Sources: These sources are the first & most accessible. Government statistics are one of the most common types of public sources.
- Commercial Sources: These sources are often market reports, consisting of industry insight compiled by a research agency.
- Internal Sources: This is the market data your organization already has.
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Types of Market Research
- Interviews
- Focus Groups
- Product/ Service Use Research
- Observation-Based Research
- Buyer Persona Research
- Market Segmentation Research
- Pricing Research
- Competitive Analysis Research
- Customer Satisfaction and Loyalty Research
- Brand Awareness Research
- Campaign Research
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How to Do Market Research
- Define your buyer persona.
- Identify a persona group to engage.
- Prepare research questions for your market research participants.
- List your primary competitors.
- Summarize your findings.
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IDEAS CURATED BY
Digital Marketer Welcome to my Deepstash where I share ideas I find most valuable for those who wish learn more about digital marketing!
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