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. Continue reading