Market research is a powerful and insightful business tactic. Knowledge is beneficial in business, especially when it’s about your market, as it allows you to tailor your products/services to your market, get to know your competition, and understand people’s problems and the solutions they’re looking for. Market research can sometimes be tricky – especially if you’re not sure how to get started. So we want to shed some light and help you make your strategy more effective. Whether you’ve already got a market research strategy in place and you want to enhance it, or you’ve yet to delve into research, here are 3 tips to make your market research more successful.
Look at your competitors on all platforms
Nowadays, businesses operate on all types of platforms, both online and offline. It’s important to remember that the audience you reach and target through your online efforts might be different to the audience you reach offline and in your store. So you need to analyse your audience – as well as your competitors – on all platforms. If you have a very successful store location, for example, and you already know your local competition, don’t neglect your online competition as the market may be completely different.
Focus on obtaining a specific type of information
It can be difficult to know where to start with market research, as there’s so much information that you can potentially obtain. Rather than simply gathering market research about everything, focus on obtaining a specific type of information. For example, if you’re looking to revamp your social media strategy, focus on your audience that uses social media, and try to establish their age, location, and preferred activities. Having a very specific objective will give your research more focus and direction, and make it more successful.
Work with a market research expert
Market research can be difficult and you have to make sure you obtain information from a range of primary and secondary sources for your research to be conclusive and well-rounded. One simple solution is to consult with a market research expert who will be able to advise on the best strategies to get the information that you need. You may want the research company to conduct the research entirely, or simply advise you on the best methods to adopt.
If you’re wondering how to make your market research more successful, get in touch with Route One Research today to learn more.