Types of market research to conduct for your business

The difference between a successful business and a failed one is how well they were able to deliver what the market demanded. It may sound obvious, but many entrepreneurs fail to conduct as much quality market research as they should. No matter how confident you are in your product or service, you’ll only be wasting time by pouring effort, time, and money into an idea without a strong understanding of the market.


Taking the time to find out what consumers truly want will allow you to build or improve any business by tapping directly into your target market.


Why is Market Research Important?

You might think you have a good idea of your audience and what they need, but you may be surprised at your own blind spots.


Imagine trying to buy a birthday present for a relative you haven’t seen in years. You can’t just take a wild guess on what they’d want based on your vague and outdated information.You would need to ask around to see what they like, check out their online profiles to scope out their current interests, or even just talk to them directly.


Finding out what your customers want works the same way: and if you aren’t currently using the smarter option, your competitors are. Win customer loyalty by using research to create specific solutions to their pain points.


Market Research Strategies

If you employ the following methods, you can find out valuable information about your target audience, such as,

●     What they’re searching on Google

●     What is trending in your industry

●     What influences their purchases

●     What they think/feel about particular topics

●     What they are willing to pay for products



Let’s take a look at three of the top market research strategies you can start using today, as well as the most popular tools business owners are using for these methods.


1) Surveys

This method is very common and popular for good reason. It allows you to ask your audience a short series of questions through convenient online means. They aren’t too costly, and you can collect a wealth of helpful insights in no time at all.


Similarly, interviews with your buyers can afford the same benefits. Both of these methods allow you to pick your buyers’ brains for feedback on their product/service desires, as well as their experience with and suggestions for your brand specifically. If you have the resources, you can even conduct a focus group to get high quality opinions on your latest projects.


Market Research Tool: SurveyMonkey is a popular tool that lets you create in-depth surveys to better understand consumer preferences. With this platform, you can collect insights on extremely specific data and easily peruse your results.  


2) Competitive Analysis

Not only is it important to see what’s working well for other businesses in your industry, but it is equally as important to learn from your competitors’ mistakes.


Observing how your target audience responds to the products, services, and marketing campaigns of other sin your space can help you get inspired and put your own unique spin on strategies that have worked for others.


Market Research Tool: Sociality lets you keep tabs on your competitors on their social platforms like Facebook, Instagram, Twitter, and YouTube. You can compare your engagement and performance against theirs and revise your strategy accordingly.


3) Buyer Personas

 Do you know exactly who your target audience is? What age and gender are they? Where are they located and what is their occupation? What are their interests and preferences? Most importantly, what are their problems that you can fix?


Researching your demographic is incredibly important. Marketing to baby boomers from the midwest is going to look completely different from marketing to Gen Z teens living inNew York City. The more detailed the buyer persona you’re able to create is, the better.


Market Research Tool: Make MyPersona helps you determine who might benefit from your product or idea. It’s a free and easy way to visualize all the core aspects of your buyer persona in one place.


When you know better, you can do better, and that’s why market research is so important. If you’re just starting out with a business venture, there’s no better time to conduct thorough research than these early stages. But even if your business is already fully formed, you can see huge growth by taking a step back and analyzing what your target consumer really wants.


If you think you just don’t have the time or resources to spare for market research, just remember that it is better to be at the bottom of a ladder you want to climb than halfway up one you don’t. Stop planning aimlessly based on your assumptions and start seeing real success by prioritizing your customers’ needs.