Market Reaseach

Market Research: Know Your Audience And Tools to Do It Right

We have entered in 2020. If you are planning to enter the competitive world of business or need a boost in your existing venture, outsource your market - research requirements to us soon.

What is market research? How can you be benefitted?

When starting a shop or launching a new product, first you need to know about how it will be accepted by your target audience. And for doing that you need to gather organized information about the customers first; and get their opinion-based research done in a systematic way. Hence, comes market research. Here in Virtuallytics, we encompass in-depth qualitative and quantitative techniques such as focus groups, customer surveys, product analysis, etc to furnish a perfect research report for you. 

Ways to know your audience:

Knowing how to reach your target audience and providing them with exactly what they desire is the key to a successful business. Market research helps you to gain proper knowledge apropos that. Keeping a stern check over the market behaviour, purchase rate and getting demographic information helps to get a better perception of the customers’ needs.

Target Audience

  • Testing new concepts, getting better ideas, improving product quality and most importantly researching audience response is an effective way-out of knowing the audience in market research.
  • Understanding the market trends also gives you a basic idea about how to reach a target audience, as in what could be the proper way to reach them and get the best result for a product.
  • This era of teeth-wrenching competition in the market, commands for innovative market research ideas. You must know where your product stands in the current market besides similar products or ideas. How much recognized you are among the audience? Your position or reputation in the eyes of the customers can be achieved by measuring your brand performance.
  • Hard knowledge of demography is crucial for identifying your audience. Let’s take the example of a snack item for children. Then the market research for that case will include checking the population of children in the target location and how many of them consume snacks, and how many of them can afford the price. Thus, proper market segmentation enhances your market research process.
  • The internet and social media is another interesting venture of knowing the current market trends. What does a certain group of people need? Let’s say, teenagers nowadays prefer a particular type of shoe. If you are thinking about launching a new brand of shoes. You can learn about their preferences over social media and make it most suitable for them.
  • Many other sites on the internet such as Wikipedia, Quora also provide valuable information about the current market value of different products and how recognized they are among the audience. Also, different opinion polls and surveys from the internet can help you understand your audience better.

Best methods for Market Research 2020

Market research is basically a systematic data collection and in-depth analysis of the collected data which consists of primary and secondary phases. The primary phase is the broader aspect of data collection.

  • Surveys are one of the most basic tools for acquiring data on the market trend.
  • Observation of the purchasing pattern and popularity of a product is also important in mart evaluation.
  • Mystery shopping can give you a detailed idea about the quality of the product and your brand as well as your competitor brand.
  • Then comes focus groups, where people with the same interest gather and discuss the products of their choice, while we get to acquire information from that discussion.
  • PEST analysis is the research about the political, social as well as economic factors that affect the acceptability of your product.Market Research Report
  • Interviewing people directly about the brand or product, or doing both can also act as a vital tool for your market research. This way you can get the direct idea of how people are reacting to your product.
  • The secondary phase of data collection consists of fine details.
  • Many government reports such as census and health reports can provide enough details about demography and the condition of the audience, so you can use the information to your advantage to make your product most accepted.
  • Websites and social media provide information as well.
  • You can check your competitors’ websites, social media shares, and statistics, take the cue from there and make your product/offering more appealing to your target audience. Many university and institute reports help collect data in minute details as well.

How to apprehend your target audience better?

There is various survey sites that can help you reach your target audience seamlessly. A few are given below.

Typeform:

This Barcelona based online SaaS company, which acts as a public-survey website too, aims at providing better data, better audience information, enables the sharing of survey links to the respective social media; and also provides you with expert's advice for your work. All the people-favourite companies are taking advantage of this lucrative destination these days. Typeform's software has been used by Apple Inc, Airbnb, Uber, Nike, etc. 

Typeform

Surveymonkey:

Nearly a score of years ago, this American company got established. It is an online survey, development, cloud-based SaaS company. It is the most sought-after survey site, also a free zone for a manifold of features. Affording a few bucks, lets you unlock its unlimited features. Lately, in September 2019, SurveyMonkey acquired a San Francisco-based customer experience management company called GetFeedback. 

Surveymonkey

Heat-map:

Heat-map is an open platform for users to optimize the conversion of contextual ads, highlight and key significant factors of your business proposition/ business offering (showcase essential elements of your website). This online application helps you optimize the conversion of email campaigns, conversion of your banner-ads & many more. It is a bit different than the aforementioned ones. It lets you see the parts of your project or design which are being seen by the audience. Comes with a 14 days free trial too. 

Heat-Map

Survata:

Are you interested in brand marketing and brand intelligence platform? Then Survata is for you. As rightly mentioned, this website will plan, measure and optimize your brand marketing strategy. Survata will act as your wholesome brand intelligence platform providing you brand scale, real-time brand insights, and brand optimization.

Survata

Burke:

Starting in 1931, Burke has proven its worth as one of the pioneers of research and consulting around the globe. They have been serving and enriching their business clients around the world. By adding value to research & consulting assignments; providing data, information, and guidance in the projects and many more. Basically, Burke helps you with your business decisions and business planning.

Burke

Why choose Virtuallytics for Market Research?

Market research is a very effective and intriguing way to boost up your business to an all new, premium level. It is very much necessary in the huge competitive market today. In Virtuallytics, we provide you with the best possible market research reports and analysis based on the accurate data collected through various mediums. We analyze the raw data collected from the direct market and combine them with secondary data. We indulge in researching to produce a perfect report that can be most helpful for your brand, product, and business.

 

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