Market Research Toolkit
Using the right market research tools can make all the difference in your ability to be successful in business, both now and in the future. A good market research toolbox can help you get ahead of the competition and ultimately make more money by giving you a clearer picture of the marketplace and how to effectively serve your customers better. Here are some of the most important tools that every market researcher should have in their toolbox.
Understand your customer
The first step in developing your market research toolkit is figuring out who you’re going to be targeting. You might already have a good idea of who your customers are, but if not then you need to do some work on understanding them better. Ask yourself these questions: Who am I trying to reach? What pain points am I solving? What goal are they trying to accomplish? Are they the only ones with this problem or are there many people feeling this way and willing to spend money on it?
Know where to find your customer online
If you want to make sure your market research is thorough, it’s important that you know how to find and locate your potential customers online. If you’re familiar with the latest trends in search engine optimization (SEO), then you’re already on the right track! Many business owners tend to focus on keywords and miss out on other sources of customer data. There are two types of keywords that you should be using when conducting this type of market research: primary keywords and secondary keywords. Primary keyword phrases are those that people use to search for products or services, while secondary keyword phrases are those related to the primary keyword phrase but not necessarily used by consumers as often.
Have a focused, strategic plan
To find the right information, it is important to plan. Your research should be directed toward your target audience with specific goals in mind. The following steps will get you started with market research and provide some good pointers on what questions you should ask along the way.
If you are doing an internal marketing study or just want feedback from a few people within your company, then email surveys are perfect for getting started. You can survey employees and customers all at once to get insight into their thoughts. You can also do this through social media platforms such as Facebook, Twitter, Instagram, LinkedIn and more.
Ask the right questions of your customers
There are five essential questions that any good market research toolkit should ask. These are your most basic and essential questions, as well as ones that are hard for you as an entrepreneur to answer on your own.
Who is my target customer? Who is the specific person that I am marketing this product or service too? What do they value in what I’m offering them? Why would they buy my product or service rather than somebody else’s? What can I offer them that other people can’t? Is there anything that keeps coming up in conversations with customers and prospects that should be addressed in my market research toolkit? Is there anything missing from the market research toolkit that needs to be added?
Act and track your results
After conducting your research, there are three things you should do. The first is to use the results of your market research to make any necessary adjustments or changes that may affect future business operations. You should always start by focusing on the areas that need improvement first. Next, act based on what you’ve learned from your research and see if there are any points where the market needs further exploration. Finally, be sure to track the progress and measure your ROI for all these activities so you can see which ones were most effective in terms of generating profit.
Acting isn’t just about implementing ideas that came out of your analysis. It’s also about making sure to hold yourself accountable for delivering on promises or updating customers as you implement new initiatives. It might also mean abandoning certain projects if they didn’t meet expectations during testing phases, even though it may seem like a shame at first.