Market research

5 MARKETING RESEARCH

Time and season have change as a result of the advent of technology and the power to make decisions is solely the responsibility of the consumers. They can research your product or service and make informed decisions entirely on their own.
Again, consumers will rather want to connect to their circle of influence to make decisions or surf for information online rather than speak with any person from your organization.
Haven’t said that, it is pertinent to adapted to new marketing strategy to complement the way today’s consumers research, shop, and buy.
To achieve that, an understanding and define who are the buyers, your specific market, and what influences the purchase decisions and behavior of your target audience members. To do so a market research must be carried out in order to venture into the space.

Market research, what it is?
Market research is the process of gathering information about your business’s buyers personas, target audience, and customers to determine how viable and successful your product or service would be, and/or is, among these people.

Advantage of market research?
Market research allows you to meet your buyer where they are. As our world (both digital and analog) becomes louder and demands more and more of our attention, by understanding your buyer’s problems, desired, pains and proffer solutions that is appealing and acceptable to them.

• Where your target audience and current customers conduct their product or service research
• Which of your competitors your target audience looks to for information, options, or purchases
• What’s trending in your industry and in the eyes of your buyer
• Who makes up your market and what their challenges are
• What influences purchases and conversions among your target audience.
Primary vs. Secondary Research
There are two main types of market research that your business can conduct to collect actionable information on your products including primary research and secondary research.

Primary Research
Primary research is the pursuit of first-hand information about your market and the customers within your market. It’s useful when segmenting your market and establishing your buyer personas. Primary market research tends to fall into one of two buckets: exploratory and specific research.
Secondary Research
Secondary research is all the data and public records you have at your disposal to draw conclusions from (e.g. trend reports, market statistics, industry content, and sales data you already have on your business). Secondary research is particularly useful for analyzing your competitors.

MARKET RESEARCH

1. Interviews
Interviews allow for face-to-face discussions (in-person and virtual) so you can allow for a natural flow or conversation and watch your interviewee’s body language while doing so.
2. Observation-Based Research
Observation-based research allows you to sit back and watch the ways in which your target audience members go about using your product or service, what works well in terms of UX, what roadblocks they hit, and which aspects of it could be easier for them to use and apply.
3. audience Buyer Persona Research
Buyer persona research gives you a realistic look at who makes up your target audience, what their challenges are, why they want your product or service, what they need from your business and brand, and mor
4.Focus Groups
Focus groups provide you with a handful of carefully-selected people that you can have test out your product, watch a demo, provide feedback, and/or answer specific questions.
5. 3. Product/Service Use Research
Product or service use research offers insight into how and why your audience uses your product or service, and specific features of that item. This type of market research also gives you an idea of the product or service’s usability for your target audience
6. Market Segmentation Research
Market segmentation research allows you to categorize your target audience into different groups (or segments) based on specific and defining characteristics — this way, you can determine effective ways to meet their needs, understand their pain points and expectations, learn about their goals, and more.

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