Basic Guide to Market Research

Market research allows companies to collect information and understand their target market or customer better. They can use this information to design their products better, create a more targeted marketing strategy and find ways to improve their user experience.

Customers are essential for a company to thrive and this is why it is so important to carry out market research Sydney to better understand what your customers are looking for and how best to win customer loyalty and retain them for a longer time. You have to do this continuously to get an idea of what they think about your products and services and all the ways you can improve these areas. There are competitive companies that will be carrying out similar research so you have to stay in the loop and ensure you take all steps to retain your customers. There are many analytics that you can find out from your official website. But this only provides you with the results of what has happened. You will know how many visitors come to your website and how many make a transaction or stay longer on the site browsing it. But you need to dig deeper to understand the why of it. Why they visit your site, why they select the products they do and why they prefer your website to others etc. This will give you insight into what customers are thinking and this is a powerful tool in creating a winning marketing strategy. 

Following trends and staying up to date with best practices only get you so far. But research gives you hard facts about why you are successful or why your company is lagging behind. You don’t need to rely on guesswork or emotional reasoning to modify your products or take big decisions. Having the research already tells you what you should be doing, what weak points you have as a company and how you can improve. This is so much better than groping about in the dark for a hit or miss strategy or product development. There are many methods used for market research where you can collect customer data. You can use more than one method. Some common ways of collecting information are using surveys, focus groups, carrying out interviews and observing your customers. You can consider your business type and company goals when it comes to selecting the right method for you.

Surveys are most commonly used as a qualitative research tool and you can use a series of closed or open ended questions that can be sent to the customer via email or a short questionnaire that can be done on the website. These are also quite cost-effective to carry out. However, you will get the most insightful information from interviews as this will give you an idea of how your target customer thinks and behaves. You can do this in person or use video conferencing. You can also find a group of people that fit your target market and use a moderator to lead conversation about your products, how their experience has gone and what they think about the marketing message. But this should be done very carefully as certain biases can shift the opinions of the group and you may not get accurate data.

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