Affordable Market Research Techniques!

Market Research

“There are a lot of opportunities that you can discover by listening closely to what your customers are saying.” – Joei Chan. Hence, the importance of market research techniques.

Business is about selling your service and products to the right people. Whether you’re selling the cure to cancer or a simple pen, you need to find a way to reach these people. The answer to reaching your customers is marketing. 

Marketing comes in many forms such as billboards, commercials, and even dangerous publicity stunts. All of these are an attempt to draw attention and customers to a business. There are many ways to get your product or service out on the streets and into conversations.

Different marketing methods and market research can help attract clients. Marketing has been evolving and changing as time passes. As an example, you can look at the latest trends in marketing.

Most businesses resort to spamming commercials or maybe hiring a celebrity to market their product. Sometimes they work and other times, they end up causing friction and a bad reputation. 

Knowing the difference between captivating your target market and triggering them is key when it comes to selling your service. But how can one read the minds of thousands of strangers?

Knowing Your Target Market

Businesses tend to be catered towards specific people, for example, a company that sells television sets probably wants to reach families or anybody that could use a TV. Understanding what your target market wants can determine whether your product gets attention and ultimately, bought.

For example, if you are targeting the next generation of kids you probably don’t want an advertisement running on the radio. Yes, it is exposure for your business but is it effective? Understanding your prospect will help you to strategize more effective marketing approaches.

1. Proxies

Proxies serve a variety of purposes like keeping your device and information safe, efficient, and effective. Proxies work as middlemen or the bridge between you and the virtual world. They can request the information you are looking for without exposing your personal information.

Other than keeping your identity anonymous, proxies can help optimize your virtual journey. They can help block distracting advertisements or unlock geo-restricted content. Proxies simply make the internet a safer and better environment for you to do as you wish.

In terms of marketing, one feature of proxies proves to be significant and that is web-scraping. This can be achieved through accessing websites and going through their database or simply through scanning the public content.

This may sound like an intimidating term but web-scraping is a simple process to gather information. This information can be on any topic and web-scraping proxies serve as an effective research team. They scour the internet looking for answers, questions, and even related topics. 

Web-scraping proxies are an optimized research team that is technologically equipped and runs like a beast. They are incredibly efficient and effective at gathering information and consistent as well.

There are many ways for proxies to help in terms of marketing, and they are also user-friendly. There are tons of proxies out there and one that will perfectly suit all your needs. 

To give you an idea of how proxies work, start by checking out free proxies. They’re a great option to explore the properties and benefits of proxies. Be that as it may, your experience may be limited because it’s free. But at least you get introduced to the world of proxies.

Once you’ve explored enough, move on to a dedicated proxy for your marketing endeavors. This will keep you and your data safe compared to free proxies.

2. Surveys

This is probably a less technologically advanced method to gather information. However, surveys are a simple and effective method to learn about a person and those that share similar traits.

Whether it be a physical survey on paper or a Google form, surveys let you ask people from your target market directly. What better way to learn about a person than asking them straight up? Surveys work with representatives, you can’t just survey the entire population that belongs to your target market.

Hand-picking good representatives of your target market will affect the validity of your results. Simply slapping a bunch of random people with a questionnaire won’t give you a good idea of what your audience is looking for. 

Preparing a good survey involves picking good representatives for your target. Along with the need for good representatives is the need for good questions. These are questions that help your business find more about your target audience and what they are looking for. What do they like or dislike? What makes them want to spend money or jump from happiness?

3. Studies or Statistics

There are thousands of studies being produced every day, from being scientifically complicated to morally valid. These studies may be out there to teach people about the laws of physics or maybe inspire students to take action.

Studies are a gold mine for information that can serve many purposes. There is probably a study or two that involves your target market. Take a look around for studies regarding your audience and you may learn a thing or two. 

Information related to your audience may be something like their history or a household staple. Studies can help you relate more to the audience and see what peaks their interest.

4. Focus Groups

An upgrade to the aforementioned survey follows the same principle. Have a group of people serve as representatives for their demographic and see what they appeal to. Just like surveys, picking the right people for the focus group is crucial to the validity of the results.

Focus groups are often used to showcase a diverse group of people and see if the product interests each demographic. Sometimes focus groups are used to see what demographics prefer and other times they are used to check if a commercial is insensitive to culture.

Focus groups provide a hands-on approach or a direct feedback process. Letting you understand more from a different perspective. There are more advantages to forming a focus group.

Key Takeaways

Marketing is a very complicated sector that has possibilities in many shapes and sizes. Sometimes simple commercials are enough to draw in thousands and maybe millions of customers. Other times they won’t even have people bat an eye.

Understanding your target demographic will help you to devise marketing research strategies that will appeal to their interests. Having the best product or service in the world is irrelevant if they do not get to the people who need them.

Investing some time into market research will go a long way in terms of having your product or service reach the right kinds of people.

Market research techniques article and permission to publish here provided by Dan Martin. Originally written for Supply Chain Game Changer and published on August 6, 2021.