Marketing Research Strategies
Collecting information to give you an insight into your customers’ mind so that you understand what they want, how they gather information and where they come from.
Market research is very important, as the knowledge gained from the research can lead to clients gaining an edge over their competition in a particular market. When forming a market research strategy, it is vital that the goals of the research are clearly defined. A further aim of market research strategy is to ensure that the questions used in the research, whether quantitative or qualitative, are relevant, and that no unnecessary questions are asked.
There’s no limit to how much you could spend to study your small business’s market. But with a little ingenuity and savvy, you can learn what you need to know at bargain rates.
Here are some suggestions to help you get started:
1. Use Government Resources and Research Tools
Local, state, and federal agencies — along with industry organizations — collect and disseminate reams of helpful information.
2. Convene a Focus Group
Gathering a group of likely prospects for an hour or two gives you a chance to ask in-depth questions and learn people’s opinions, motivations, habits, preferences, and other information on which you may base changes to improve your offerings.
3. Conduct Surveys
Well-crafted surveys can also yield valuable information without breaking the bank. When conducting formal surveys, you can target people at random (potential customers) in a particular area or concentrate on current and/or past customers.
source : djsresearch.co.uk