Market research can help you gain in-depth insights into your target audience’s needs and expectations. This information can be key for understanding who will benefit from your products or services, what gap the products fill, and how to set yourself apart from the competition. Market research is not a simple task, but in this case, a little effort goes a long way.
The following steps can help simplify the market research process:
1. Define Your Target Audience
- What age group is likely to purchase your product or service?
- What’s their gender?
- What is their geographical location?
- What gaps will your products or services bridge?
- What is your target audience’s income level?
2. Sample Audiences to Understand Buying Patterns
You should sample a segment of your target audience to understand their purchasing habits and challenges. You can select people who have recently purchased or bypassed your products. You can learn more about their purchasing decisions with a phone interview, online survey, or through the facilitation of a focus group.
3. Develop Market Research Questions
Before obtaining feedback, you should compile a list of appropriate questions to ask your sample audience. Your intent should be to learn about their:
- Background information
- Awareness of your product
- Buying decision influencers
- Customer journey improvements
4. Identify the Competition
You need to learn more about your competitors–who they are, what they offer, and how you can stand out against them. Identify your competition by researching their social media and market reports. Additionally, you can study their marketing efforts throughout the lifespan of their businesses to understand how their brand has evolved over time.
5. Summarize Your Findings
It’s helpful to streamline your reporting to make it less overwhelming for use by your other employees. A great sample outline includes:
- Purpose of the market research
- List of participants
- Executive summary
- Research findings
- Action plan
Many businesses fail to carry out market research because they feel they already know their clients. However, using market research can uncover ways to interact with new and known audiences to help improve their buying experience. These adjustments can increase customer retention and make them more likely to recommend your business to others. Contact Omni Creative Insights to discuss how to conduct market research resulting in a strong marketing strategy.