Know the definition, destination, method, type, and market research tips
A business cannot just be born. There is a winding process and road before deciding to do business. One of these processes is called market research. What is market research and why should business research research?
What is market research
Market research is a businessman to test the feasibility of a product. So, the research carried out must be right to the target market.
The way, business people can work with third parties, or even do themselves, to search, collect and then document their research. So, business people can discuss to the team before deciding which is better.
The market research process can be done in various ways. Like a survey (deploying questionnaires), in-depth interviews (resource persons per speakers), or conducting ethnographic research.
Market research objectives
The main objective of market research is to ensure the latest market needs. Do consumers need certain products? Or if you have issued a product, what is the response given by consumers? When you know these things, you are able to think of the next step. For example, do promotional strategies.
Methods and Types of Market Research
There are two methods and types that you need to know when doing market research. You can do it yourself. However, to save time, it would be better to give it to third parties.
Primer Market Research
Research is collecting data. To obtain the data, you can use two ways. Exploration or specific. However, data collected can be qualitative (explanation of words) or quantitative (numerical).
If exploration is more emphasis on the sample, while specifically knows where the respondents will be intended. So, for specific research, the results are better than exploration.
There are three ways in conducting research in primary form, namely:
- Focus group: The information obtained will be quite complex. However, the results are of quality. Because, you only interviewed between six to ten people in group form. Interestingly, interviews can be remotely or without face to face.
- One By One interview: This interview involves respondents one by one so that the results are good. Usually what you need to ask is open questions. So, you must prepare well. Because, it could be a long interview.
- Ethnography: This method is of course better than the two above. Because, you will experience and live within a certain period of time. You will ask more detail and profound.
Secondary market research
Almost the same as primary research is collecting data. However, it doesn’t have to meet people or interviews.
- Commercial Sources: Collect data from a number of newspapers and magazines.
- Public sources: You need to come to the library to get reading material.
Tips for doing market research
Determine research goals
What are you actually looking for from this research? Do you try to increase sales? Or do research where customers like to be loyal customers?
You must determine the research objectives first. So that later your research will feel easier.
Know the target customer
Who is your customer’s target? This should you know that not necessarily the product that you will take in accordance with consumers. So, you need to collect a lot of information about prospective consumers.
For example, one of the way you can do is know the gender, age, and consumer work. Then, what product needs you want. So, you can compile the product according to their needs.
There are no products that do not have competitors. So, you also need to know who competitors. How they serve consumers. What are the superior products they created? What are the advantages and disadvantages of your competitors? After that, you can compile products that are in accordance with consumers.
When you have understood the understanding, method, type and tips for doing market research, you are ready to run a business. In order for business to grow, use payment methods that are in accordance with customer preferences. In order for your business to grow and increase the number of customers you don’t forget to advertise through the Froggy Ads service, you can start by advertising your product, so that later you can improve visitors in your online business portal. FROGGY ADS is an online advertising service that can help you control all your product campaigns. Helps you target the targeting target you want and give you many choices to market your product.