fbpx

How to do good market research?

by | Jul 4, 2022 | Marketing for Startups

how to do good market research

You have started launching your small business without even doing any research before? Then stop it immediately, because market research should be the core value of every business. 

Not a business or a plan is successful without research. Do you know who your target audience is? Where are they living, and what are their desires? And do they even want to buy products like yours?

What is actually market research?

Market research is a set of techniques that help you to get to know your audience better. Understanding your market and your potential customers allow you to design your products and price them in a way that will bring you more sales. Because you’ll be able to create your marketing strategy and get more and more leads on your social media accounts and website.

market research team

Thinking deeper

Thinking deeper leads you to learn more about your audience. You don’t need market research only before starting your business or while crafting your products and pricing them. But, you do need to do it during the whole process. 

Want to launch a new Ad? Research! Want to launch a new product? Research! Starting a new campaign? Research!

Analyzing your insights and doing deep research are different things. The insights show you the numbers but don’t show why that is happening. For example, you might notice that the number of people who bought your product this month goes down instead of growing, even if you launched a new campaign. 

The research helps you to understand why do people react in such a way. Is there something that annoys them? Or, simply your campaign is not good enough to make them buy more from you?

There are so many methods to learn about your target market, but I’ll tell you about some of them. Every business uses the method they need depending on its goals and the information they need.

  • Surveys

Surveys are the most used methods, and this is why. It’s cheaper than the other methods and you can gather a lot of information at once. It’s very easy to conduct and analyze the data. 

  • Interview

The interview is a face-to-face method that helps you to meet your interviewee very well. Their age, lifestyle, budget, job title, and the challenges they face in life. Also, you learn about all of these things by watching their facial expressions and their whole body language. This will be very helpful when you build your marketing strategy and create content for the website or social media accounts.

  • Market segmentation

This market research helps you to segment your market into different groups. Young and older. And this helps you to learn and understand easier their needs, goals, and expectations. 

  • Focus groups

These groups include people that used a demo or have tested your products. This kind of market research is very useful because these people help you to understand what you have to change in your product and what are its strong sides. They’ll show what makes you unique in your market and tell you how you can make your products/services better. 

  • Observation-based Research – the most powerful.

This kind of market research allows you to watch your customer while using your products. It’s very important for you to take notes, of everything that you notice. It’s not a very clever option to record them, because they may get nervous and you won’t get credible information. And it’s not either clever to record them without telling them, because it’s some kind of creepy, isn’t it?

  • Pricing research 

The main reason why you need pricing research is to price your products/services correctly. I mean charging too much can cost you as same as charging too low. That’s why you should know how much your competitors are charging for the same or similar products. Also, you need to know how much your target audience can pay, and is willing to pay. 

  • Competitor research 

Competitors are part of your market, that’s why you have to keep an eye on them. When I say competitor research, I mean the product and services they sell, with which price, and how they do their marketing. This will be very helpful when you create your marketing strategy. This is how you’ll know what can you do to stand out from the crowd and be noticed by the people that have to buy from you. 

  • Campaign research 

Every marketing activity requires analyzing it in the whole process. If you have already launched some campaigns, it’s easier when you have to launch the new one. You just need to do the research, what did people love about the previous campaigns, what was wrong with the campaigns, and which elements you should exclude in the new ones? 

market research plan

How to do market research properly?

Start with the crafting your buyer persona: 

Age

Gender

Location

Job title

Family size

When you already know who your ideal buyer persona is you have to engage with them so you can do the research. Find the group of 10 people that are the most compatible with your target persona. You can recruit people who bought your products, your competitors’ products, or bought neither from the both.

You can call people on social media, and there’s a chance that people who didn’t buy from will want to talk to you and tell what they think about your brand. 

Before the market research, prepared all the questions that need to be answered so you can learn more about them. Prepare opened-ended questions so people put the right answers there and not only questions with yes and no answers.

And the best thing about market research is if you can’t do it, or you just don’t have so much free time to do that, the UIXlabs team can do it for you. I mean we can do the market, both audience and competitor research, and then position your product on the market

We also take care of your marketing strategy to be compatible with the goals you want to achieve. We find your strong sides and point them out so people ignore or don’t even notice that much your weaknesses. 

And all you can do is send us your email and we will schedule a meeting. Don’t miss this chance, and send your email now.

Share this article:

Subscribe for weekly small business insights

We adore our readers – expect us poping up from time to time with exciting discounts and free assets and tools for business development.

Read the recent articles