Market research is one of the most important tools in a business’s armory, and yet it rarely receives the attention it deserves.
Without conducting market research, you would find it incredibly difficult to make basic decisions about which products or services to produce, the type of marketing message you want to send out, or how to improve your sales process, to say nothing of the countless other customer-oriented decisions you need to make.
Having a clear understanding of your customers and competitors is gold dust and allows you to lead your company with conviction rather than guesswork. After all, a successful business is one that is one step ahead of the times rather than scrambling to catch up with them.
Despite this, many companies dedicate little time to conducting detailed market research. Some don’t even know where to start with collecting the right data and tend to ignore it as a result.
This is a shame because, while market research takes time, it is invariably made easier through the use of technology.
Three Ways Tech Can Help You Conduct Effective Market Research
Here is how tech can help you conduct effective market research…
1. Discover the latest market trends by using a traffic tracker
When conducting market research, you are trying to find out more about both your target market and your immediate competitors.
A great way to kill two birds with one stone is to find out the traffic figures for websites and apps in your niche. This will inform you of which competitors are doing well (and therefore allow you to analyze what they are doing right) and which websites your target market is responding best to. Perhaps those sites contain content that is interesting to your customer base, or they are responding to certain keywords.
By researching the top sites using a traffic tracker, you will gain a far better understanding of your industry landscape, enabling you to make more informed decisions as a result.
2. Use a survey creator to ask your audience questions
Another great way to conduct market research is to send out a survey to your customers. This gives you a direct line of communication between you and the people you want to attract, allowing you to ask for the exact information you wish to know.
While surveys are not always wholly accurate – only a fraction of customers will actually bother filling it in, and they are likely to be either extremely favorable or unfavorable – it still gives you vital information that you can use to improve your products and customer service.
The best part is that, by automating the process, you can send out thousands of surveys with minimal effort, allowing you to focus on other areas of the business.
3. Search for the most common keywords on search engines
If you want to know what your customer base is thinking, feeling, and desiring, then you need to know what they are searching for online.
By researching the most popular search terms in your niche, you will quickly find out what is on your customers’ minds, therefore making it easier to know how to serve them. Perhaps they are worried about a particular problem, or maybe there is a certain trend that they are interested in.
Whatever you discover, it is likely to be incredibly useful for many aspects of your business.
A successful business is one that is one step ahead of the times rather than scrambling to catch up with them.
Unfortunately, many businesses rarely take full advantage of market research even though it is one of the best ways to stay ahead of the competition.
All in all, don’t be afraid to use tech to your advantage. Market research is an invaluable tool, and these three ways are a great place to start.