Why do market research? - Deepstash

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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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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Primary Research

  1. Exploratory Primary Research: It is concerned with potential problems that would be worth tackling.
  2. Specific Primary Research: It is used to dive into opportunities the business has already identified as important.

Secondary Research

  1. Public Sources: These sources are the first & most accessible. Government statistics are one of the most common types of public sources.
  2. Commercial Sources: These sources are often market reports, consisting of industry insight compiled by a research agency. 
  3. Internal Sources: This is the market data your organization already has.

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  1. Define your buyer persona.
  2. Identify a persona group to engage.
  3. Prepare research questions for your market research participants.
  4. List your primary competitors.
  5. Summarize your findings.

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  1. Interviews
  2. Focus Groups
  3. Product/ Service Use Research
  4. Observation-Based Research
  5. Buyer Persona Research
  6. Market Segmentation Research
  7. Pricing Research
  8. Competitive Analysis Research
  9. Customer Satisfaction and Loyalty Research
  10. Brand Awareness Research
  11. Campaign Research

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What is Market Segmentation?

The basic definition of market segmentation is when your target audience is divided into smaller categories that share similar characteristics.

Here are a few reasons why this can benefit your brand:

  • Creating hyper-targeted ads
  • Building stronger relationships with customers
  • Differentiating your brand from competitors
  • Identifying marketing tactics that have more impact.

With market segmentation, you will gain greater insight into consumer behaviors.

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Make sure that the item itself is ready to go to market. It’s no use approaching buyers if there are issues with durability or design which need fixing before production can begin in earnest.

Conduct testing which usually happens in various stages and typically involves:

  • Design testing and quality control checks to ensure that the product is fit for purpose and works as intended
  • Trials to see how well the target market responds to your idea
  • Customer surveys focus groups and blind testing
  • Production testing to make sure there are no issues with the manufacturing processes or supply line

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With content writing, you want to find creative ways to inform and entertain your audience. But you also want to ensure your post is SEO-friendly, that readers will engage with it and that your content drives conversions. Because the fact is: brands that develop well-planned and researched content generate real results.

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