How to Conduct Market Research to Know Where You Stand

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Market research is a very powerful tool in today’s world. It is your opportunity to see how you stack up against your competitors. In addition, over time, market research allows you to track if your branding efforts are effective in helping improve your brand recognition and positioning.

A Market research survey is an informal way to get an idea of how the customer feels about your company, brand, or offerings. It’s not always about who they’re going to use, or who has the best services, products, and pricing. Rather, it’s about determining what emotions your brand sparks in the customer since those emotions are going to play a role in your organization’s long-term branding efforts.

How to Conduct Market Research?

  1. Figure out the Important Qualities for Customers

Through survey panels, customer satisfaction surveys, focus groups, brainstorming sessions, and so on, try to find out what qualities consumers are looking for in your type of business. You have to know this information ahead of time in order to make sure that you’re researching the right elements of a successful brand.

  1. Create a Survey

Once you have that information, create a market research survey through Ambivista that focuses on the feelings consumers have about those issues, and the brands they associate them with. Remember, the focus is on feelings since branding is about immediate reactions and emotions.

  1. Run the Survey

Find a large survey sample and conduct the survey. Make sure you’re using a random sample, and that you’re not introducing your own biases into the survey. It may be a good idea not to brand the survey and consider a third party, such as Ambivista, to avoid causing the results to incline in your favor.

  1. Listen and Respond

Once you get the results, analyze your results, and try to find out what you can do to compete with those ahead of you. Then take measures. Over time, you can run the survey again and see if your position has improved, dropped, etc. based on the actions you’ve taken. Don’t forget to employ additional survey research to figure out the appropriate actions.

Overall, market research is a great tool for understanding how to turn yourself into the first choice for consumers. Make sure that you’re proactively researching your brand’s position as part of your market research efforts.

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