Understanding your market is the key to staying ahead of the competition today. When it comes to gaining a deep insight into your market, market research is most important. Research of past, present, and prospective customers can be very helpful in knowing your potential customers and creating effective strategies & content accordingly.
Does this mean you will have to invest on hiring a team of highly competent and professional market researchers for this? Not necessarily. Be delighted to know that today there are some excellent data sources and tools you can use to carry out a quick and reliable market study. So, think beyond the traditional market research methods such as focus groups, surveys, etc.
In the past one and a half decades, the market research industry has seen tremendous growth. The industry stands tall with hulking revenue of roughly $77 bn. Not to mention, the benefits market research offers are countless. Any business that is looking for success and intends to improve its product/service or is willing to launch a fresh marketing campaign may end up losing unbearably in the absence of a trusted market research report at hand.
Market research studies revolve around your targeted audiences and are, thus, immensely valuable for the decision makers in the organization. When you know what your customers desire and need, it becomes a lot easy to customize your products/services to suit your potential customers’ needs. While doing so, you can drastically reduce the negative customer experiences – that may possibly move to your competition.
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Market research tools enable businesses to unearth new and exciting business opportunities and challenges. Newer marketplaces become obvious and targetable when you interact with your potential customers and understand their behaviors. Furthermore, with competitors’ analysis, you can learn about the threats that exist for your business in case you fail to act right on time.
In short, market research empowers you with more information, data, and relevant knowledge that put you in a highly competitive and advantageous position. This is due to the benefits offered by market research and because around 40% of marketers rely on customer research for effective decision-making.
You may leverage the data gathered through market research in multiple ways but using it for optimizing and empowering your marketing strategy – right from the creation of the campaign to its launch and execution, remains one of the most relevant and powerful uses of the data.
Let’s understand this with the help of an example. For example, market research may help ensure your product launch is done with no hitch. Roughly half of the product launches get delayed and around 30% of launches don’t meet targets. When you already know what your customers and potential customers look for, it is possible and easy to formulate an effective strategy and carry out a successful product launch accordingly.
Other than this, market research is a powerful tool in the arsenal of modern businesses and marketers looking to focus their marketing efforts on areas where you lead and enjoy a competitive advantage. Understanding your customers and what they want is essential to identifying untapped markets with minimum competition, especially in terms of SEO or paid ads. You can see your ROI glide high and tap the least targeted markets where little to no competition is present. Hence, consolidated and reliable market research data enables you to target least or unsaturated markets and industry verticals so your ROI increases manifold.
Conclusively, you may use the data gathered through market research for optimizing your marketing and promotion efforts post launch. Analyzing social media and different user engagement data may help you highlight the effectiveness of each message and be sure of what works for your business and what simply does not.
Would you be interested in learning what your potential customers actually want? Here are some of the most promising market research tools that you can use.
If you think market research is going to be the toughest, most time-consuming task you would ever undertake and it is simply not your cup of tea, let me tell you it is quite easy now with so many incredibly amazing marketing research tools that automates everything for you. Here’s a quick look at the tools you need to know about right now.
The pros of Google Trends are that it is FREE, easy to use, massive data, and aesthetically appealing. However, this tool does not show the search volume exactly and sometimes shows up irrelevant “related topics”.
Facebook Page Insight provides insights right into your targeted audiences, post-performance, and your pages’ health. You may use this tool for checking who likes your Facebook page and why, learn how you can increase your content reach, and check which posts are getting maximum engagement.
The tool is great for you if you are looking for unparalleled and great insights into your Facebook audience. It is very easy to use and in case you find any challenges, Facebook offers courses to help you learn to use the tool too. The tool is available for free. However, the tool is limited only to your Facebook pages and it is not as comprehensive now as it used to be earlier.
This tool is easy to use, FREE, and simply fantastic for market research. The demerit, however, is that it is restricted only to marketing studies.
Marketing research is the key to success today as the landscape is highly competitive. Knowing your customers closely is all you need to modify, update, and offer your products and/or services that meet your ultimate customers/consumers’ expectations and needs are important. With these tools, you can be sure that you know your market better and that your marketing plans do not go in vain.