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Market Research – How It Is Done and Its Significance

You know the ins and outs of your product or services. You are well aware of its capabilities to help customers. Nevertheless, do you know the kind of customers you aim to sell your product to? It is crucial to understand your target audience for promoting and building your brand. 

It is the buyer that makes the purchase decision. So, there are many things about the potential buyer you need to know. You know more than 87% of mobile users use Google to tackle their needs or incorrectly displayed emails get deleted within 3 seconds. Marketers ensure to find the hangout of their potential clients and go there. It is obvious, but the real dilemma is how deeply you know –

Market research can make a change because, with insights into customer’s pain points, market trends, competitors’ approach, etc. You can create a marketing campaign that matches your potential customer’s shopping and buying behavior.

On ovationmr.com, you gain faster and better market research solutions. Their B2B research has enhanced business processes and created new opportunities for many organizations. The team has built a strong relationship offering reliable research data. You can contact them for more detailed answers on how to do market research, especially in your niche.

How market research is helpful?

Market research is a process where data is gathered concerning your target audience, buyer’s personas, and customer’s opinion about your brand’s success. Data collection can help you to –

Gathering information can take months, but it can get conducted quickly and efficiently. Two main market research categories can help you gather actionable data.

Primary research

The primary research includes a direct discussion with people. Online surveys and focus groups are immensely helpful as you get first-hand information. You get a chance to establish your customer’s personas with primary research. It can be subcategorized into –

Secondary research

You have all the public records and data at your disposal waiting to get evaluated. It includes market statistics, trend reports, sales data, and industry content. Secondary research helps competition analysis. You can subcategorize it into –

Market research process

Define your client’s persona

Primary market research helps to define your buyer’s persona. The marketing behavior is imaginary, but it creates a comprehensive image of your perfect clients. You can visualize your target, create a suitable strategy, and restructure your communication.

While determining your buyer’s persona consider gender, age, job, location, income, family size, and major challenges. Use an imaginary persona as a parameter to learn more about your real customers. 

Find out how to engage the persona

Now, meet the recent customers via a focus group or phone interview or an online survey. If your business reveals a few personas then choose a small focus group for each. You will ask extremely detailed questions, so focus on recent buyers with a fresh experience.

You can even choose competitors, clients, with your own. Sourcing information from competitor’s clients will help in developing a balanced perception.

Engage the participants for research

Recruit buyers who purchased within the last 6 months. Pick customers who visited your website but didn’t purchase. You can request participants who engage with your brand on social media. Leverage your colleagues, coworkers, and business connections. To motivate the recruits to participate in the study, offer incentives.

Prepare research questions

Ensure to take advantage of the conversation. Create a list of questions that covers generally everything. Use your time sensibly. The discussion has to be natural, so it makes the participants comfort. Allot time for every section including multiple questions. For example –

Create primary competitors list

Your secondary research can be challenging. Sometimes a company’s sub-division may compete with your brand, even if it puts specializes in another field. For example, Apple Music contests with Spotify [music streaming service], even though Apple’s main niche is mobile devices and laptops. 

Summarize your discoveries

Craft a clear summary using the following outline

Marketing research can be an eye-opening experience. There are many sides associated with your customer’s persona you are not aware of. With all the market research you can discover new channels and tips for enhancing your brand. 

Start creating targeted marketing content with regular market research to stay focused on the right audience!

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