A Guide on Getting Started with Online Market Research the Right Way
Planning on getting started with online market research? According to Statista, businesses pour in billions of dollars in market research, with the 2019 global market research value standing at $73.38 billion.
In the next few months, the global value has been predicted to go booming, which means businesses will be investing their top dollars on conducting surveys, fetching data from their audience, and hearing their opinions on certain subjects.
Market research isn't something businesses want. Instead, it's something they need. In this blog post, we'll be taking a brief look at what actually market research is and how businesses can get started with their online market research the right way.
Let’s get rolling.
What’s Market Research?
Carrying out market research helps businesses collect valuable information on their consumers' preferences, behaviors, their pain points, what they are looking forward to the most, their likes, their dislikes. It's all about gathering their opinions on different subjects, which ultimately aids the product development or marketing needs of businesses, helping them make powerful business decisions and drive growth. That’s the reason they shouldn’t wait around on getting started with their online market research.
With the help of market research, companies can get their hands on valuable data that helps them figure out:
- Whether or not their products or services are connecting with their audience
- How well are they doing against their competitors?
- Which demographics will most likely buy their products or services?
- How large is the market opportunity?
- Pinecone Research
And various others! It’s all about asking the right questions and collecting the right amount of data that’ll help them with their campaigns.
Listed below are the reasons why market research is super-important:
- Steers business strategy
- Helps avoid costly mistakes
- Builds credibility
- Helps businesses understand where to head over to next
But the question is, “How exactly can businesses begin with their market research?” Let’s take a look.
A Step-By-Step Guide on Getting Started with Online Market Research
Here’s a list of steps businesses should follow for the purpose of getting started with their online market research:
- Define Buyer Persona
- Identify Buyer Persona Group They Should Engage With
- Prepare the Research Questions You'd Like to Ask
- List Down Your Competitors
- Summarize the Findings
Define Buyer Persona
Okay, defining buyer persona will help you visualize your audience, inform your strategy, and streamline your communications. Some of the key characteristics you should be looking for are:
- Job Title
- Family Size
- Major Challenges
Identify Buyer Persona Group They Should Engage With
Now, you need to identify the right set of people that you should be engaging with to carry out market research. You can do it by:
- Selecting people who recently interacted with your business
- Select people who purchased your products or services recently
- Leveraging Your Own Network
- Inviting People on Social Media Platforms
- Offering an Incentive
Prepare Research Questions You'd Like to Ask
Depending on what data you’d like to gather, your questions will vary. But here’s a basic outline for a survey, which will help you figure out the questions you should be asking:
- Background Questions: Ask the audience to give you a little sneak-peek of their background information.
- Awareness: Asking them about the problems they are facing and how they realized about them.
- Consideration: Ask them about the potential solutions they researched and what they liked and what they didn't.
- Decision: Ask them about what made them buy a particular solution or what will actually make them buy one.
- Closing: Ask some extra questions that you'd like to ask, and don't forget to thank them for the efforts and time they put in.
List Down Your Competitors
This step is all about diving deep into what your competitors are doing that’s working for them. What’s the thing their audience likes the most about their products? What do they hate? Almost everything.
Once you have your competitors listed down, look for every single piece of information you possibly can and learn how you can improvise on the mistakes they made.
Now, everything you have collected until now, it’s time to summarize all of it and use it to aid your product development or market-strategy.
Here’s an outline you can use:
- Background: Why did you conduct the study? What are your goals?
- Participants: Who did you talk to? Break down the groups by customer/prospect and buyer persona
- Executive Summary: What were a few of the highlights of the market research
- Awareness: What were the common triggers which lead them to enter into your evaluation?
- Consideration: Which were the main themes you uncovered?
- Decision: Paint a clear picture of how your audience makes their decisions.
- Action Plan: What’s your plan moving forward?
Market research is a critical aspect that drives business growth and fuels the decision-making processes, which is why businesses shouldn’t just overlook it.
It could be all a business needs to save itself from drowning.