Market Research? It’s Easy If You Do It Smart
Monday January 28, 2019,
4 min Read
Until now you must have read everything you need to know about Market research. But you must be looking at how to manage your market research easily.
You are in the right place then! In this blog, I am going to tell you how you can do your market research in an easy yet a manageable and smart way.
If you look at it nowadays more than 75% of your audience spends their time online. So why is it that you are doing your market research offline. Even researching about it you go online for the information. Online market research is the smart way to go. Let’s get into it now.
Let us know in short what exactly is market research?
Market Research consists of systematically gathering information from a suitable group of people or companies and analyzing about what their needs are. This information is then made into a report to make correct decisions for their company.
Market research is of two types
1) Primary research
While conducting primary market research, you can gather two basic types of information. Exploratory research is open-ended, assists you define a specific problem, and usually involves detailed, unstructured interviews in which lengthy answers are solicited from a small group of respondents. Specific research, on the other hand, is accurate in scope and is used to solve a problem that exploratory research has identified.
2) Secondary research
Secondary research is all the data and public reports you have at your disposal to draw conclusions from. This comprises trend reports, market statistics, industry content, and sales data you already have on your business. Secondary research is particularly beneficial for analyzing your competitors.
Steps to do smart market research
Create Buyer Persona
This is the most important step to make the market research process easy. A buyer persona is not only a description of the buyer. It tells you about what the person is thinking or doing while buying your products. It is a piece of detailed information about your ideal customer.
Things that comprise to a perfect buyer persona are
- Job Title
- Problems faced
Now you have your target audience in a small list. Go on to the next step.
List of Research Questions
Once you have an ideal buyer persona, you have to look at what are all the questions you need to ask that particular buyer. That can be anything from your decision making perspective to what are the general liking of that particular group. A smart questionnaire would help all your motives to be solved.
You can either have an open-ended question or a specific question or both. It’s up to you to decide that. After you have enough number of questions the next step would be to head for the right platform
Select the right platform
Before you get into action let me tell you about the ways that you can do your primary market research. The old traditional way where you go outside in the sun waiting for hours to get to your target audience so that you cover all the questions and write it down. This is a tedious process. Whereas nowadays in the online world you can do your specific research online.
Howkya is a platform where you can do your market research easily. Here you can ask questions to your target audience. There are professionals or experts that are the best in their fields. The best part about it is that your target audiences are verified. This makes it easier for you to do your research. You just draft your questions; mention the targeted skill set and expertise and we take care of everything else. We discover the right respondents and deliver the response and results within a short period of time.
We support you ask questions in a professional and scientifically validated questionnaire format from potential mentors of your product/service or idea, based on demographics and other criteria. You gain balanced and impartial results from the most reliable and certified sources.
We evaluate and gather the responses received and make it available in an intelligent dashboard including actual user/mentor comment and feedback
It’s challenging to identify the potential mentor, customer or user, even tougher to find them and almost impossible to reach out to ask the right questions. We transform this into a seamless process.
Follow all these easy steps so that you can do your market research in a smart way.