Market research is one of the important tools that give you an insight about the latest trends on the market. It also helps you know that what kind of services and products can be profitable for you. Even if the latest products and services are available with you, market research will help you know if they are capable of meeting the expectations and needs of your customers or not. This is like doing homework. By doing your homework, you will be able to learn if you need to modify your strategies, change the packaging of your products, improve your delivery methods, and many more. So, how to do market research for a product?
Let’s get started:
Define your objective for market research – This should be the starting point of your market research. This will help you keep it focused. Let us suppose – you are a furniture retailer and going to launch your latest range modular furniture in the market. So, before you launch it, you need to research if your customers will like it or not, if it will be able to meet their requirements or not and how much your customers will be ready to shell out for the same.
Know your market, competitors and consumers – After defining your market research objective, you need to gather some important information regarding your market, consumers and rivals.
- When it comes to your market, you need to know its demographics, like sex and age. You should also figure out how your entry into the market impacts it and your customers. Finding out whether you are operating in a market with stable economy or not, is equally important.
- When it comes to your customers, you need to find out who your potential customers are and how to they accept you. You should also find their geographical location. Who can be your ideal customer(s) – getting answer to this question is also vital.
- As far as your competitors are concerned, you need to know their profiles, their strengths, as well as, their weaknesses. This will help you develop new and effective strategies or modify the existing ones.
Collect information – There are two ways of collecting data. They are – Qualitative and Quantitative. The former involves less number of people, like – in-depth interviews and focus groups. The latter (Quantitative) involves a large number of people, like – questionnaires and surveys.
Interpret the findings, draw conclusions and zero in – What your market research depicting? Getting answer to this question will help you understand that what your market is looking for. Draw conclusions from the findings and then decide on any particular marketing strategy. This is how to do how to do market research for a product.