5 Different Ways To Conduct Market Research
Knowing that you have a need for market research is one thing but actually figuring out how to conduct the surveys and gather the credible information you need is another. Market research is a long process and if you aren't using software, it can take months for you to gather, analyze, and understand the information you are looking at. What market research will really do is help you to understand your customers, your products, your competition, and your ability to become profitable. Here are 5 different ways in which you can conduct market research and finally gather accurate data to work with.
Market Research Surveys
This is the best and most efficient way to gather market research information. There are a number of online marketing companies that can provide you with software to use to conduct your surveys. Some people choose to send out emailed surveys where others will end up using surveys on their website. The online surveys are fast, efficient, and effective. Data is recorded right away and you can start using it to create better products or to start marketing differently. Online surveys will make your life much easier than trying to mail out surveys and go through all the data on your own. With market research surveys you will create a survey based on several key questions to your organization. It is a wise idea to keep the questions short and multiple choice as this will be easier for your customers to understand. A good online survey should be no longer than 3-5 minutes in time. If they are longer than this, your customers likely will not respond to them. You also need to consider how many people you are planning to have take the survey. The larger the group, the easier it will be for you to gather quality feedback. Conducting the surveys periodically will provide you with the best information possible for your organization and will really be able to help you understand your customers and to know how to market to them.
Remember the days when people would walk around door to door and talk to you about their products? Personal interviews are not what they used to be as most people won't answer the door but you can still get a hold of them in your store and talk to them here. Conducting face to face interviews with your customers can really give you some quality information to work with and you will also be able to develop stronger relationships with your customers. Phone calls may work but in many cases your best shot at gathering information will be by sitting down and talking with your customers when they come into the store. You might even try inviting them to your store at a certain time where you will offer them a lunch in exchange for their opinion.
Watch and Learn
A great way to gather market research is to learn how to observe your customers. You can easily find out what your customers shopping patterns are by watching them as they come to your store or watching their online behavior.
Hire the Professionals
If you want to gather great information you can always hire a market research company. They will come in and conduct research using focus groups and other things. These focus groups are meant to represent a certain segment of your market and can provide you with great information pertaining to buying of your products.
One last way to conduct market research is by sending out samples to a bunch of customers and seeing what type of response you get from them in return. This will help you to find out if they like the new product you are planning to launch and when they call in to ask you for more, you can conduct a phone interview with them to learn a little bit more about their buying decisions and patterns.