Do not worry, you are not alone in this struggle. Market research is quite confusing, even for the professional. Asking the right question is often half the battle in finding the right answer, and the other is to find reliable data. But before you begin, you should ask yourself what you are trying to accomplish?
It’s really really really simple. Go to a public place like the mall and make observations. Watch people’s body language or where they go or what they look at. Why do you think marketers do focus group?
Because observation isn’t 100% reliable. If you are outside your home, observe people with different economic status too. This will give you broad idea about how most of your target customers look like.
If you are interested in some particular industry, you can make short notes about what people say about their industry. These notes will help you for future business.
Market research is as important as the product, if not more so.
It’s therefore essential to find a method for market research that suits your budget. We suggest that you start with a basic approach to market research. Place an ad on craigslist, a site like ‘virtual assistant’ or contact a local college. Have the respondents do some homework before they speak to you. If they can’t do this, then they aren’t worth your time. These respondents will provide you with the right data to get a better feel for your customers and the market. After you’ve done this, you should then start to look at more expensive avenues.
Yes, you can do your own market research really well and for free.
If you are selling a product online, you can simply go to Google Trends and check the search volume of your keywords every month. Using free tools like Google Analytics, you can also see what your customers are doing on your site. And lastly analyze the customer reviews of your competitors.
We have a great tip for you on how to do your own market research without using any tools or reports. You can start by gathering a few friends, or your family and make them a simple questionnaire. Ask them what they are looking for, what they want and what they need. Explain to them that you are doing market research and you will pay them for their time spent. Write down their answers and what they say could be very useful to your business.
It is often difficult for us to know how the customers feel about your product or a service. One way of finding out about it is to conduct the market research on your own. You can find out their opinion by asking them through a simple survey. Here are some steps to help you conduct your own market research:
- Get an idea: You need to get an idea about the market research. You should also understand what kind of questions you should ask.
- Draft the questions: Draft the questions that you want to ask. Make sure that the questions are easily understood. Keep the questions short.
- Survey the people: Survey people about the questions. You can do this by going around the place where you live or go to school.
- Analyze the results: You can use the results to define your product or change it if required. It makes sure that you are selling the right product.
- Make necessary changes: Make changes to your product or service if required. Don’t hesitate to make changes.
We have a great tip for you on how to do your own market research without using any tools or reports. You can start by gathering a few friends, or your family and make them a simple questionnaire.
Ask them what they are looking for, what they want and what they need. Explain to them that you are doing market research and you will pay them for their time spent. Write down their answers and what they say could be very useful to your business.