As we know, business owners need to conduct market research in order to adapt their products to the customers’ needs. However, how do you do market research, especially if you don’t have previous experience? Take it easy! Market research can be carried out by any business owner by following these 5 things.
When you want to do market research, you first need to know what your customer category is. In the marketing, this term is known as buyer persona, which is the type of customer that matches your product. To determine the buyer persona, you can see based on age, customer domicile, gender, taste, and behavior when buying products. Business actors who already know buyer personas can carry out market research more precisely.
For your market research to be effective, you need to focus on your target customers. You can do this by grouping customers, for example based on their place of residence, cultural background, price preferences, and time to visit the store. If, for example, you want to open a laundry coin business, then try to focus on customers who want to use coin laundry services at an affordable price range. After that, then you can find out what they expect from using an affordable coin laundry service.
Another thing that also needs to be considered when market research is to ensure that the questions asked are in accordance with the research objectives. The questions that you ask the respondent can be in the form of complete sentences or points that can be developed later. This will help you conduct interviews on a regular basis. For example, to find out why customers buy your product, you can ask them since when they used your product, why they like the product, and if they plan to buy the product again.
Many think that market research carried out by business actors only focuses on customers. In fact, market research can also be used to get to know our competitors. If we know which business actors have businesses similar to ours, we can find out what kind of products they market. Not only that, we can also find out what kind of customer criteria fit them. Of course, this will make it easier for you to learn the advantages of their business strategy.
If you have gathered information from market research, both primary and secondary, begin to make an assessment. The assessments you make are very influential on the business decisions you will make. Therefore, the data that you have collected from your research should also be more informative, such as statistics or transaction report. So, the data can be viewed again easily if needed. Meanwhile, when you plan to prepare a business strategy, try to prepare several strategies for comparison.
Before doing research, of course, we need to make some preparations so that the research runs smoothly. Not only that, through these preparations, we can also get research results that are in line with our goals. So far, what preparations have you done?