How to Conduct Intensive Market Research for Your Business

Market research is crucial for the success of any business. It helps in understanding the needs and expectations of your consumer, potential customers and their behaviors, and titbits of existing competitors.?

Market research is of two types, Primary market research, and Secondary market research which can be used to collect actionable data for your business.?

The objectives of market research can be new product development, competitor analysis, exploring new trends, etc.

Following are the steps to conduct market research.

1.Define Buyer Persona-?Buyer persona is a fictional representation of your ideal buyer that helps you identify what your actual target buyer should look like. This helps streamline your strategy and your message to your target. Some key characteristics that you should know about your buyer are age, gender, location, income, job title and industry, family size, daily challenges faced, etc.

2. Select the Persona group to engage-?The group you identify should be similar to what your actual target customers look like, in this way, it is easier to understand their behavior and the challenges faced.?

3. Prepare Questions for Market Research Participants-??The questions should be natural and open-ended in each section, to get genuine results and not be limited by “yes or no” answer options.

4. Observation- Observe the natural behavior of consumers towards your product or service; conduct interviews one-on-one or in groups to collect qualitative feedback; start a group discussion in your consumer group, and note useful observations.

5. Competitor Analysis-?Identify your competitors and find out about their financial condition, networking, and reputation. Analyze their products, find their strengths and weaknesses, and use them as opportunities to fill the industry gap.?

6. Industry Analysis-?Find out about the industry trends, predicted growth, and major players and stay updated on the regulatory changes, resource availability, upcoming technology, and economic factors that may impact your business.?

7. SWOT Analysis-?Do a detailed Strengths, Weaknesses, Opportunities, and Threats Analysis for your business. It helps in identifying opportunities and dangers for your business.??

8. Online Tools and Databases-??Collect valuable data from government databases, and preexisting industry reports, websites like IBISWorld and Statista can also be used to collect useful industry insights.

9. Monitor Social Media and Online presence-?Stay in tune with your and your competitors’ customers' sentiments, preferences, and feedback on social media.?

10. Financial Analysis-?Optimize your marketing strategies by understanding the financial viability of your business keeping in mind the costs, pricing strategy, and potential revenue streams.?

11. Iterate and Refine-?Market research is a continuous process, so it is important to keep up to date and keep gathering feedback continuously and refining strategies accordingly.?

12. Summarize Findings-?Summarize the findings of your research in a detailed report and draw actionable conclusions to make strategic implementations.?

Market research should not be compromised or taken lightly at any stage of running a business. It not only helps in refining the business strategies but also rules out chances of failure in the very beginning. It's the best way to failproof any strategic step before sailing into action.?