Your 5 Step Action Plan for Market Research
The purpose of market research is to help companies to understand their product or service in relation to the needs and desires of their customers. Market research allows companies to better understand their target audience, discover marketing opportunities and predict future trends. A market research agency can obtain this data using a range of quantitative and qualitative research methods. The world of market research is continually changing and today we’ll be outlining how you can embrace the world of market research in 2020.
1. Formulate an industry overview
Prior to reaching out to your customers, it’s important that you understand your industry. This involves secondary research where you examine industry trends and barriers to gain insight into your place in the market. During this process, you should focus on benchmarking your competitors and their key performance indicators. In 2020, we’re seeing a more collaborative approach where industry data is more available to allow companies to extrapolate their own information. This is more important than ever considering the current changing landscape that many companies and operating within at the moment.
2. Develop an action plan
Once you have an industry overview, you can develop a market research plan going forward. This will vary depending on the needs of your business. Market research needs to be targeted to your specific goals, whether you wish to improve your overall brand positioning, create better communication with your customers or develop a new product to capture the interest of your target audience. Consider the purpose of your market research to ensure that your strategy works towards your goals.
3. Define your target audience
Market research is about connecting with people to find out more about their needs, desires and expectations. With a few exceptions, no business can target everyone and the key to competition is by finding your niche market. To define your target audience, look at your current customer base and consider the ones that bring in the most business. Also, consider who your competitors are targeting to see if there is anyone that they’re overlooking.
4. Consider how to obtain your information
Once you know the audience that you wish to target with your market research, you can then embark on obtaining the information using different qualitative and quantitative techniques. This could include surveys, interviews, focus groups and questionnaires. To obtain information, market research agencies in 2020 will increasingly turn to strategies such as digital ethnography and social listening to gain insight into consumers.
5. Extract insights from the results
Obtaining the data through market research methods is only of use if you can extract insights to create future growth. Once you have your data, you can then turn this increased understanding of your target audience into future growth opportunities for your business. Market research agencies have the experience to support your business into the future due to insights market research can offer.
Embracing trends in market research will allow market research agencies greater success when it comes allowing brands to meet customer needs and expectations. Engaging