How to do market research?

Market research is all about acquiring information about your brand’s buyer personas, target prospects, to determine how successful your business would be among your target segments.  

Are you wondering why you should conduct market research? Here are the reasons.    

Importance of market research  

Market research allows you to reach your target audience where they are.  

When you have a good understanding of your buyer’s issues, their pain points, and appropriate solutions, you will be able to design a product that exactly fits your prospects’ needs.  

Besides this, you also get insights into a wide range of things. For instance,   

  • You can learn where your target audience is conducting their research about products.  
  • What’s the trend in your industry and among your buyers?  
  • What triggers purchases among your target segments?  
  • Which of your competitors does your target audience like to contact for details or products?    

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Types of market research  

There are two major types of market research, such as primary research and secondary research, you can perform to get actionable information about your products.    

Primary research  

Primary research is the process where you research to acquire first-hand details about your market and potential customers.  

This information is helpful for market segmentation, and for establishing buyer personas.    

Secondary research  

Secondary research is specifically used for performing competitor analysis. It includes data such as sales data, market trend reports, statistics, etc.   

Market research – How to do it?  

Let us now see step-by-step how to do market research.    

Defining buyer persona  

While defining buyer persona, you need to first understand who your audience is and then how they make buying decisions.  

Your buyer persona includes details such as age, gender, location, job title, family size, income, their major challenge.    

Identify the right people to engage  

Now that you are aware of a buyer persona, you could use this information to locate the correct group of audience to engage with.  

Based on your engagement with these people, you can further understand your target customers better – their buying habits, actual characteristics, etc.   

Prepare a list of research questions   

Being ready with the questions is essential to get the full benefit out of your conversation.  

Therefore, you need to ensure that you have all the questions with you and make use of your time with a potential audience wisely.  

Your questions might get answers such as their background details, when did they first realized they had a problem, how did they managed to get information about the solution, and which source helped them to decide.    

Summarize your points  

It is important to take notes of all the information you have. If you find the note-taking process overwhelming, you could opt for smart ways to do this.    

Final thoughts  

Conducting market research is highly crucial. Even when you think you know your prospects well, when you complete the market research, you learn new ways to interact with your potential audience.