What are the 5 reasons for investing in market research?
How is it that you would know what to bring to your customers? You might be exceedingly good at conjectures, but can you tell with certainty that customers would like the products that you get them? You would not be merely handing out trophies, but asking consumers to spend money on your services or products and we all know how people feel about spending money.
Claims testing, exit-intent surveys, ad testing, customer satisfaction surveys and concept testing can teach a lot about what the customers really want and would help you to get closer to them. The concepts of market research are quite dynamic and changing gradually. It might not be discussed as much as the other terms like paid media, search engine optimization and even conversion rate optimization.
Today the world has opened a lot of ways to get better insights on customer desires. It is easier and faster to get insights, and even cheaper. However, it is important that the research is conducted properly and the standards should be respected. The process could be lengthy, but it should not be scaring you off. You should make even the smallest progress after checking if it would go well with your audience. People would prefer to mark your posts on social media as spam if they do not go well with them. This makes market research very relevant and you should start at the earliest.
#1 Market research would turn out to be easier than you fancy
Just like it is with content marketing, paid search or SEO, a lot of information is already available, making the job easier than you had figured. Not only that, there are a lot of courses as well that help to form the right questionnaires, interpret data or select the right respondents. There are a lot of marketers who work with data. This is especially true in terms of the B2B marketers, who create a lot of insightful reports for the industry. Smart insights produce a lot of useful reports, making it easier to understand how the industry functions.
Non-leading questions and objective are produced through smart insights. These insights also offer fair incentives and survey the members. After all of this, a visual report is produced that actually helps. Thus market research has a few relevant components - well-framed questions, locating relevant participants, data analysis and sharing of the results with the members.
#2 Not only is it quick, but it is also cheaper and faster
The companies all over the world have worked effortlessly to make research cheaper and faster. The large market research companies have offered the options of concept testing, ad testing and lots of other useful research options. The knowledge of statistical methods or coding would not be required as these tools are available as a one-stop solution. Even training in these areas has become pretty easy since lots of courses are available today.
#3 Getting interested participants have become pretty easy
It has always seemed that getting the relevant participants is the biggest challenge. Recruiting the relevant participants might prove difficult. In order to conduct a survey online, the following process would be quite effective:
● Questionnaire (for screening) - This would help you to get the correct respondents. The requirement should not be obvious as this would help you to get genuine respondents and make your research much more relevant.
● Recruitment respondents - This is a process that can be done through email using social media, your database, the research panels and a service like Google Surveys.
● Writing the survey - The survey should be jotted down. It would be much easier to tweak the necessary changes.
● Analysis - The data should be read and then charts can be created. This would help you to create a story that you can sell your customers and shareholders and add insights as a summary.
● Inference - The decisions must be made based on the research.
People are becoming more used to research panels. However, if you do need to tap into the large databases made from real people who are already taking part in these panels, you can take help from participant recruiters and panels.
#4 A plan can be confirmed and risks can be reduced
Reducing risks in business would encourage investment, make the business more stable and pass on this stability to your employees. If you take part in research with your employees and customers, your decisions would be better and more informed. The risk factors can be assessed.
Employee satisfaction and employee surveys are also important. Recruitment costs are very high and the staff do not come cheap. The surveys would ensure that the staff that support your organisation have what they need. If you make the right decisions, the staff would not leave your business and their morale would get a boost. The marketing would be much better targeted and the customers would feel much happier, knowing that their needs have been met.
#5 You would understand your customers better
Getting close to customers is an essential need for a business. It is not possible to please all the customers and keep them so all of the time. However, the closer you would get to them, the better are the chances of improving their experiences. It would not be too difficult to find out if your customers are happy with the online ordering process. You can also find out if your customer support is actually resolving complaints.
The only way to find out is to ask them. There are lots of ways to get close to your customers. Exercises and testing activities could be a great way. You could even conduct a customer workshop and get your customers involved. You could even have a mini-customer ambassador panel where customers would use products and give feedback in one-on-one meetings.
Thus market research is the perfect way to grow your business and offer it with a stable base. Your customers would enjoy a better experience and you would have a better relationship with them!