All success in anyone’s business is aimed at their audience. Customer satisfaction determines the success or failure of each business strategy. And the first step to that is the market research process. Here are some effective market research tips for those who are new to trading
1. Start with the people around you
Take advantage of the relationships around you to start the market research process. They can be friends, family members, or neighbors…. It’s also one of the long-term customers.
Also from them you can declare other relationships around them, imagine the same tree model you have seen. From the large branches will gradually divide, and then the large coverage of the canopy.
Starting from these simple things will save you a lot of research costs.
Read more: Market research tips for your product ideas
2. Observe consumer behavior
Many of you spend a lot of money to hire surveyors or design survey forms to visit customers. That method helps you get more information. But there is also another effective way of observing. With many business areas such as clothing or food. You can just stand by and look at the customer’s attitude and judge their hidden needs, what they are upset about and what they want.
However this requires the market research experience of the observer.
Read more: 5 free Google tools to help you conduct effective market surveys
3. Select target groups for market research
For effective market research, you need to select a specific audience, both limiting the scope of the research and getting good results. That audience group is also the target customer group that you are targeting, the group of people who will consume your product. The specificity and detail of the research object group, the easier it is to exploit information.
The object of the study is based on the goals you want to achieve. Build effective information to get the best audience.
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4. Set up a set of questions
- What information do you need?
- What aspects do you need to exploit?
- What questions do customers care about?
- How to study quickly and effectively? ….
You should have a list of questions to optimize your search for information, this also helps you limit the scope of your market research and still get the results you want.
Make sure the questions you ask are short but still provide all the information needed. Customers don’t like frills.
And in that mountain of information set a desired goal to summarize the survey done.
Read more: Types of questions that should be included in a market survey
5. Market research with information technology
This is suitable for those of you who know a little about information technology. You can create a questionnaire on https://docs.google.com, then insert your link on forums or facebook fanpage, on your personal page. Save time both for respondents and for you. Or on many other apps that also allow you to place survey pages.
Market survey is very important, providing input information for your business process. But not everyone is willing to spend money to do research. The suggestions above can hopefully give you the most useful information for information search.
Read more: The secret of extremely accurate online market trend analysis
6. Market research by investigation, survey
This is a fairly popular market research method, widely applied because it can survey the needs and opinions of many subjects at the same time. With this method you can do it in many different ways.
Before taking the survey, you need to make a list of open-ended questions, right or wrong or choose answers related to the issue you need to know, and then distribute it to customers to know their opinions. Usually, questionnaires are distributed in crowded places such as schools, amusement parks, bus stations, etc.
The response rate of this method is quite high, you can collect many opinions at the same time, but in return the cost is not low, from making a list of questions to hiring a voter. An important note is that the questions must be short, easy to understand, practical, go around the center, the number of questions in one ballot should not be too much.
Read more: Mistakes and taboos when making market research surveys
Investigate by phone
This method was once popular, saving you a lot of money. However, now a lot of people have complained about the advertising service over the phone, they think they are being bothered and very annoyed. Therefore, the effect it brings is not high, sometimes you make more than a dozen calls, but the person who listens to you may only have one.
Also a remote investigation method like telephone, but with mailing you can target more audiences, even the cost is much cheaper. But the effectiveness that it brings is not high, the rate of people reading the letter and responding is very low, less than 10%. However, this method is still used by many small businesses.
In terms of coverage and cost savings, all of the above methods cannot be compared with online surveys. Creating a questionnaire, distributing them to users has never been so easy thanks to the unlimited connectivity in both space and time of the virtual network. However, the effectiveness that it brings is not appreciated, because the network information is unreliable and easily influenced.
Read more: How to identify the correct negative target market segment
Depending on the capabilities of your business, product, and market, you can choose a different market research method. Hope that the article will help you.