A Beginner’s Guide to Successful Market Research | Digital League

Market Research Definition -

Market Research is an important part of business strategy. Market Research is the process to collect information about the target customers.

• Market research helps you to analyse the needs of the market, market area and the competition inside of the market. 
• Market Research Skill includes in-depth interviews, online surveys, focus groups and the analysis of the secondary data.
• Market research helps you to determine the needs of the consumers, what are the various trends in the market and what is affecting the customers to buy the products or the services.
• Market Research helps an individual or an organisation to unfold the challenges of marketing that  an individual or an organisation faces at the initial stages.

Types of Market Research -

We have covered the most important i-e : The Market Research Definition? Now we have to look at the 5 types of Market Research.

The Five Main Types of Market Research - 

• Exploratory Research
• Specific Research
• Public Sources
• Commercial Sources
• Internal Sources

Now,  let's see the two categories of Market Research.

Categories of Market Research -

Primary Data - 

The data which you collect by yourself by using online surveys, interviews, focus groups and more gather the data about the market and consumer needs.

The Two Types of Primary Data - 

• Exploratory Research - This type of Research is done to investigate the problems which are not clearly defined. This type of research involves detailed interviews, detailed answers  with a small group of people. 

• Specific Research - This type of Primary research follows the exploratory research where we solve the problem which is identified in the exploratory research. This type of research involves Interviews, Surveys in which we ask questions to the customers and solve it. 

Out of the two Specific Research is more expensive. 

There are many sources through which we can conduct market research  such sources are phone calls, direct mails or in-depth interviews. 

Secondary Data - 

This data is already organised for you. It uses the information taken from outside, this included reports, statistics, media sources etc. Secondary data includes three types of sources.

 The Three Types Of Secondary Data - 

• Public Sources - These sources are free and give good information which includes government and business departments and many more. According to Entrepreneur, Government statistics are the most wide ranging public sources. 

• Commercial Sources -  To acquire these sources we generally have to pay a subscription fee. These sources are of great worth because it gives the insights of the market industry and it is made by market agencies and these sources include research and trade associations, according to Entrepreneur. 

• Internal Sources - Internal Sources are the sources which an organisation already has such information regarding accounts like Statistics, Profit or Loss Accounts, Cost of Advertisements and Transport, Revenue, Latest accounts, Reports etc.

Importance of Market Research - 

Now we have to unfold the importance of Market Research - 

1. To create the Buyer Personas - Buyer Persona helps you to describe the consumer behaviour, who is the customer and what are their decisions.
2. It helps you to build up communication channels with your customers - By making creating surveys and conducting interviews, there is a high chance for building up a communication channel.
3. It helps in minimising risks - It is very difficult to create an online business and there are chances of profit and even losses.
4. It helps in finding opportunities in the market - If research and try to get the insights of market industry then we can get opportunities in the market.
5. Increase in Sales - Through research we can get information that about the insights of market that can help you to develop strategies to increase your sales in the marketing industry.
6. It can help you to unfold the problems inside the market - We can unfold the problems inside the market that are not solved.
7. It can help you to build a market position - As market research is process of collecting data of market. Through research you can analyse the insights of marketing industry which can help you develop strategies and build a market position.  
8. It helps you to beat the competition - In the field of digital Marketing, you'll have to face many competitors as the competition in Digital Marketing is high. If you have the capability then through Market Research you can understand the strengths and weakness of their competitor, analyse them and beat them.
9. It helps you to build strategies - Through Market Research you can make strategies to increase brand awareness, increase sales and beat up the competition.

How to Do Market Research - 

The main question after the understanding of the types of market research is How to Do market Research?
In Digital Marketing or in any type of marketing, if a person doesn’t know how to do market research then you can’t increase his sales?

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Firstly, you have to understand the 4 key things before conducting market research, They are :-

• Identify the Pain points of the customers
• Identify the Desires
• Identify the Ideas and Outcomes
• Identify the Demand of the Customers

Easiest Way To Conduct Market Research - 

Create Buyer Personas - 

• First step for the conduction of Market Research is creating Buyer Personas, Before you look at the buyer decisions you have to understand their character and how they are taking actions in buying a product or service, for this you have to apply the above mentioned 4 key things. Analyse their behaviour which is the consumer behaviour.
• Consumer Behaviour - It is study of the consumers that how the consumers are selecting, buying and using the product or service.
• Buyer Persona describes who is your customer &  what are their decisions.This included Surveys and Interviews which helps to create a Buyer Persona

What is Survey ?

A survey is a research method to collect information from an individual or group of people respondents which helps you to gain information on a topic. 
Surveys have multiple uses but in this case we’ll focus on How Surveys help to Create a Buyer Personas?
Now we are familiar with the definition of survey and now let’s see How surveys help to create a buyer personas?

• One of the best tool to create a professional survey is Google Forms
• Google Forms is a survey app which helps you to collect information from the users through surveys and quizzes.

What are Interviews ?

• Interview is a conversation where a person asks a question and the other person answers.
• The person who ask the question is Interviewer
• The person who answers the question is Interviewee
• Interviews can help you to create a buyer persona as an interview is an one-on-one conversation which helps you collect information about the other person.

Three Strategic Questions that you can ask are -

Taking the market research example as it is the topic, you have to ask a question with adding your topic. Click Here for Sample Form Fill up

1. What is the biggest problem with Market Research? (Short answer)
2. What would it make a difference if you get a good answer? (Long answer)
3. What is the problem that you are trying to solve?(Short Answer)
4. Add your email if you want to get contacted when the solution or answer is ready. (Short answer) 

After you get responses then you have to analyse the responses in a tool such as Google sheets in which you can categorise and list down the responses.

This is the easiest way to do Market Research.

So this was the beginner’s guide to successful Market Research, Implement these and take your company or organisation to great heights.

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