Market research is a kind of market analysis that consists of collecting and interpreting data and information. With market research, you will be able to gain greater knowledge about your niche and target audience. With this, your business will be able to have insights and make more assertive business decisions. Why is it so important?
Why does it happen?
Every day, millions of businesses and entrepreneurship projects appear and are launched on the market with the hope of being successful and occupying a privileged place in the minds of consumers. But not all of them become victorious or successful, and many end up closing the doors forever. Where do entrepreneurs go wrong? Why doesn’t anyone buy your products? Do they know your market and do research on it? Perhaps, we have an answer to that.
Good market research
Market research is done through questionnaires, which can be answered through interviews, e-mail or on social networks. The basic steps for preparing the research are –
- Definition of the research objective, whether it is for a specific product or for the business,
- For those who are target audiences, whether they are customers or potential consumers,
- How many people will be interviewed?
- The questions to be asked: the simpler and more direct, the better,
- Conducting research on the chosen channels,
- Survey of collected data, etc.
What are the ways?
There are many market research methods of collecting data that can be used in market research. Some of them are –
It is one of the most used methods for obtaining information and can be carried out manually or online. The poll is a method in which a lot of information can be gathered in a short time. It does not require specialized personnel for its application. It is easy to do and if you do not have a big budget to carry it out, you can do it online.
There are many free or paid platforms that allow you to conduct surveys on the internet very easily and quickly, such as Google Forms. The main advantage of this alternative is that it offers greater coverage, saves money, is easy to fill in, and also has no question limits.
The interview is a method to collect information that can be done by phone, in person or by email. With the interview, it is possible to gather information reliably and without risk of manipulation. However, it is a method that requires more economic resources, time and personnel.
Also known as a market test, it consists of seeking to directly know a person’s assessment of your product, service or idea. A market evaluation or test is usually carried out before the launch of a new product, with the main objective of evaluating its acceptance and reducing risks. Suppose you want to evaluate the acceptance of your new digital product.
To carry out this method, it is necessary to select a representative sample or send your product in exchange for your comments or criticisms. This technique is very useful because it allows you to find out what people think about your product and receive comments with which you can make improvements to the presentation, content or even modify its price before you start promoting and selling it formally.
It is a very traditional method of market research that is quite accurate and economical. It can be done in two ways: from direct observation in some physical location, and through online devices. If the objective of your research is to know the preference of a specific product, the use of the technique may be to visit the places where the consumer advertises.