When conducting market research, the goal is to gain insight into customer behaviour, their wants and needs. To do this you need to be asking the right questions though, otherwise you could be wasting everybody’s time.
To get the right questions in place for your customers however, you need to ask yourself some questions first. Here are some of the things you should be answering as a company before conducting market research…
1. How can we measure the size of the opportunity when exploring new markets?
You need to collect both qualitative and quantitative information to be able to devise longer term marketing strategies, and gather a comprehensive view of whatever market you are looking in to. You need to be able to assess current trends, and your customers’ opinions, then use the data you have gather to produce a forecast of things to come. This is especially useful if you are looking to launch new products or break into new markets, as you can accurately gauge how successful your strategy will be.
2. How can I tell how my new product or service will perform if there is nothing like it on the market?
You can use market research to investigate similar products or services, or research similar industries. Just because your product is unique doesn’t mean you should exempt yourself from conducting market research. Any information you can gather on your potential customers is valuable, and you should consider market research a priority when launching any type of new product or service.
3. Who are we competing with?
Not only can market research help you pinpoint who your direct competitors are, you can understand just how large, segmented or monopolised the market actually is. You can also take reference points from those companies that have had success with customers, looking at what they have done right and what your company can build on.
4. What is the best channel for my product?
A strategic market research campaign can identify how your product is likely to perform across different channels. You will be able to determine whether selling in a more developed, higher profile channel is best for you, or opting for a channel with a higher forecasted growth. You need to be asking what outlet your target audience prefers, why that is, and looking at how your product fits into that.
5. How can we adapt our product or service to meet the needs of our customers?
When creating a product or providing a service there are countless features it can have. Find out exactly what it is your customers want and need, and what it is that existing products are lacking. Use this feedback to craft your unique selling point, and develop a marketing strategy that you know your customers will respond favourably to.
Ant Marketing have over 28 years worth of experience in marketing and market research and can help you craft and carry out the most effective market research campaign possible. If you’d like to know more about the services we offer and how we can work with you, please get in touch.