Market research lets you identify what’s in demand and how to best provide your services. If you have a newly launched product on standby and can’t seem to get prospective clients then chances are something is wrong with your market research. Or maybe you’re having a hard time with your competitors even though you’re both in the same niche. Hiring a market research agency is one way to answer these questions and figure out where you’re going wrong. But even before hiring any services, there are a few basics you must know.
Here are the ABCs on the subject according to a reputed market research agency:
- Primary Research – Primary research is the stage where you gather data for analysis. This is where you conduct interviews, give out surveys and sample questionnaires. You try to understand your prospects better by asking questions and sometimes even give out samples for feedback. The goal of primary research is to learn what you’re working with, not just about your competition. Meeting up with focus groups and getting their opinions about the industry is also key. They’re the ones who’ve been observing and acting as customers which is why their feedback becomes invaluable.
When getting feedback through primary research, important questions that you should ask your customers are:
- What do they like about your products or services?
- What are their preferences or selection criteria when it comes to buying new products?
- What is the right price for the product or service?
- What areas do they feel could be improved upon regarding your products/services?
- Secondary Research – This is studying published data and information that already exists. It could be in the form of visiting your competitor’s retail outlets or looking at their blogs and published materials online. Secondary market research helps you identify benchmarks and standards in the industry. Your target segments become clear and you know who are your competitors. It gives you milestones to work towards. Reviewing magazines and academic journals, news pamphlets and population demographics reports also forms a core of secondary research. Don’t forget to dig into archives for data when you’re going through this stage and make sure you organize your findings for later reference.
- Quantitative and Qualitative Data Collection – Many marketers make the mistake of not focusing on these two areas. Quantitative data collection involves gathering and screening through the data using web analytics. You use a large sample size for this and get insights through extraction and analysis. Through web analytics you will discover your bounce rates, the sources of your leads, which pages on your website are visited most often and your most popular posts.
Now that you’re aware of the ABCs the best place to start your market research is by doing your homework and seeing how your customers think and act. If you are looking for a consultation or require assistance in devising your market research strategy you can reach out to us. We are a premier market research agency that specializes in qualitative and quantitative market research for businesses and startups. If your goal is to get insights from Big Data and learn what it takes to hack growth and revenues that get your business running in no time, be sure to reach out to us.