Do you Know why market research  is very important? Yes? or No? . what if I tell you – you got some pretty good and low-risk money-making opportunities too? The time to make money only with money is a so-last season! But got no idea how? Not a problem – I’m here to tell you about how you easily do market reasearch for increase your business. So Please read this and get an idea for growing your business.

Do you know how many types of market research exist?

Market Research

Primary Research

Secondary Research

Branding Research

Qualitative Research

Customer Research

Product Research

7 Ways to Improve Your Market Research Strategy

1. Understand Your Customer

In order to accurately target the customers in your market niche, you need to know who your customers are. It’s important to create a customer profile that not only identifies demographics such as age, income, and interests, but also identifies needs that aren’t being met and how your audience may have changed over time.

2. Identify New Opportunities and Needs

Collecting this information and pinpointing potential areas of improvement is a critical first step in understanding the existing market and finding opportunities for business strategies, advertising, and products.

But we need to identify in which sector we have to improve and for this try to get some ideas.

2. Improve Brand Research

There’s a surprising disconnect between how most companies perceive their brand and how their customers perceive it. Even the colors you choose can impact brand recognition by as much as 80%, which means seemingly minor details likely have a bigger impact than business owners realize.

For branding research, we always keep in mind some sort of things . Here it is :

• How familiar customers are with a brand

• How customers view a brand in comparison to competitors

• What kind of reputation customers and potential customers think a brand has

• How customers feel about a brand’s website, social media presence, ads, content, etc.

3. Collect & Analyze Data

Collecting data is a major part of the process, but even more important is being able to analyze that data and determine trends and changes that are currently or may soon impact your business. Data collection and analysis needs to be a continuous process happening at every phase. Even if you did diligent research prior to launching your latest product, you then need to follow up after the launch and continue to gather customer feedback and market data.

4. Improve Communication Skills

In order to gather the most useful data, participants need to have a clear understanding of the questions they’re being asked. Verbal and written communication skills need to be strong in order to clearly and accurately convey information and create well-documented reports.

5. Gather Product Feature Insights

Whether you’re launching a new product or making updates to an existing one, product feature research should be a part of your overall market research – ideally before you commit to the expenses of large-scale production costs and advertising.

6. Keep Your Surveys Simple

Market research is important, but if you need to gather a lot of data, try to break it up into smaller, more manageable sessions so the participants helping you don’t feel overwhelmed. Studies have shown that the response rate drops by 15% if a survey takes more than 5 minutes to finish, with a 40% drop rate past 10 minutes.

7. Improve the Validity of Market Research

Market research goes much deeper than simply sending out a survey and generating a report of the responses. It’s an important part of the business process, and it starts with asking the right questions. Gathering a lot of data is good if it’s the right data. Otherwise, you’re not helping your business make the best strategic decisions for a successful future.