How to Enhance your Market Research Tools

Zacrac

Oct 27, 2020

Market research tools are essential to business owners, whether you are the owner of a local store or a fortune 500 corporation these tools allow companies to monitor their audience and keep an eye on the way your customers react to your products and services, measure the impact of your marketing strategies, and maintain a platform that enables you to remain in constant communication with your customers.

The information collected enables companies to make intelligent business decisions in regards to the launch of a new product, to discontinue a project and the marketing campaigns that are working the best for them.

There are several different market research tools here are some ideas to make them more effective.

Surveys

Surveys are commonly used to gather ideas, information and opinions from consumers. They are either distributed online, by mail or in person. Survey questions have a range of formats, from multiple choice, a short answer to true or false.

To improve your survey results, survey people that are outside of your customer base, if you want to expand your audience, you need to expose them to your product. By getting opinions from outsiders you may find a new target market that you were not aware of.

Focus Groups

Companies use focus groups to evaluate the most effective marketing messages to send to existing and potential customers. They also help to develop pricing, to name products and services, and to select flavors for cosmetics or food products.  Focus groups are also conducted after the release of a product to get feedback from a company’s target market.

One way to improve your focus groups is to have more of them. One group isn’t going to provide you with comprehensive and in-depth information, you need variety. For example, if your products are for women, you may want to try a focus group with housewives, working mothers, and independent career orientated women. Notice that they are all women, but different types of women and will have a variety of opinions.

 

Social Media Platforms and Blogs

Social media provides customers with the opportunity to give their opinions without the need for an interview or survey. Customers are more likely to share their views in this way; therefore, it is important that organizations use these sites as a way of gathering market research.

Company blogs allow customers to provide instant feedback to posts by leaving a comment or replying to a poll.

The best way to improve your social networks and blogs as a market research tool is to provide engaging content that will keep your customers interested and active on your platforms. The more interested they are in what you are saying the more likely they are to provide feedback and honest conversation which will enable you to gain better consumer insight.

Final Thought

The better your market research tools the more extensive your data collection. This will enable you to gain an in-depth understanding into the needs of your target audience which will in turn help you to gain a larger market share.