Market research is important for business growth. If you wish to discover the marketing plan to match the way today’s customer’s shop and buy, you must perform market research.
There are many different ways available to perform market research. With the help of market research software, it is easy to perform market research. In order to collect the most actionable information on their products, businesses usually perform primary research and secondary research.
When it comes to gathering direct information on your market and its customers, then opt for primary research. You can use market research surveys, focus groups, phone interviews, and more to gather details on the issues your customers usually face and create the brand awareness behind your company.
Performing the primary research can help to establish your buyer personas and segment your market. It can be performed in two ways:
- Specific Research
With exploratory research, it is easy to dive into issues or opportunities that are already identified by the business. To perform specific research and solve a suspected problem, businesses can focus on a specific audience and ask them the relative questions.
- Exploratory Research
This kind of market research helps to focus on potential problems that would be worth dealing with as a team. Before any specific research, try this as a first step. Conduct open-ended interviews or surveys with small numbers of people to perform exploratory research.
Secondary research helps to gather all the data and public records particularly useful for analyzing your competitors. This includes market statistics, trend reports, industry content, and sales data of your business.
How to perform secondary research? Have a look at these three types of secondary research sources:
- Internal Sources
For supporting market research, internal sources usually get more credit. Internal sources help to gather the market data your organization already has in-house including customer retention rates, average revenue per sale, and other historical data. Using internal sources, you would be able to know what your buyers might want right now and this will help you draw conclusions.
- Public Sources
When conducting secondary market research, public sources are really helpful. The most common public resource is government statistics. The U.S. Census Bureau and the Bureau of Labor & Statistics are two U.S. examples that offer useful information on the state of various industries nationwide.
- Commercial Sources
The commercial sources consist of research agencies that help to compile industry insight in the form of market reports. Data gathered by commercial sources typically cost money to download and obtain because this info is so portable and distributable.
If you want to conduct the market research then you should consider following above-mentioned ways for guidance. You can also get in touch with Ambivista’s experts to conduct market research in the most efficient way.