Businesses need to plan everything meticulously. And that’s where market research comes in. It helps in understanding the reasons why customers buy your products. And perhaps you also get an insight into why they aren’t interested in buying your products.
Market research studies consumer behaviour, and some of the pointers that are discussed are how society, personal preferences, and culture influence buying behaviour.
Market research is split into two variants: primary and secondary. So, do you want to know more about market research and the best ways to do it? Let’s dive into this post to find out more regarding the subject.
All You Need To Know About Primary Vs. Secondary Research
Primary research is about studying your customers directly. Secondary research is when you study information that may have been gathered about your customer. Interviews are primary research, or even telephone interviews can fit that category.
Now, secondary research could be that you found some reports on websites and other pages. You can use a combination of both primary and secondary research.
Both are good for research and give you some insights into what the consumers want. This brings us to our next section – what questions should you ask yourself?
Questions To Answer During Market Research
There are four important questions you have to ask yourself.
First, who are these customers? Describe the customers based on occupation, age, income, education, lifestyle, etc.
Second, what are they buying now? You must describe their buying habits. How much do they buy? Who are their preferred suppliers? What features do they look for? How much money are they willing to pay?
Third, why are they buying the products? Although this is a bit complicated because you have to get into the minds of people. Why would a person buy a bar cabinet? Of course, they want to keep their wine, champagne, and cognac bottles. And they also like to keep glasses on it. Why would someone buy non-stick cookware? Maybe they like no fuss, and the whole idea of non-sticky is better for bachelors who don’t know too many kitchen hacks.
Fourth, why should they buy from you? Okay, this one is difficult to answer. But you have to be honest. Are you giving the customers what they need? Are you better than the competitors in terms of quality and pricing? A survey will help you understand what is lacking in your marketing strategies or the quality of products.
How To Do Market Research Effectively?
Doing market research may seem overwhelming at first, but all you need is systematic planning.
You have to be patient, wise, and always keep your eyes and ears open.
There are a few steps to be followed to begin the market research. For example, the first would be to define the buyer’s persona first. What are they looking for? What do they need? Who is your target audience? What are their occupations and age? Knowing these things can help you begin with the market research process.
If you truly want to save money while doing market research, you have to keep it focused. The more focused it is, the more valuable it shall be.
Then, of course, you have to research your top competitors. Who are these competitors? What are they doing to be one step ahead of you? First, you have to figure out who the competitors are and then go into detail about their marketing strategies and what their customers like about the specific brand.
Then find an inexpensive tool to perform the research. In this step, you have to understand that you can’t be researching everything. So focus on the research tools which will give you a broader perspective.
Both primary and secondary research are important. And always remember that the internet is a great tool for research. Social media also lets you connect with the target audience and know more about them without spending too much money on the research.
Concluding Thoughts
You can always hire a researcher for the job. Always remember that your business is your topmost priority, so don’t spare any effort.
But don’t be a spendthrift. Spend the money wisely on marketing research efforts.
