Consumers today wield enormous power. They can conduct their research on your product or service and make their own purchasing decisions. Furthermore, rather than speaking with one of your sales representatives, they are more likely to ask for recommendations from network members and read online reviews.
With this in mind, have you modified your marketing strategy to accommodate today's consumer research, shop, and buy?
To do this, you first need to understand who your buyers are, your specific market, and what drives your audience's buying decisions and actions. This is why doing market research is a vital part of any business.
Market research gathers information about target markets and customers to validate the success of new products, help teams highlight existing products, and understand brand perceptions to help teams understand business value. A process that enables effective communication.
In this article, we have created a guide on market research and different types of market research.
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Why Should You Consider Market Research for Your Boutique?
Doing market research can answer various questions about the state of an industry, but it is far from a crystal ball on which marketers can rely for customer insights. Market researchers study different market segments; it can take weeks or even months to get an accurate picture of your business.
However, by looking at just one of these areas, you can more intuitively see who your buyers are and how they provide value that other companies don't currently offer.
Market research allows you to meet buyers where they are. This is becoming even more valuable as our world grows larger and demands increasingly more of our attention. You can craft your product or service to naturally appeal to buyers by understanding their problems, pain points, and desired solutions. Assume you own a wholesale clothing company. To run your wholesale business more efficiently, you will need to learn more about your competitors.
Primary vs Secondary Research
Consider that doing market research can be either qualitative or quantitative, depending on the studies you conduct and what you are trying to learn about your industry. Primary and secondary research are the two main types of market research that your company can work to gather actionable information about your products.
Primary research is the pursuit of firsthand information about your market and its customers. It is useful for segmenting your market and creating buyer personas. The data is collected directly instead of depending on the research that’s been made before in primary research.
Secondary research is all of the data and public records available to you to conclude trend reports, sales data, market statistics, and industry content. Secondary research is especially helpful when analysing your competitors.
Different Types of Market Research
Now that we have covered the broad categories of doing market research let us get more specific. Let’s take a look at the various types of market research you could conduct and how to do market research.
Personal interviews
Interviews allow for face-to-face discussions (both in-person and virtual), authorising you to have a natural flow of conversation while also watching your interviewee's body language. It is a primary tool in doing market research.
Focus Groups
Focus groups provide you with a small group of carefully chosen people to experience and give feedback on the product. They answer particular inquiries and watch test records. Doing market research of this type can provide you with ideas for product differentiation or the characteristics of your product that set it apart from the competition.
Research Based on Observation
Observation-based research lets you sit back and observe how your target audience members use your product or service.
Buyer Persona Analysis
Buyer persona research ensures you a realistic picture of who your target audience is, their desires, expectations, and resistances. You should give this buyer persona a name, demographics data, hobbies, and behavioural characteristics. You will notice their goals, problems, and buying cycles.
If you can imagine your fictional buyer character as a real person, you can create marketing messages that specifically target the group they belong to.
It’s recommended to make decisions according to your buyer personas and adapt them to your marketing strategy approach.
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Pricing Analysis
Pricing research informs you of what comparable services/products you present in the market and your target customer group's price expectations. It shows who is willing to pay for whatever it is you sell and what is a reasonable price to offer your services/product. All of these data will assist you in developing your pricing strategy.
Product/Service Usage Investigation
Product or service use research provides information about how and why your target audience uses your product or service, as well as the unique features of the product. Product/Service Usage Investigation allows you to get an opinion on how well your target audience will receive the product or service.
Step-by-Step Market Research
We have covered different types of market research; let us move on to our step-by-step market research guide.
Figure out Your Buyers
Before understanding how customers in your industry make purchasing decisions, you must first know who they are. This is where your buyer personas can help you. Buyer personas are fictional, generalised representations of your ideal customers.
You can use your marketing persona to reach out to and learn about real audience members in your industry. In addition, your business may lend itself to more than one persona. You must think about each persona when optimising and planning your content and campaigns.
Prepare Research Questions
Being prepared is the best way to provide that you enjoy the conversations. Whether it is for a focus group, an online survey, or a phone interview, you should always create a discussion guide to ensure you answer all of the first that come to mind questions and smartly spend your time.
List Your Competitors
Listing your primary competitors and their products includes benchmark methods and there are some details to do it.
Sometimes a company's division will compete with your main product or service, even if that company's brand is putting more effort into another area. Determine which industry or industries you are pursuing to recognise competitors with the products or services that compete with yours.
Gather Your Research and Analyze Your Findings
This step involves organising your findings and interpreting them. You will see the conclusions. When organizing and grouping your data, keep your research goals in mind. Find ways to enhance the organisation of your data; this will make it easier to make a decision later on. To make the process easier, create a report using your favourite presentation software, which allows you to easily insert quotes, diagrams, or call clips.
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