You’ve probably seen the recent Pepsi ads and how they captured peoples’ interests from the first second. Is this by chance? Was a clairvoyant in the background? The answer to these queries is a resounding NO.
This success, in one way or the other, was achieved through research. Market research if we’re being more specific.
If you’d like to trump the competition, you must know why they’re excelling. To do this, it is vital to have an insight into their past, current, and future clients. That way, you can develop catchy and punchy messages and strategies for your intended market.
Although you might have the brains of Steve Hawkins, you may still need help to achieve your business and marketing goals. Thankfully, modern technology has facilitated the creation of market research tools. Using these tools judiciously and intelligently, your journey to the “summit” will be smooth sailing.
This article will feature the benefits of market research and related tools to foster success.
Enough talk, Let’s get CRACKING!
Benefits of Market Research to Businesses
Since 2008 (a period of severe recession in the United States), there has been a surge in market research. According to a recent report, this sector has an estimated worth of over $70 billion. This is because market research has become so important, and businesses that take the plunge without using its techniques and information will invariably lose out in the long run.
Using market research, clients are at the epicentre. With an in-depth insight into their preferences, you can curate services and products accordingly. Sales surge when your clients are satisfied with your offerings, leading to increased ROI margins.
Market research sets your business out from the rest. You have the edge in using market research tools, as only 40% of all marketers adopt them in making business decisions. Thus, your business surging to greater heights in no time is feasible.
Market research also proves advantageous by letting you focus on marketing aspects that tally your business’s strong suits. Then, when you know what customers crave, you can dive into undiscovered markets (or audiences) and pitch your business tent. The result? Profit and revenue margins are on an upward trajectory.
Conducting Market Research
When you engage in market research, you have the potential to unearth a wealth of information and market data. The data you can collect lets you determine how your business is currently performing and where improvements need to be made.
You can also learn about your target audience, customer data, demographic data and potential client needs and wants, and how best to reach them. Additionally, research data can help you understand your competition, what they’re doing well and where they may be falling short. This information about competitive and consumer behaviour can be used to make strategic decisions about your marketing efforts, product development, and overall business and marketing strategy.
Market Research Techniques
There are many different market research tools available to businesses today, each with its advantages. Here are some of the most popular ways to conduct market research:
1. Market Research Surveys
One of the most common and straightforward ways to gain consumer insights and information about your target market is to simply ask them directly. This can be done through surveys, which can be conducted through online market research tools, by phone, or in person.
2. Focus Groups
Another popular method for collecting valuable insights and market research is through focus groups. In a focus group, a moderator leads a discussion with a small group of people about a particular topic. This can be done in person or online.
Interviews are another great way to collect information about your target audience. Individual interviews can be conducted in person, by phone, or online. This method is often used to collect more in-depth information than surveys or focus groups
4. Social Media
Social media is a great way to connect with your target market and collect information about them. You can use social media platforms to learn about what people are saying about your brand, your competition, and your industry. Using a social media monitoring platform can be another great way to compile market research reports about what your customers want.
5. Secondary Research
In addition to primary research methods like surveys, focus groups, and interviews, you can also gather information through secondary research. Secondary research includes collecting data that already exists, such as government statistics, trade association reports, and data from other businesses in your industry. This type of research is often used to supplement primary research and help you get a more well-rounded view of your target market
Conducting market research is a great way to learn about your target market, your competition, and your industry. By using the right market research tools, you can make strategic decisions about your business that will help you grow and pivot when required.
Top 5 Market Research Tools You Can Trust in 2022
Market research tools aren’t in short supply on the Internet. Nonetheless, you’d need to set sail with the best. With this in view, we’ve sifted out these 5 alternatives:
1. Google Trends
Google Trends highlights what people are searching for (remember, they own the most popular search engine on the planet). Instituted in 2006, Google Trends keeps track of all trending topics. What’s better? It segments them into locations. So, if you’d like to know how many people searched for the Qatar 2022 World Cup in New Zealand, Google Trends gives you an accurate report.
To get started with Google Trends, insert a trend, and it’ll display a graph that depicts its popularity and rate it over 100. This market research tool also lets you compare and contrast terms.
2. Facebook Page Insights
What better way to keep tabs on your prospects than with a revered social media platform that hosts over 2 billion active monthly users. Facebook Page Insights gets the job done and does one better — it has no costs attached to its usage.
Using this tool, you can get a hold of your target audience, post summary (performance or reach), and page growth. In addition, Facebook Page Insights lets you see the people liking your page, an overview of their location, posts that engaged the most, and tips to increase social engagement.
Getting started with this tool is easy. Facebook Page Insights makes the onboarding process smooth sailing with three unique courses:
- Learn More About Your Content With Business Suite
- Tips on Using Shop Insights With Commerce Manager
- How to Use Insights Towards Your Business Goals
Statista is a market research tool that provides users with access to statistics and data on over 170 industries from over 150+ companies. Statista also offers infographics, reports, and charts to help users visualize the data.
Their profound understanding of the market means they can quickly identify which future trends need to be analysed and kept an eye on. For this purpose, Statista employs about 100 analysts who identify information gaps and eliminate them by carrying out trend research; all to keep the data as complete as it is relevant.
To get started with Statista, simply create an account and then start searching for the data you need. Statista also offers a paid subscription for access to more data and features.
Mintel tracks product launches and consumer spending across 34 markets every day. They ask thousands of people for their opinions so that they can provide you with the most up-to-date information about what’s happening in the world of consumer goods.
Mintel combines data, and market research with market analysis. They take all of that data and research and synthesize it into something useful. Competitive intelligence, product intelligence, and expert analysis are all crucial ingredients in this synthesis.
Mintel also offers paid options for their data and research, depending on what services you use.
Gartner is a market research tool that provides users with access to market intelligence on over 100+ businesses and countries. With over 40 years’ experience, Gartner also offers reports, infographics, and market analysis to help users understand the data.
To get started with Gartner, simply create an account and then start searching for the data you need. Gartner also offers paid options for access to more data and features.
Gartner’s extensive market intelligence offers expert guidance and tools to enable faster, smarter decisions and stronger performance on an organization’s most important priorities.
There you have it — a comprehensive guide to the best market research tools available. With this information in hand, you should be well on your way to conducting valuable market research to find out market trends that will help improve your business decisions and marketing strategy.