Market research is the first step in the marketing process, after the ideas of a product are conceived. Businesses conduct market research to gain information about the marketplace, solve problems, find out about competitors and evaluate the wants/needs of non-paying customers and consumers. Market researchers then analyze this data and create appropriate marketing strategies.
Is your company on the verge of releasing a new product or service into the market? Do you want to know if the product/service will be a success? If yes, then you can use any of the four types of market research methods to find out.
1. Use focus groups to find out what’s popular in the market
Focus groups (six to ten people) are usually carried out at focus group facilities, with special one-way mirrors, so that your manager can listen to your customer’s feedback about your services/product. The focus group is usually run by a moderator who asks around 5 to 10 questions about your product/service. Questioning your customers about new products, how much they would be willing to pay and if they would buy it can help you customize your product according to the likes of your target audience.
2. Observe consumer usage and likes via one-on-one interviews
These interviews are conducted with one person, instead of a group. Your manager can use such interviews to closely watch how a person actually uses your product. For example, if your product is a new SmartPhone, you can test it out on an individual and observe how they are using it, behind a one-way mirror. Later, you can interview the person and find out what they liked or disliked about your product. Based on such consumer usage, you can tweak your product.
3. Conduct phone surveys to evaluate what the average customers thinks about your product
You can further validate the information that you have obtained from focus groups and one-on-one interviews by using phone surveys. By surveying a large number of consumers over the phone, you will be able to evaluate what the average customer thinks about your product/service. Make sure that your questionnaire also includes a few key measurable elements, such as, your product’s quality, value for money or efficiency.
4. Test your product out on a small audience through test marketing
With test marketing, you can actually test out your product/service before you roll it out. You can release your product to a small group, advertise in a local newspaper or on local television or even try out coupon ads. You can then track the success of your sales and profits to see if your product/service will be a success.
Has your business tried out any of these market research methods before? If yes, how did it go? Leave your thoughts, views, queries or feedback in the comments box below. We, at Flatworld Solutions love to hear from you!
If market research is not one of your core skills, why not think about outsourcing research and analysis to India.
Interested to know more?
- Why Your Company Needs Financial Research?
- Why Market Research is Critical to the Success of your Business?
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