Your audience is around you, but you may not know the most interested ones. It’s the fact that all cannot be the consumers of your brand. Here, the question arises “who exactly is interested”.
Well, it’s easier if you focus on who will be benefitted from your products or services. If you date two or three decades back, it might be challenging. But today, it’s way easier. Launching the product and seeing what resonates with whom is like a walkover. It’s like displaying what you sell online, and it sells. However, it may take a few days.
With market research, you can convert these few days into a few hours. Just ensure that it’s done in the right way. It includes your investment in time, inputs or resources, and capital. With these, you have to be patient. You may receive unfavourable feedback. People may ask questions that you may not be ready to answer. It can be a hard time communicating with them.
Streamlined market research can help you come out of this hot water. It guides you to derive a go-to-market strategy and answer all burning questions boldly and with confidence. Or, you may hire affordable market researchers, such as Indian market research experts whose pricing is around INR 25K per survey (which is equal to USD306.19), or INR 210/ user (or USD 2.57) via telecommunication. This can help you to accelerate your conversion rate and skyrocket your revenue.
Let’s understand how you can leverage market research to discover your customers’ intent.
Market Research Tips for Understanding What Your Customers Want
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Set The Market Research Goals
It all starts with setting goals that you want to achieve. Typically, market research experts in India use various methods, such as surveys, interviews, focus groups, and customer observation. It helps them to better understand the target market and its factors like customer behaviours, values, and more. Also, you can easily find out the feasibility of your products or services.
This research can be used for determining prospects. But, this learning is not the only thing that you can discover. It can show you the darker sides also, which can help in improving your services or products. Once improved, its usability issues will be resolved, and you’ll onboard more customers.
Now, the biggest challenge is to set what goal. Here is the clue. You can think about the market size, market saturation, and how much demand is there for your products/ services. Select the specific goal because it will make your findings more effective in searching only interested customers.
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Identify The Target Audiences
This task is challenging. You have to find who to target. Here, a little bit of brainstorming can really help. Let’s consider a case of a manufacturer. For him, the target audience is resellers, retailers, and distributors. It means that he has to focus on B2B companies that are already in your niche.
Your ideology fails when you emphasize what your internal stakeholders say. However, their opinions are also important, but n
ot the end of the world for making a decision. You need to work on a more impactful strategy. Try to gather views of external retailers, resellers, and distributors. Being aware of real-time challenges can help you understand prospective opportunities. Simply put, you need to go out of your comfort zone and network for gathering views of an authentic audience. This method can help you reach out to actually interested parties.
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Determine Competition
You’re not alone in the market, selling specific products or services. Multiple competitors are there, offering a choice to customers. So, it’s necessary to discover them. Fortunately, Google Analytics is here. You can just put in the keyword and find the top players in your niche in a second.
Now that you have a competitor analytics tool, find out their strengths, weaknesses, top-ranking keywords, their market size, price list, and their target audience. Once you’re ready with these insights, compare them with your own capacities. Carry out a strategic analysis of competitors. This effort will pay off in the end.
For primary research, you have to reach out to a group of audiences via a survey. Raise some questions around their perceptions of competitor products/ services. Draw insights into their intent to come up with unparalleled strategies, which have answers to all burning questions of your consumers. Refine your upside and improve where your competitors are way ahead of your brand.
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Rely on Different Data Sources
Here, different data sources can be the primary and secondary research methods. In the primary research, you directly interact or involve with your end users to collect their perceptions. This method provides the most authentic details that straightaway comes from resources. It’s like an interview or question-answers from focus groups, wherein questions are asked from the group to get its opinion. It gives an idea about the prospective results.
Another method is secondary research, which involves the summary, and collation of already carried out research. This is a method of collecting data from existing resources. It means that the opinions of target customers are already there in any report or article. You draw it from those resources for catching up with insights.
Both methods are crucial and helpful. Instead of relying on just one, you have to focus on combining both methods for qualitative data, analytics, discovering industry trends, and customer reviews.
This is how you would collect vital details that can help in understanding your own marketing capacities and USPs. Although weak points would also be highlighted, you need to work on their fixing. Once done, you can go to prepare a marketing plan for effectively delivering the right product to the right audience at the right time.
Summary
Market research can help in finding what customers want by understanding their intent. It involves various methods, including primary and secondary research, which help in collecting data from resources. With this data, it becomes easier to catch up with customers’ insights and their behavior.
