How to Do Market Research?
In the past, many people were at the mercy of advertising campaigns, since acquiring information about alternative products and services was difficult. However, the internet has drastically changed the way people spend their money. Modern consumers have access to tools and information that can help them make wiser purchasing decisions. This means that businesses must do a lot more work to attract and retain customers, regardless of the industry. The most effective way to achieve these results is to focus on market research and implement a winning strategy. Yet, many business owners struggle with this important process. At iBoost, we offer premium SEO, web design and digital marketing services for companies of all sizes. Our team of specialists take pride in helping our clients find ways to improve their customer reach and increase their online sales, and we want to do the same for you. Are you looking for more information about market research? Here are some tips that can help you achieve the results you want from your advertising campaigns.
What Is Market Research and Why Does It Matter?
Market research involves gathering important data about your target audience or ideal customer. Doing this provides a straightforward path to creating advertising strategies that work well and minimize cost. For many businesses, there is a limited amount of money in their annual ad budget. Therefore, market research plays a vital role in getting the highest return on your marketing investments.
Secondary vs. Primary Research
Secondary research is acquired from external sources, that largely detail widespread market trends and industry data. Reports, market statistics and general sales data are examples of secondary research. This type of information can be obtained via public institutions, professional journals and magazines or organizations like the Pew Research Center. Primary market research is conducted internally and is used to acquire details that are unique to your business’ needs. In most cases, primary research will involve the use of your own analytics information, sales data or personal customer surveys.
Common Types of Market Research
There are a wide range of methods that can be used to gain the information needed for quality market research. Popular examples include:
- Focus Groups
- Campaign Research
- Customer Interviews, Polls and Surveys
- Market Segmentation Research
- Product or Service Use Research
- Customer Satisfaction and Loyalty Research
- Brand Awareness Research
- Buyer-Persona Research
- Competitive Analysis Research
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