Market Research: Edging Out Your Competitors With the Right Data

Have you recently launched a product or service that isn’t getting a warm response? Have you tried all the strategies you know to try but still come up short of the reaction you desire?

You know your product and service inside and out. You know its capabilities and how it can solve problems. But how well do you know your industry and the audience you want to sell it to?

Just as you wouldn’t travel somewhere without proper planning, you shouldn’t launch a marketing strategy without supporting it with data and research about your market. Conducting market research is the key to making informed business and marketing decisions.

Why is market research necessary?

Market research is the process of gathering information about your business, customers, and competition. Conducting provides your brand with three key benefits:

  • Understanding your customer: According to a 2016 report by eMarketer and CMO Council, most marketers are out of touch with what their customers want. Market research helps you figure out your customers’ motivations and pain points, allowing you to adjust your products and services to meet their needs.
  • Figuring out how to stand out from the competition: Market research helps you identify opportunities that help set you apart from your competitors.
  • Keep updated with the latest about your industry: With the marketing world evolving quickly, it’s often difficult to keep up with new tools and upcoming trends. Market research helps you stay updated with the industry to figure out the best strategies.

Where do you conduct market research?

knowing your customers

Market research has a variety of data collection methods used for different purposes. Here are research channels that businesses of all sizes can use:

Google

With 81% of users shopping online, Google is an excellent place to start your research. A quick search gives you a list of all sorts of questions your target market searches for, the hottest pieces of content, and what keywords are relevant to your industry.

Industry reports and blogs

Keep updated with the latest about your industry by following websites and expert blogs. You can also check government reports related to the market.

Social media

Social media is an indispensable tool for today’s marketers of franchises, small businesses, and huge enterprises. It gives you real-time data and insights about your customers’ wants and needs. It also gives you a glimpse of how you can interact with your customers.

Competitor websites

Browse through your competitors’ sites to see how they promote their products and services. What features make them attractive to customers? How can you set your offers apart?

What should you look for in market research?

To make sure you’re spending your time efficiently, here are key details to keep track of in your research:

  • Brand voice: Figure out how you should speak to your customers through ad copy, emails, and social media.
  • Customer demographics: Get a clear idea of who your ideal customer is by figuring out their age, location, occupation, and other factors.
  • Product and service features: Drill down to specific product features and benefits to highlight what sets your product apart from the rest.
  • Marketing strategies: Find out which marketing channels are common in your industry and which ones you can leverage.

Although your research may not answer all the questions related to your business, it can improve your decision-making. Not only will it help you identify the workable market for your business, but it will also help you adjust your offers to match customer needs and desires.

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