5 types of market research to make a great product
5 types of market research to make a great product Let’s look at the various types of market research you might choose to conduct. There’s more to come in part 2, so stay tuned.
Interviews
Interviews allow you to have a face-to-face conversation so that it flows naturally and you pay attention to the body language of the interviewee.
Your interviewees can answer questions about themselves to help you design your buyer personas. These buyer personas describe your ideal customer’s age, family size, budget, job title, the challenges they face at work, and similar aspects of their lifestyle.
Having this buyer profile in hand can shape your entire marketing strategy, from the features you add to your product to the content you publish on your website.
Focus groups
A focus group is a market research method that brings together 6-10 people in a room to provide feedback regarding a product, service, concept, or marketing campaign.
A trained moderator leads a 30-90-minute discussion within the group. He has a list of 10-12 questions that will be shared with the group during their time together.
Participants are recruited based on their purchase history, demographics, psychographics, or behavior and typically do not know each other.
The main goal is to hear from everyone and to encourage many different opinions and ideas to be shared.
Brand awareness research
Brand awareness is the number of people who are aware of a particular brand, company, or product.
This research tells you about what your target audience knows about and recognizes from your brand, what associations your audience members make when they think about your business and what they believe you’re all about.
Understanding your brand’s position in the market helps when trying to build a presence, develop marketing initiatives, and increase sales.
Competitive analysis
Competitive analyses are valuable because they give you a deep understanding of the competition in your market and industry.
You can learn about what’s doing well in your industry, what your target audience is already going for in terms of products like yours, which of your competitors should you work to keep up with and surpass, and how you can clearly separate yourself from the competition.
For example, a competitive analysis of grocery delivery services might give you insight that some people want to order groceries at night.
Customer satisfaction and loyalty research
The more loyal your customer is, the more likely they are to stay with you for a long time and bring profit to the business.
Customer satisfaction and loyalty research give you a look into how you can get current customers to return for more business and what will motivate them to do so (e.g. loyalty programs, rewards, remarkable customer service).
This research will help you discover the most-effective ways to promote delight among your customers.
Credit : @Learn Business