5 Tips for Gaining Significant Market Insight

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Do you know what your customers want? Many businesses have a general perception of their target audience. Usually, they are just making assumptions about customer’s likes and dislikes. Well, that’s not how things work in any business. You have to be crystal clear about your audience and what they are looking for.

The question is, how? Well, market research is the answer to all your questions. Surprisingly, the technological advancements in the digital world have made this like a cinch. You can easily take a dig at the changing trends, customer’s interests, purchase patterns, and everything else.

So, rather than making wild guesses, benefit from the facts and figures to get hold of your customers. Here are some tips for gaining significant market insights.

1) Spy Over Customer’s Buying Journey

There are different types of buyers in the market. Some are in a hurry to makes purchases while others take ages to buy something. You have to determine what sort of customers you have to take a dig at their shopping journey.

The digital world is quite different from physical stores. Unlike in physical stores, customers can’t try, touch, or feel the product; all they have is a visual picture. Hence, the purchasing cycle is different too. They hunt for product details, size, color, images, prices, etc. So, if you’re selling online, you have to make these things striking to escape the chances of missing out.

Besides, your website would parcel out all relevant details, the clicks by customers, how much time they spent on the page, and what products grabbed attention. Once you get the hang of all these details, you will have an apparent picture on your mind, giving you insights into what customers are looking for. Alongside this, it also opens your view of whether customers appreciate your services or not.

At the same time, all these insights don’t come knocking your door. You either have to use tools or hire a market research agency to help you judge the audience’s behavior. Internet is loaded with information, and you just have to equip yourself with techniques to make the best use out of it.

2) Boost Interactions with Audience

Are you wondering how interacting with the audience has anything to do with market research? Well, there’s no better way of gaining insights than asking the customers. Of course, you can’t directly throw questions at them, but pose some interviews, quizzes, questionnaires to have an idea of what they’re looking for. After all, don’t you think feedback is crucial?

  • Questionnaires

Initially, psychologists came up with these to analyze human behavior. Now, it’s quite an amazing tool for judging customer behavior. These are some forms filled with questions, either open-ended, where the customers can spit out their point of view, or the close-ended where they have to choose from the given options. Depending on the nature of your business, you can make a mixture of both.

Besides, if you’re target audience is millennials, then uploading these questionnaires on online portals is a wiser decision for better accessibility. However, avoid making lengthy ones because it becomes annoying at some time. Keep all the questions short, precise, simple, and direct to promote understandability.

  • Quizzes

Everyone these days is obsessing over the concept of online quizzes. Usually, people are unaware of the marketing tactics behind these quizzes. Marketers are using the results to examine consumer behavior and changing tastes and fashion. So, think about giving it a shot. However, you don’t have to make it sound promotional; it can be something very random.

For instance – if you own a clothing brand, you can make quizzes like ‘what dress suits your personality’ or ‘what is your party outfit’. It delivers a very fair idea of what sort of dresses customers prefer and what kind of party-wear they want.

  • Interviews

Have you ever come across calls for feedback? You must have, after ensuring you have gotten your stuff delivered, brands do ask for feedback. Many people prefer attending these calls to either thank them for the amazing product or complain about the faults.

Besides, you might have come across cold calls too. A call from an unknown person introducing them as a representative of ABC brand, asking you questions. Well, this is an interview over the phone. Since people are too busy with their lives, brands are opting for interviews for the phone.

3) Exercise Trial and Error

You might have spent months on market research, but it’s never enough. You would only get hold of the things once you launch the products and see how people react to it. People are unpredictable, they would either love your product or not, and it’s hard to determine this from market research. Sometimes, people don’t respond as per the expectations, but it schools you about so many things.

Begin by analyzing what went wrong or think about introducing a different product. Also, see if it’s providing solutions to problems faced by people. For instance – an automatic eyeglasses cleaner? People can resist such things. Remember, don’t hesitate from failures since it’s a part of life. Only trial and error can help you learn your mistakes and stay away from them in the future.

4) Be A Part of Trade Shows

Don’t you think it’s important to know what your competitors are up to? Of course, this is an integral part of market research. There is no point in playing dirty games by copying their strategies; you have to keep it highly professional. Thus, think about giving a shot to trade shows to unmask some amazing details.

Trade shows can expose you to your competitors, which means you can take a glance at their dealings and interactions with the customers. You get a very realistic idea of what your competitors have to offer customers and the techniques used for targeting customers. Trade shows are an amazing way to promote your business while learning about the changing dynamics of the market, crucial to market research.

5) Widen Your Horizons

The digital world is huge. It’s out of the question to be present on every digital forum. So, how about you ensure your visibility on the highly popular platforms? Considering the popular social media platforms, Facebook and Instagram are doing rounds on the internet. Therefore, your presence is a must.

It would unfold millions of customers and their buying habits. Facebook groups are quite popular too, so make sure to be a part of them. You would see customers sharing their experiences about the products, feedbacks, and reviews. Moreover, social media is like an open book, dishing out some rich market insights of potential competitors.

Wrapping Up

It’s imperative to have knowledge about the audience before taking steps in the market. Predicting customer behavior can be a huge help for businesses, helping them cook up pertinent strategies. If you don’t know where to begin, here are 5 tips for gaining significant market insights.

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