In order to conduct market research, you need to know a few different methods of research. Today, conducting market research is easier due to the relatively inexpensive technology you can take advantage of, some of which will be discussed below. The important thing is to learn about these methods, and commit to conducting this type of research on a regular basis.
The times that are important to do market research are before creating and launching a new product, to analyze how your current marketing is working, and more.
8 Ways of Conducting Market Research
1. Surveys – Software like SurveyMonkey.com, and Zoho.com allow you to conduct web, email and mobile based surveys so that they can be taken by anyone, from anywhere, using any device. Surveys are good to use on your audience as well as to help find your audience.
2. Online Communities and Forums – Finding industry-specific web communities and online message boards (forums) are a great way to observe a specific type of audience to find out answers to the questions you have.
3. Social Media Analytics – Using social media analytics to find trends in the actions of your followers is a great way to conduct research. Want to figure out which kind of social media post gets more engagement? Use the analytics that comes with your software.
4. Interviews – Due to high speed internet and webcams, you can use software like Skype and Google Hangouts to conduct and record online interviews. You can also conduct old-fashioned “paper” interviews via email.
5. Crowdsourcing – This is a relatively new phenomenon; you can actually crowdsource any problem you have to find multiple solutions. You can even crowdsource as part of research to find whether or not there is a market for your product.
6. Focus Groups – This is a group of potential target audience members who will sit and discuss the product and services or the ideas about the products and services.
7. Behavioral Observation – A lot of times people will say one thing and do another. It’s important that you test this potential behavior by using the results of your survey to send a test to ensure survey honesty and integrity.
8. Trial Sales – Once you’ve conducted some market research and you’ve found positive potential in a product, do some trial sales to see how it goes. Try different sales pages and different methods of selling to find out what works best.
Using these methods of conducting market research will ensure successful research results. Don’t just conduct research once. You should be doing ongoing research and testing as long as you are in business. Businesses that understand the importance of conducting market research are very successful because they have some sort of idea about what will happen once they push out their products and services.