In this article I am going to give you some tips on the best way to go about doing your own market research. For an online business, market research is in fact one of the easiest tasks and yet many so called marketers don’t bother – too much effort!
For an offline business market research can be an arduous task and require many resources. However, when you are using the internet to sell your product you can also use the internet to find out what your potential customers want.
The internet becomes your market research platform. Search engines have done most of the work for you! All you have to do is go in and use the information that is there to your advantage
Here are some tips on how to do just that:
Online Surveys & Polls
If you have a website then ask your visitors to take a survey or to add their response to a poll. People love to get involved and if you word your request in an exciting engaging way then you will find that people are happy to participate. Perhaps you could offer some form of incentive or create a competition out of taking part.
Your poll or survey must be worded carefully to ensure that you get the results you want – namely to find out what people need so that you can create it and offer it to them.
Your existing customers are one of the best sources for your market research. Create an email campaign for customers so that they are asked for feedback after so many days of buying your product. This can be set up to go out on autopilot if you are using an auto responder.
Using your competition for market research is also a valuable tool. Looking at what is already out there provides you with a ton of information such as what is popular, what customers like, what they don’t like and what is missing from the market.
You should be able to come up with plenty of ideas for your own business and also a way that you can create your own unique selling point.
Focus groups & Forums
Search for focus groups and forums in your particular field of interest. You will find many people get involved in these sites because they love sharing their experiences and because they are passionate about a specific topic.
You will find beginners and those who are more advanced and this really helps you to have a broader picture of your potential market and how you can expand your business to cater for all levels.