If you want to develop a deeper understanding of your business or customers, market research is essential. Researching your audience allows you to fully comprehend their needs, desires, buying habits, and trends, which will help you to shape your business strategy and tailor your marketing efforts to match your audience. But how do you conduct market research for your business, and what specifics should you look for?
Conduct primary and secondary research
It’s important to collect both primary and secondary market research. Primary research involves gathering information from current practices and conducting first-hand research, either in the form of interviews, surveys, or by getting direct feedback from focus groups. Secondary research is information that has already been published, such as research reports, Stats Canada, or other trustworthy websites.
Data collection is a large part of research. Focus on gathering both quantitative data, which involves a more mathematical approach that gives you numbers, as well as qualitative data, which is on a broader level and helps you to really understand your findings.
Common research mistakes
Many people skip the research stage which can really hinder marketing and business efforts. Common mistakes involve only using one type of data, talking only to your friends, and failing to take the time to understand your audience. If you don’t have resources to properly conduct market research, or don’t want to do it, simply outsource the work to research specialists to ensure you gather all the information you need.
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