A market research is a prerequisite for understanding how a market works. Every company should do a SWOT analysis i.e. analysis of Strength, Weakness, Opportunities and Threats before conducting a business activity. In order to formulate a successful marketing plan, one must understand the structure of the market. Therefore, market research becomes a very essential aspect in conducting business. This article delivers a step-wise procedure to do market research online.
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Before going on ‘how to do market research’, we need to understand ‘what is market research?’. Market research is defined as the process of collecting and analyzing information about a particular product’s market. It involves an in-depth understanding of how the market works, how the consumers view the product in terms of demand, etc. Since internet has made our lives convenient, we will focus on the procedure to do market research online.
There are various types of market researches being done these days. The most common and important types of market research are product market research, pricing analysis, competition analysis and demographic analysis.
DOING MARKET RESEARCH ONLINE FOR PRODUCT ANALYSIS
Take customer feedback on websites via reviews and ratings
Customer feedback plays a very important role in determining the success of a particular product. The customers’ reviews on various websites, tell us how an average customer views a product. Once we understand an average customer’s reaction to the product, we are in a better position to provide the customers with the ideal products. Therefore, customer feedback left on various websites in the form of reviews or posts, help us in understanding the consumer preferences. Google reviews can be used to get customers’ feedback about various products. It is one of the most effectual ways to do market research online.
Customer ratings are gaining more and more importance these days. For example, when we take an Ola ride, we give our rating for the ride. They play a significant role in determining the effectiveness of a product. You can ask for a rating from the customer after he uses your product. This will bring up an average view of how a customer perceives your product. Moreover, it will highlight the issues and problems (if any) faced by the customer.
DOING COMPETITION ANALYSIS
Online polling
Understanding the needs and preferences of consumers is a key to ‘how to do market research’. You can use surveys to get an abstract idea of the audience’s mindset. Surveys are an easy and effective method to get a clear picture of how a particular product is perceived in the market. Creating polls is an easy and cost effective way to get an average idea of customers’ wants.
These days, online polls created on Facebook or Twitter are among the most popular ways to get in touch with the audience. Other than Facebook and Twitter, SurveyMonkey and Easypolls can be used to get online polls. Therefore, online polls are an easy and effective way to know what the customer wants.
DOING DEMOGRAPHIC ANALYSIS
Follow up with the current market trends
The secret behind a good market research is to be a keen observer in the market. A good observation sight will enable you to look beyond the conventional market on goings. You should keep a track of the various marketing trends and opportunities. For example, new demands emerging in the market. You can enhance your product according to the varying market trends with time. In simple words, try to fit in your product according to the customer by keeping a track of marketing opportunities. Therefore, following up with current market trends is an essential pointer to do market research online.
WAY OF DOING PRICING RESEARCH
The aim of pricing research is to find out how much a customer is willing to pay for a particular product. There are four techniques to do a pricing research- the Gabor-Granger technique, van Westendorp Price Sensitivity Monitor, Brand Price Trade-off and Conjoint Analysis. Since price is an extremely important concern for any company, therefore, a proper pricing research is always a must.
The above four points serve as effective ways in the procedure of ‘how to do market research’. In today’s technology dominated world, everybody looks up to do market research online. Using online market research over the conventional means of market research is an effective and economical approach.
