Timely and informative information can be the difference between making big gains
and potentially losing it all. That’s why for any venture to succeed,
be it trading or running a business, get the right research and information
at the right time is paramount. So, stay tuned, because, in this video,
I’m going to be talking about where to get and do market research for your venture.
Also, if you are interested, you can download my free passive income Pdf guide down below.
So, without any further ado, let’s get into it.
1. Interviews
Personally, I can’t think of a better way to do your market research on companies
than through interviewing, either virtually or in person or by watching business news.
Face-to-face conversations allow a natural flow of dialogue, and you can observe your interviewer's
body language as you go. Your interviewees can respond to self-reflection questions to
aid in the creation of your buyer personas. These buyer personas outline the age, the
number of children in the family, income level, profession, difficulties encountered at work,
and other characteristics of your ideal customer's lifestyle. Your whole marketing plan,
from the features you include in your product to the information you publish on your website,
can be influenced by having this buyer profile in hand. Being prepared is the best approach
to ensure that you get the most out of your talks. Always prepare a discussion guide to
make sure you address all of the frequently asked questions and allocate your time effectively.
2. Focus Groups
Another very common way is through focus groups. You will be presented with a group
of carefully-selected people that will be testing your products, giving you feedback,
watching your demos, and/or asking specific questions. The point of all this is to give
you an idea of the type of unique quality you have in the market or product differentiation.
If you want the best results, you should make it a habit of asking your focus group questions
about your services. Maybe show them some examples too. You can then use the feedback
they’ll give you to make some adjustments. I think it’s quite simple, don’t you?
3. Product/Service Use Research
The process of assessing whether your concept for a new product or service might be successful
as well as the most effective way to produce and market that product is known as product research.
This method starts with a market investigation to identify if comparable products are offered.
You can decide if there is a market for your idea after you know what
is currently offered to consumers. From this approach, you’ll get to
know why and how your customers use your products or the unique features in them.
Bottom line is: you’ll end up knowing how your products or services are used in the market.
And for the record, product or service use research has been highly effective
if you want to find user insights.
4. Research Based on Observation
In observational research, people and phenomena are observed in their most natural environments.
Instead of using organized environments like study labs or focus groups, this allows researchers to
observe how their participants make decisions and respond to circumstances in their everyday lives.
With observation-based research, you may observe how members of your target audience
use your product or service, as well as what components of the user experience are successful,
what challenges they encounter, and which features might be simpler for them to use and apply.
5. Buyer Persona Research
You need to know who your target market is before you can comprehend how they choose to buy.
Your buyer personas will be useful in this situation.
Buyer personas are fictional, generalized depictions of your ideal clients,
also known as marketing personas. Buyer persona research is another unfailing method.
With this kind of approach, you know what challenges your target audience faces
or what they need from products or services, among others. This very approach will give you
a clear picture of who makes the count in your target audience. So, go ahead and give it a try!
6. Market Segmentation Research
Market segmentation is a method used by market analysts to pinpoint crucial characteristics
of current and potential clients that can be utilized to separate target market segments.
It allows you to put your target audience into segments, more like groups, based on unique and
defining characteristics. From here, it’s a done deal. All you have to do is figure out
the best way to meet their needs and learn about their goals, expectations, and pain points, among
others. The end game of all this is to develop a new strategy that will work for your customers.
Easy, right? Well, let me know how it works out for you in the comment section down below.
7. Pricing Research
Now that you’re walking into a new market, you’re supposed to know the similar products
and services in the market and their pricing. From here, you’ll have to decide how you’ll price
yours depending on your profit or how much the audience is willing to pay. Come to think of it,
you'll already have gathered enough information for your pricing strategy.
Basically, that’s how pricing research works. This form of research is called "price research
studies" and assesses how changes in a product's price affect its demand.
