Today’s companies need to make faster and smarter decisions, from what trending in the market and which product to sell, to what technique works best. They need to make that decision fast. However, they can’t make critical business decisions if they don’t have the information they need. Without the right information, business owners are unable to address issues and pinpoint lagging parts of their ecommerce business. This is where market research comes in.
For those still not familiar with the word, market research is the process of collecting valuable information about consumer trends, logistical demands, market weather, target audience, competition, products, and customers’ feedback. The goal is to know everything about your business so that you can minimize the risk involved in running your online business.
What is Market Research?
Market research is all about getting the right information at the right place, at the right time. Data collected from market research can be used to improve your products or services, explore the target market, and even pinpoint the areas that need immediate attention. If successfully done, market research can give you an in-depth understanding of your customers’ needs. It tells you what’s trending in the markets, who are your customers, what’s influencing their decision to buy, and how can you meet their needs and exceed their expectations. More important, it will guide you and even assist you in building a profitable online business. Accurate and well-researched research works will help you with the next process.
Without market research, it’s impossible to understand your target audience and market. Sure, you might have a general idea of your customers, and what they need. But that\’s not enough to win to grow your online business and win the market competition. You need to dig deeper if you want to win your customers’ loyalty. Today’s successful companies conduct market research on a continual basis to keep up with the fast-changing trends and to stay competitive in the highly volatile market.
By reading data collected from market research, you can learn demographic information about your target audience. These include gender, age, occupation, and economic status. You can even learn what products or services they are currently using and what they like and dislike about those products and services.
How to start your market research effort
To do market research you need highly effective feedback-gathering tools. Online survey tools offer an easier, faster, and cheaper way to get in touch with the targeted audience and collect valuable information about them.
You can use online survey tools, like SurveySparrow, Google Forms, WPForms, Hubspot Form Builder, Zoho Forms, Typeform, and Wufoo to target a specific group of individuals to find out what your customers really want and how they feel about certain products of your business. Many business owners use these online survey applications to “crowdsource” new product and service ideas, and feedback during the new product and service development process.
If you’re looking for some additional features and functionalities, you can step up or sign up for subscription services from online survey tool providers such as Survey Sparrow or Zoho Forms. Signing up with a subscription service will allow you to send out monthly surveys to target audiences obtained from the service provider’s database, using customized templates and the service provider’s server.