Market Research is an organized effort to collect and analyze valuable information about target markets’ needs and preferences.
There is primary, secondary, quantitative & qualitative market research.
Primary – firsthand information from the market and your customers.
Focus Groups, Online Surveys, Phone Interviews
Demographic characteristics, socioeconomic characteristics, psychological, Lifestyle, attitudes, opinions, awareness, knowledge, purchase intentions, motivation, and behavior.
Secondary – all the data and public records or internal documents you can draw conclusions from.
Government census, trend reports, market statistics, industry content, and sales data(invoices).
Secondary market research is used to analyze competitors
Quantitative -a technique to ask questions to the target audience in an organized manner using surveys, polls or questionnaires.
Answers: What, Where, When, and Who
Qualitative -a technique used to conduct observations or unstructured questioning.
Answers: Why and How
You Get the Information From Your Audience By:
Interviewing Customers/Clients, In-person via a focus group, Online Surveys, Individual Phone Interviews, and Watching Behavioral Trends
Reaching out to everyone to get the information you need via cold calls and emails. You can also ask your audience to engage via social media or via email (if you have a newsletter).
Leverage your network as a way to get information from your audience.
Creating an incentive is usually the best way to get your audience to participate.
After you gathered all the information you need, you create a Buyer Persona.
You Engage Your Target Audience Via the Buyer Persona You Create From the Market Research.
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