Organizations utilize it to aid in choosing the best price for new items in order to maximize
revenue and market share. 8. Competitive Analysis
In every business, you’re required to know your competitors and plan how you’re going
to get ahead of them. You can do this through competitive analysis. This method helps you
gain a deep understanding of your competition in the market. You’ll also know what products your
target audience prefers over yours. Decide which business or sectors you're targeting in order to
find competitors whose goods or services intersect with yours. Start with broad terms like education,
construction, media & entertainment, food service, healthcare, retail, financial services, telecom,
and agriculture. The list goes on and on, so pick an industry word that you can relate to
and use it to compile a list of businesses that are also in that sector.
And, if you have this knowledge, I’m sure you can easily stay clear of your competition.
9. Customer Satisfaction and Loyalty Research
Profits are affected by the connection between loyalty and satisfaction. More delighted
customers are more devoted to a brand. Sales and profits rise as a result of a devoted clientele.
Customer satisfaction mediates the relationship between customer loyalty and service excellence.
I think you all know that the more a customer is satisfied with the product,
the more loyal they’re going to be to the brand. Most of the time, people always go back to where
they were served best. It simply means that they’re satisfied with your products or services.
If you use customer satisfaction and loyalty research, you’ll know how to make current
customers return for more and what really makes them choose your products. This way,
you’ll learn the best way to delight your customers, and in the process make a lot of money
10. Brand Awareness Research
Brand awareness refers to the number of people who are aware of a specific brand,
business, or product. When attempting to establish a presence, create marketing strategies,
and boost sales, to understand how your brand's position in the industry is beneficial.
If you opt for brand awareness research, you’ll know what your esteemed audience thinks about you
or what they know about your brand. Without addressing whether or not they were aware of
your brand at this point, you want to comprehend how they first discovered they had a problem
that needed to be remedied. Additionally, you’ll also know the associations that your
target audience forms when thinking about your company and what they take you to stand out for.
11. Campaign Research
Either qualitative or quantitative research can be done on campaigns.
While qualitative research aids in understanding why target audiences hold the attitudes they do,
quantitative research (polls, surveys) enables you to evaluate audience opinions
in a statistically accurate manner. Reviewing prior campaigns and gauging how well they were
received by your target audience and current clients is campaign research.
It takes experimentation followed by a careful examination of what connected with and resonated
with your audience in order to keep these factors in mind for your future campaigns
and concentrate on the components of what you do that matter most to those people.
12. Identify a persona group to engage
The adage "knowledge is power" is undoubtedly true if you want to develop effective advertising
or content marketing strategies. Your ability to connect with your audience will increase as
you become more familiar with them. Researching your target audience and then condensing that
data into a customer persona, or avatar is the key to producing personalized and effective content.
While there are many techniques to advertise your goods, none of them will
be very successful if you don't first spend the time developing your target audience.
Here is how you may identify and address your customer personas in light of that.
People and phenomena are observed in observational studies while they are in their most natural
settings. This will enable you as a researcher to examine how your participants make decisions
and respond to conditions in their regular lives, as opposed to using structured
environments like study labs or focus groups. Trust me, you’ll get your desired results.
13. Estimate the cost of performing the research yourself.
Before you end up spending a lot of money on a dream, you should first know how much it’ll cost.
Keep in mind that this is your dream, these are your objectives,
and this is your business if you're thinking about employing a researcher or consultant.
Research is a high-risk endeavour because the results may not be what you expected.
The source of finance is also constrained because of the considerable risk involved. Basically,
government financing and corporate funding are the two main sources of funding for research,
and either one of them is ready to take a loss. Although conducting research can be
very expensive, if you add up all the trips you have to make, the money for a network connection,
and other minimal expenses, you shouldn’t pay any money for things that you practically don’t need.
The bottom line is that, market research gives you vital knowledge about your industry
and competitive environment. It might help you learn how your target consumers and clients see
your company. It may help you understand how you stack up against the competition,
how to deal with them, and how to plan your following course of action.
I hope this video has been helpful enough to help you do research on your own.
Well guys thank you so much for watching, have a great day, and I’ll see you in the next one.