In a society more and more shops and businesses sprung up. There are more and more challenges facing product marketing strategists or brand marketers.
With any type of business, in the first few days of opening a business is extremely difficult. So what and how to touch the right mindset of customers and attract them in the first days of sale and bring the most sales for businesses. It may not be just multiple orders or sales to attract customers, but it can be profitable in the early days of the sale and growth of the business.
Marketing research will do it for you. Marketing research will give you the information you need to grow your business as well as direct it.
In this article we will learn about marketing research together and I will give you some useful information about marketing research.
What is marketing research?
There are many concepts about marketing research. However, in my opinion the most understandable and simplest concept is “Marketing research is a synthesis of actions that an individual or an organization learns about, researches on an audience, potential customers” .
There are many ways to gather information for market research. However, I will provide you with 3 ways to gather market research information that are considered to be highly effective and easiest to do. Information gathering is just one of the most important parts of marketing research. It is considered the first step to decide what later.
How to collect information for research?
1 – Use forms and surveys.
If you already have a website for your small business, you can offer potential customers a small discount in exchange for filling out a survey. You can create surveys to see the user’s trends to drive your business’s product in the future. In addition, creating surveys also helps you to improve the quality of customer service of your business, your store
2 – Call directly with customers
Actually, this is the fastest way to get research information because customers will feel they are valued and dedicated to you. In addition, they are the sharing subject, they are the ones who express their wishes and wishes for the shops and businesses, so this is extremely effective.
With just a short amount of time, a short conversation, but you can capture a large amount of information.
3 – Look up related Social groups
This can help provide you with a free, effortless way to reach your target customers online and ask them questions. Here, you can communicate directly with everyone with all team members (potential customers). You can ask questions, quizzes or constructive answers to appeal to people who trust and love. Finally, you can come back to these groups to promote your business (Depends on the group’s policy).
The above activities are just some of the tasks that might be part of your market research. In fact, you can take any information and do it any way as long as you finally know the needs, behaviors and preferences of your target market. Of course, do everything within the framework of the law.
Here are 5 factors that are important in marketing research
1 – Minimize business risks
According to statistics, the majority of businesses go bankrupt or are unable to pay after their establishment. The way to make sure your business lasts longer is to make sure you have a steady stream of sales and customers. To do that, you need to do market research.
Regular market research will be your way of controlling your current customers and potential customers to ensure that you are still meeting their needs. Here’s how you can do this:
Test new designs and products before launching. Before you make a significant change to your business, you can test it on a smaller set of your audience to see if the change is welcome.
For example: Samsung is the giant of the smartphone industry. They are always testing new features on the high-end segment, their Samsung Galaxy A series. Then they look at the user feedback and finally decide whether to optimize it for the Flagship phone generation or not.
Find out why customers don’t come back. You must find out why your regular customers are not coming back to you. Because they are the ones who bring you regular revenue. Besides, they are also the ones who introduce and advertise your products and business for free to other customers and potential partners.
Firmly grasp product sales as well as cash flow. If your most popular product drops big sales for several consecutive months, you need to learn how to fix it before it completely destroys your profits. Survey your most frequent customers about the product and find out where the problem lies. It could be anything from a decline in product quality or a glitch on your online store. You will never know unless you ask.
After you have researched the market, you already know what your target audience is and what your goal is. And what is the easiest way for you to reach them. Knowing all of the above, you can further improve your business’s survival and growth opportunities.
Opportunities to form partnerships. This relationship is extremely important when both business parties benefit. When both sides support each other and help each other to grow together, your business will grow rapidly, not compete with each other. In addition, you can also find subsidiary businesses for products such as shipping companies or businesses responsible for printing and packaging products to optimize costs.
Create new packages. Building these new packages is like creating new shopping programs. If you buy together, you will get a discount or buy 5, get 1. These programs are of great significance to help you sell goods quickly and at the same time help customers come to buy goods quickly.
Attractive sales location. Knowing the geographic areas where most of your target customers live will allow you to create engaging targeted campaigns tailored to that area’s needs and culture.
3 – Advertising location
One of the problems that small business owners face is the limited budget. Because of this, your marketing budget should be optimized to give you the best possible return. Your market research can help ensure that you’re reaching your intended audience at the channels where they are most likely to see your message.
Buy advertising on social media. If your market research shows that your target audience spends most of their time on Instagram and almost never uses Twitter, you’ll know the direction most of your social media advertising budget is. to Instagram and ignore Twitter. Ad targeting, Online advertising like social media and pay-per-click ads can often be precisely targeted. This means you can target based on not only regular demographic data, but also online behavior, life span, and interests. If you truly understand your customer, you’ll be able to maximize your potential for targeting.
4 – Sales outperformed the competition
If you can beat your competitors to find the needs of your customers and you aim to meet those needs, you will have a better chance of outperforming the competition.
Target dissatisfied customers. Asking your target customers about their frustrations with your competitors’ products or reading their product reviews can help you improve your own products and market them to your customers.
Find an underserved customer segment. Your market research may reveal that there is a niche that your competitors have overlooked. This will give you a new customer segment to reach.
Identify unsupported customer needs. During market research, you may discover some customer issues or wishes that you do not see addressed in your competitor’s marketing materials. Try to include them in your own marketing and see if the results show an increase in sales.
5 – Business goals
Regularly, each business will have to set different goals to achieve. It can be a long-term goal or a short-term goal. But on what basis to be able to set such goals? The first is based on current sales and old data that the business has obtained. The second is based on market analysis, marketing research.
With market research, you will be able to identify the specific directions in which you want to grow your customer base. For example, do you want to grow your customers through a new untapped market segment? Or do you still have room for growth among your current target audience?
Market research is essential because it provides you with solid facts. Through market research, you will make smarter decisions than put the fate of your business on guesswork.