Your product or service is solely based on what consumers think, feel, and even react about it, and that’s why consumers hold a lot of power. Individuals will likely ask around and research a product or service before they buy, and they can quickly learn whether or not you’re a reliable business that they want to contribute to.
Has your market strategy adapted to the consumers’ way of researching, browsing, and ultimately, buying? In order to accomplish that, you first have to understand who your specific buyers are, what your target market is like, and what influences their
purchase behaviors.
Hello, market research.
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Why is Market Research Conducted?
Before we can dive into this topic, let’s cover what is Market Research and why do we do Market Research?
Market research is the process of discovering how successful your product or service would be among your consumers, through a process of research and information gathering.
This helps to understand your consumers’ problems, frustrations and solutions in order to craft your product or service to their full desire and satisfaction.
Benefits of Market Research
Market research impacts your bottom line by helping your business understand:
● What influences purchase decisions and conversions among your target audience?
● What kind of consumers are in your target market?
● What challenges your target market is facing?
● What products/services are trending and popular in your industry?
● Where/how your current customers do their research on products/services?
In the end, this helps businesses understand the needs, wants, and challenges that consumers are facing, and how you can alter and design your product/service to help.
Conducting your market research with Kasi Insight is efficient, affordable and
gives your business a competitive edge in the industry.
4 Common Types of Market Research
There are lots of market research practices to give your business the insight that you need and want:
Surveys: Popular
We’ve all heard of surveys and probably even participated in them, whether it was educational, professional, or random.
Surveys are a short series of open- or closed-ended questions that can be conducted digitally or in-person. So, you can design a survey to send to your consumers via email or snail mail.
Surveys are popular because they are easier and cheaper to conduct research with, plus you can get the majority of your data very quickly.
The only struggle with surveys is that any open-ended questions that you use
are tougher to categorize and gauge during your analysis, so try not to be too
broad in the initial questions.
Interviews: Insightful
Conducting market research through an interview just means that you’re sitting down, one-on-one with the members of your market.
Face-to-face interviews are very helpful because they give you the ability to read your consumers in ways other research practices can’t.
Interviews also welcome the honest opinions of your market, which is exactly what you’re looking for.
Interviews are an insightful practice because businesses can better relate to their consumers by gaining empathy for their experiences.
By speaking directly with your market, you’ll be able to understand exactly what they’re struggling with or not.
Focus Groups: Dangerous
Focus groups gather a selected group of people together who match the company’s target market.
The person leading the focus group (moderator) carries the conversation in order to understand the consumers’ feelings/user experience around the product/service.
Focus groups can be dangerous because there can be bias without even realizing it. There could be a participant who is very vocal about what they think/feel, to the point where they’ll lead others to believe the same. Moderators with two different personalities can also bring about different results for the same studies.
Observational: Powerful.
Observational market research is when a business observes and takes notes of the ideal user experience with their product/service.
Being a witness allows you to see the natural environment of how your product/service is used and perceived.
You see individuals interacting with your creation without any outside noise or influence, although the downfall is that you can’t probe their real thoughts afterward.
How is Market Research Conducted
There are various ways to conduct market research, but we broke it down into four simple parts:
1. User Persona
When you design a user persona, you’re essentially creating a fictional character who matches your target market. You discover your user persona by utilizing psychographic and demographic data characteristics from people using similar products/services on the web.
How to Get Data:
You can send out surveys, interviews, or even use on-page questions through your site, in order to understand your consumers.
What to Ask?
● Who they are?
● What are their goals with this product/service?
● What are their challenges?
Try not to ask too many questions here because you’ll lose their attention. Also, keep it straightforward about the product/service and less about their background and demographics.
2. Observational Research
After creating the perfect consumer for your product, we recommend that you do observation research in order to gain the best, most affordable, and effective insight.
Record every detail about your observation, time, date, and of course, how and why your market is interacting with the product the way that they are.
Try not to use videos or recordings because it prevents consumers from being their true selves here. Make sure to explain why you’re doing the observation (to improve your product/service).
3. Individual Interviews
After doing an observation, conduct one-on-one interviews in order to grasp your consumers’ user experience. Instead of praising your product, ask your consumers about their everyday lives, needs, wants, challenges, and how your product could help.
Try not to ask leading questions that welcome a bias and stay away from loaded questions because they can lead to assumptions.
4. Data Analysis
After you get all the information that you need, it’s time to analyze it all. You don’t need to be a market research analyst in order to understand it all on your own, that’s why Kasi Insight is here.
Don’t drown yourself in the data, overthink it and make yourself misunderstand it. There are various ways to analyze market research data and if you need help, contact us on our website and we’ll simplify it for you.
Kasi Insight has the tools, resources, and analytical experience to give your business the insights that they need and want.
Market research is key to understanding our consumers, their user experience, and purchasing habits, and using that to your advantage will boost your company ahead of the competition, every time.
Contact our team today to explore how our consumer intelligence and brand intelligence can empower your decision-making process. Win with confidence with Kasi insights https://www.kasiinsight.com/thehub
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