Skip to main content

How to do market research ? In simple terms

                         Only Business

 How to do market research ?

In today's competitive business world if you want to be successful market research is compulsory , identifying  you are  customers  is very important, it makes easy to develop a product by targeting  a specific  customers rather than providing to everyone in the market , it also helps to create marketing strategies, not to mention it significantly helps in boost your sales.  In this blog we will let you known how to do market research efficiently  

why customer segmentation is important ? 

before going to "how" lets dive "why customer segmentation is important" ?

-Helps in understanding the customer needs and preferences 

-Maximize customer satisfaction and loyalty 

-Develop tailored products or services 

-Targeted marketing campaigns 

By this distinct groups you can create a strong connection with the customers, So lets dive into how to do market research 

1. Identify into which market segment you want to sell ? 

Demoographic segmentation :-

                                                         This is based on the age group , gender , income , and education{ if you are in education industry }

Geographic segmentation :- 

                                                      This is based on the customer location like climate , seasons and etc 

Psychographic segmentation :- 

                                                      This is based on the lifestyle, interest , value and attitude 

Behavioral segmentation :- 

                                                    This is based on the purchase habitats, brand loyalty , user behavior 

2. Collect  data of  target customers 

Surveys :- 

                     use online surveys to ask direct questions like demographic , preferences and buying behavior . Tools like google forms ,type forms will help you in this  surveys 

Social media analytics:- 

                                           Platforms like facebook , instagram provide in depth analytics of the different segment 

Website analytics :- 

                                     Tools like google analytics helps you to see from where the traffic is coming, what pages they visit , who they behave on your site 

  Third party reports :-

                                           utilize the information provided by the industry analytics or market research firms like statista that focus on board market trends 

3. Develop customer personas

once you have  analyzed your data, you can create customer persona , which are fictional representation of your ideal customer based on this identify :- 

-Pain point :- 

                           what problem do we need to solve for the customer to create a value for us 

- Value for motivations :-

                                               what drives purchasing decision

4. Use segmentation insight to tailor marketing strategy  

- Targeted advertising :- 

                                                use platforms like facebook ads and google ads to create segmented campaigns 

- personalized email advertising :- 

                                                                send emails to frequent buyers regarding latest  products and etc 

-Content creation :- 

                                         Develop blog posts , videos or social posts which resonate with segment 

 -Product development :-

                                                As  i said earlier based on the market research the product development will be easy 

5. Monitor and just your strategy :- 

   Keeping  tracking your  customers it is very important , if  the customer is getting bored try to focus into another product or else the marketing strategy is not working on the segment try to approach in different manner all this can be done only through observing your customer 

Conclusion :- 

make sure to follow this methods while doing the market research to make your business successful  in long term 
     

subscribe for more useful content  

                                                                                   Thank you 

                                   Only Business

Comments

Post a Comment

Popular posts from this blog

which are the industries booming in India

                        Only Business which are the industries booming  in India ?  India has several booming industries due to its large and young population, growing middle class, increasing urbanization, and government initiatives. Here are some of the top booming industries in India and the reasons behind their growth:  1. Technology and IT Services - Reason for Growth:  India has become a global hub for IT services and software development. The availability of a large pool of skilled professionals, competitive labor costs, and a strong focus on STEM education contribute to this growth. Additionally, digital transformation across sectors and the rise of startups in areas like artificial intelligence, cloud computing, and cybersecurity are fueling expansion. 2. E-commerce - Reason for Growth :  The rapid increase in internet penetration and smartphone usage has significantly boosted the e-commerce sector. The COVID-19 pandemic further accelerated online shopping trends. Companies li
Post a Comment
Read more

business model of olympics

                            Only Business The Business Model of the Olympic Games: A Deep Dive As an experienced blogger with a keen interest in the business models of major events, I find the Olympic Games to be a fascinating study in global sports and economics. The Olympics are more than just a display of athletic prowess; they are a complex, multi-billion-dollar enterprise with a unique business model that sustains the event and its organizing body, the International Olympic Committee (IOC). Revenue Streams of the Olympic Games 1. Broadcasting Rights :    The largest and most significant source of revenue for the Olympics comes from the sale of broadcasting rights. Networks around the world pay hefty sums to secure the exclusive rights to broadcast the Games in their respective regions. For instance, NBC paid over $7.75 billion for the rights to broadcast the Olympics in the United States from 2021 to 2032. The global appeal of the Games, which draws billions of viewers, makes thes
Post a Comment
Read more

The best marketing model AIDA

                           Only Business           The best  marketing  model  AIDA A - Awareness / Attention      Grab the attention of the customer no matter what ever it will be like if it is controversy the more it get viral the more people able to let to known about your brand or product .or else if you want make your brand aware of it to the people in peaceful their are many ways like creating your ad campaign in creative way with bright colors and interesting themes and etc . I am not encouraging the controversy but choosing the most effective way to make customer aware of your brand Example :- Apple { iphone } I think you are all aware of the latest iphone 16 when they are going to launch the iphone they create a buzz in internet and pay's the influencer to discuss the topic in their video .Then after the launch this influencers start reviewing  it may be in the positive or in the negative but in turns it creates a awareness of the model   I - Interest     when you are maki
Post a Comment
Read more