Often the marketing insights are not revealed even after a well-executed Market Research. Here are 5 tips from industry experts, that will ensure you hit the bull's eye and get maximum juice from your research:
1. Rely on objective-driven independent research: The Target Group for your product belongs to a specific are, culture, age and most importantly, their needs and beliefs may be distinct and unique for your product. Hence it is always better to conduct your own objective-driven Market Research rather than referring to already available data. And if your budget is a constraint, there are various other alternatives, for instance, Digital and e-mail based survey. However, telephonic surveys dipsticks are the most accepted alternatives as they provide immediate two-way responses and can be easily customized according to your budget.
2. Prepare the right questionnaire Besides the theoretical process of setting the questions in place, do identify what do you want to know and brainstorm what questions can get you those answers precisely. Don’t just focus upon your objective, however, set questions that help you to monitor competitor data as well.
3. Develop the Consumer Relationship and generate leads at the time of research! Even at the time of Market Research, you can generate leads and discover future prospects. Understand that while you are conducting the Market Research, you are dealing with your consumer directly! Do utilize the same time to spread awareness about your brand. Rather than just sharing a cheap thanksgiving after the interview, you can share with them a gift voucher or a durable item of use to them, and also keep their details for relationship building. Get creative and strategize ideas that help you to generate and strengthen word of mouth advertising for your brand and can generate footfalls.
4. Get the research outcome validated through secondary information source. Now since you have already got your independent objective-driven research done, do refer your on-ground sales team, channel partners and research reports of your industry, product and target audience which are available online, in general. When both, the primary and secondary information are processed together, the final summary offers promising insights that have been found to increase revenue. Never forget, your employees are a huge base for added information.
5. Quality focus groups: Not mere by the theoretical focus groups, we approach quality Groups for the surveys that can not just give valuable insights, however, can also serve as future buyers. These are just a handful of advantages that market research could bring across your table. You can categorize any project as a market research activity that gets you your target market’s needs, behaviors, and preferences at a micro or macro level.
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