Market research is an important component of business strategy and refers to any organized effort to gather information about target markets or customers. It provides important information that enables you to identify and analyze the market need, market size, and competition. Here are some of the tips to make the most out of your next market research:
Determine the objective of market research:
The very first step towards market research is to determine the main objective of your research. Your objective can vary from getting feedback on a new product or feature to learning why someone churned. Once you are done with identifying the objective, you should let the respondents know the purpose of this survey, your ultimate objective, benefits of the survey.
Go for keyword research:
Keyword research enables you to evaluate the nature of competition that you are likely to face in a certain area. It gives you information about how people look for your products or services on the internet.
Make use of online surveys:
Online surveys include polls and surveys. They enable you to structure your research more effectively and collect specific information needed in your campaign. As a matter of fact, the information gathered through these surveys is more reliable as it explores several aspects relevant to your market research.
Keep it simple, short and sweet:
Make sure that the questions used in the survey are not complex. Also, the questionnaire should be short so that it requires only 5-10 minutes to be completed. You can even consider including a progress bar so as to keep the respondents updated on the status of the process.
Tying up your market research surveys with some sort of rewards or incentives makes them more effective. Once you have mentioned the purpose and context of your market research, you can offer respondents a product discount or reward for their time. You can consider adding more value in the case of complementary products and services.
Leverage social media:
Social media platforms such as Facebook, Twitter etc. are extremely helpful when it comes to market research. You can leverage these powerful channels for online market research. For a more effective research, you can even create social groups that provide an easy and instant access to the information regarding your products and services.