Tips to improve your business and market research skills
Building your business is more than producing a product. Knowing your customers through rigorous market research is critical to your success.
Market research is the key to making better business decisions and one of the many essentials that a business needs to thrive. In addition to providing benefits to new organizations, continuous market research is important for the long-term success of a business. This is especially true if you are looking for profitable growth, considering entering a new market, or looking to maintain your competitive edge over time. Simply put, this is the most basic form for understanding a business’s target market, identifying consumer issues, and determine realistic competitors.
No matter the size of your organization, no matter what stage you are in now or what type of business you have, having the right marketing research skills is a must and a necessity that should never be underestimated. .
In order for market research to be successful, some of the skills that a good marketer should have include:
â know the right customers and markets
â manage work according to a schedule
â have an income-oriented perspective
â be able to create exceptional customer experiences
â have the ability to be a great storyteller
â practice the âtest everything and assume nothingâ approach
â use data to make informed decisions
â enjoy working with the latest technologies
â provide specific and identifiable results
â have a continued desire to learn
Although a market is a very volatile place that can change at any time, especially in the field of e-commerce, constant market research doesn’t have to be complicated or expensive. As long as you know how to leverage your understanding and knowledge of what market research really is, it can be done successfully. Read on for some of the best tips to improve your business and marketing research skills.
Determine the objectives of your market research
Your overall goal is to decide what you want to learn and get from your market, as well as the external factors that influence it. This will impact the extent of the search you should undertake and also allow you to distinguish which type you should use. These guys are
Primary research – the information will be collected directly from your customers, non-customers or competitors. Interacting with your audience by speaking to them personally or asking them to participate in polls are a few examples.
Secondary research – the information comes from data that others have produced, such as industrial organizations, government bodies or simply the Internet.
Market research can also be done in two ways:
Qualitative research – used to understand the underlying reasons, opinions and motivations of people, which can reveal what they think about your business, products and services. Techniques may include the use of focus groups or in-depth personal interviews and observations.
Quantitative research – compared to qualitative research, quantitative research generally has more respondents and produces more structured and statistical data. For example, the use of surveys and polls, which can also increase the number of site visitors on your web page.
Familiarize yourself with the different types of clients
There are three different types of customers that any new business should know about. Knowledge is an important part of market research, as it will be the key to identifying how you will turn your target audience into repeat customers and brand advocates.
The “informed” buyer – someone who is more concerned with getting the best possible value than the quality or effectiveness of an actual product or service.
The industry influencer – someone who knows your target market very well and who can also influence other potential customers who trust their opinion.
The end user – customers who will actually use your products or services on a daily basis. They are the best candidates for primary market research, which will allow you to design and develop new products based on their frustrations and limitations.
Remember context is everything
The best market researchers know the limits of what exists and use this vast knowledge base to give a clearer picture of a given industry. Instead of using only census data, consider digging deeper into error rates and changes in category definitions while comparing them to foreign trade trends and reports from other sources. Another example is to always take into account the methodology, communication channels and reliability of free market research reports available on the Internet.
Avoid making assumptions
Instinctively making well-informed decisions can be a decisive strategy. That said, it is always better to test everything like the prices, new marketing campaigns or ad copies before assuming they can generate positive business results.
Realize the information
The purpose of carrying out constant market research is that you use the accumulated information and apply it in your business planning. Just be careful in interpreting the external data as it may have been collected for different purposes or may come from a range that does not match your target market.
With the rapid arrival of new technologies via digital revolutions, the internet and the ever-changing customer behavior, marketing continues to change rapidly. The good thing is that marketers also have more opportunities and tools to use. It balances the need for them to learn at a faster pace in order to keep up with the latest market trends.
Keep in mind that having all the skills to run a business makes a good business owner, but performing thorough and effective marketing research is what makes a business more prominent and profitable to long term. Although today’s technology makes everything much more convenient for us, you have the power to keep your business on top at all times.