Take that a step farther by searching for "keywords" that people would use to find your type of products or services on the Internet. See how much interest there is in these keywords -- and how many competitors you have in this market. Keyword searches can also help remind you of product niches that you might not have considered.
There are other reasons to conduct keyword searches. A traditional search engine can also help you check out your competitors, their prices, and their offerings.
Maybe you can get publicity because you have a new or better product. Blogs are updated much more regularly than traditional websites and, therefore, they can be another gauge of public opinion.
Search blogs by using blog-specific search engines, such as Technorati or Nielsen BuzzMetrics' Blogpulse. Another way to gauge public opinion is through online surveys. While not as scientific as in-person or phone surveys that use a random sampling of the population, online surveys are a low-cost way to do market research about whether an idea or a product will be appealing to consumers. Now many companies offer to conduct online research for you or give your company the tools to carry out your own surveying.
Research Tools and Techniques There are a variety of types of market research tools -- both offline and online -- that are used by many large businesses and can be available to small and mid-sized businesses.
Major categories are as follows: Audience research is aimed at discovering who is listening, watching, or reading radio, TV, and print media respectively.
Such studies in part profile the audience and in part determine the popularity of the medium or portions of it. Product tests, of course, directly relate to use of the product. Good examples are tasting tests used to pick the most popular flavors—and consumer tests of vehicle or device prototypes to uncover problematical features or designs. Brand research has similar profiling features "Who uses this brand? Psychological profiling aims at construction profiles of customers by temperament, lifestyle, income, and other factors and tying such types to consumption patterns and media patronage.
Scanner research uses checkout counter scans of transactions to develop patterns for all manner of end uses, including stocking, of course. From a marketing point of view, scans can also help users track the success of coupons and to establish linkages between products. Also known as database "mining," this form of research attempts to exploit all kinds of data on hand on customers—which frequently have other revealing aspects.
Purchase records, for example, can reveal the buying habits of different income groups—the income classification of accounts taking place by census tract matching. If you do administer phone interviews, it's recommended that you record those calls disclosing the recording to your respondent, of course so they can be transcribed by a third-party service. This frees you from the burden of note-taking during calls, lets you focus on asking the right follow-up questions, and lets a larger group analyze what was said objectively , not what you think you heard the respondent saying.
While online surveys are the most common way marketers and business owners collect market research insights, there are other ways to get the intelligence you need. You'll probably find, however, that a mix of these tools with more calculated online surveys is a helpful approach to stay connected with the opinions of your leads, customers, and the general market. You've probably heard plenty of success stories about using social media for feedback we've written an entire blog post on how to do it , so why not make use of it for your market research?
Social media market research is ideal for getting qualitative feedback, and getting it quickly. And luckily, social media is getting better and better at targeting -- in fact, just yesterday LinkedIn announced more robust targeting functionality for users!
Market researchers can get more quantitative insights from their marketing analytics -- about everything from how people consume information, to what they think of your product, service, or brand, to what problems they're facing in your industry that you might be able to solve.
Or if you're trying to identify opportunities for expanded service offerings, you might take a look at your search analytics. Looking at the search terms people are typing can help you understand not only the problems people face, but whether they consider your product a solution for those problems. Perhaps you notice that there's growing volume around the search term "how to treat a unicorn with a gluten allergy.
Is that a space you want to play in? If so, and you begin creating content and solutions for it, take a look at whether the traffic that comes to your site on that term actually converts. If not, perhaps you haven't designed a solution that meets the needs of the gluten-allergic unicorn community. You can even make use of public records to get the market information you need! Finally, think of market research as an ongoing process. Often, the insights you glean result in more detailed and interested questions you'd like to ask.
Continue to communicate with your target audience and customers so you can learn what their needs are and what you can do to meet them. Sales 1 Integrations HubSpot integrations with apps, tools, and software you use every day. Customer Stories Case Studies Reviews. Marketing 9 min read. First, How to Conduct Market Research Before we get into the tools and tactics you can use to conduct your market research, let's talk about a solid methodology with which you should approach your research.
Whether you're solving a problem people actually have What competitors your target audience is using for their current solution What people don't like about their current solution How much someone is willing to pay for a solution Whether a new product or add-on is enticing Demographic and psychographic information How your target audience likes to communicate and consume information 2 Draft your questions and hypotheses for how people will answer. How to Craft Your Market Research Survey Surveys are the most common method of administering online market research, so we're going to start by digging deep into the right and wrong way to administer them -- because there are tons of little things that make a big difference in the results you get!
For example, a survey question might be structured: Would you use product X for Y, Z, or other? Instead, phrase a question of this nature more open-ended, like: Explain some of the ways you might use product X when at the office. Hop on Social Media You've probably heard plenty of success stories about using social media for feedback we've written an entire blog post on how to do it , so why not make use of it for your market research? Dive In to Your Marketing Analytics Market researchers can get more quantitative insights from their marketing analytics -- about everything from how people consume information, to what they think of your product, service, or brand, to what problems they're facing in your industry that you might be able to solve.
Leverage Public Records You can even make use of public records to get the market information you need! The most common examples are open text question types where respondents put their answers in their own words.
There are two broad types of market research that you will want to focus on. Primary research involves conducting your own research about products and services that you plan to offer. Secondary research looks at published data and can be used to create benchmarks and understand the competition.
While there is no set order to gathering your data, I find that conducting secondary research first can help give you the background information that will allow you to create a more targeted primary research project that produces better data. Maintaining focus on your pre-established goals will keep you and your market research surveys on target. Do you need to learn more about the market to help determine your target demographics?
Are you hoping to learn more about the competition and how they operate? Definining what data you need will keep you on track during your research and help you sift through the mountains of data. Ask yourself what would be most beneficial to you: Once you know what questions you need answered have an idea of the information that will best answer them, you are ready to start the research.
Your primary research will get more in-depth about the particulars of your business, products, and location. The questions you ask will be specific for your situation but often the questions include: There are a number of ways to get answers to these questions, however, when in the primary research stage, you want to make sure that you are collecting information from specific segments of people. Use qualifying questions to ensure that your sample meets your demographics are a great way to make sure that your data is practical and actionable.
This can involve offering incentives to respondents. If you would like specific answers to how a product could be improved upon, a focus group is a great option. Focus groups may require the largest incentive but are a great way to get direct feedback on a product.
This involves bringing a small group of people together and having them sample your product. These can be created online and require less of an incentive as the respondent can take them at their leisure. If your business is more service oriented, you will still want to explore all of these options, but what may benefit you the most is direct interviews. These can be done face-to-face or over the phone and can focus primarily on getting feedback about the performance of the service.
Market Research Methods. In conducting your market research, you will gather two types of data: primary and secondary. Primary research is information that comes directly from the source- .
If you're wondering how to conduct market research, our simple three-step approach will have you collecting, analyzing, and acting on your data in no time.
Various methods of market research are used to find out information about markets, target markets and their needs, competitors, market trends, customer satisfaction with products and services, etc. Businesses can learn a great deal about customers, their needs, how . Market Research Resources on the Free Web. There are many resources on the free Web that can be used to find data for conducting market research or for learning more about how to conduct market research.
How to use online market research tools, including search techniques, tips, and tools for using the Internet for researching your competition and market. Your may already be conducting online. Conducting market research is often the starting point for key components of businesses' marketing and sales strategies. It's what helps you draft personas, clarify your marketing messaging, set product marketing direction, and build your sales playbook. But when you're tasked to sit down and.