Digital Market Research What to Do & What Not To Do

  • Posted by: SI-Insights
  • Jan 1, 2020

Market research is an essential need of businesses. Without proper planning and research, a business stands miles away from its success. Despite this hard truth, many businesses are unclear on its exact meaning or they don’t know how to benefit from it.

In today’s digital world, market research is no longer confined to mall intercepts, phone call surveys, etc. Also, gone are the days when market research was the only option for large corporations with big budgets.

Today Market research company adopts modern approach to reach consumers directly.

Let me explain what market research is,

“Market research is a technique to gather, analyse and interpret information about a business, its product/service. It digs out information about customers’ past, present and future desire for the service. Market research, as it is called, conducts a research into the spending habits, characteristics, location and requirements of business’ target market.”

Whether you are a young upstart or an established enterprise, you should ask yourself,

“Have I conducted in-depth market research?”

“Do I know what customers think about my business or what they want from me?”

“Should I survey the phone or email?”

Multi-million questions they are. But businesses hardly consider them. For them, market research is probably tedious and time-consuming. Subsequently, when they drive to target consumers, they are left with no option other than simply looking for research that’s already been conducted.

Worst yet, doing no Market research or conducting it using irrelevant tools leads to uninformed decisions.

What to Do?

Dig deeper and generate a complete market analysis report. You can do this by:

  • Detecting your customer behaviour
  • Understanding the needs of your business
  • Conducting a research study design
  • Identifying which area needs improvement
  • Focusing on the required steps
  • Representing a fundamental change
  • Thus, enhance the process of decision-making

Indeed, you shouldn’t rely on market tools. Instead, keep a watchful eye on your business, understand customer’s behaviour and detect what needs the next. Based on that, you can maximize accuracy of data analytics.

What Not to Do?

Here are two tools businesses use to generate market research report. In reality, these tools can be ideal for the search engine ranking instead.

  1. Google Trends– The most authentic and popular tool to use – not for marketing research, but for search engine ranking purpose! Google Trends helps you view the latest trends, data, and visualizations from Google. It lets you know what’s trending in the market right now and gives validation on a strategy, pretty quickly.

  2. Google Keyword Planner– Marketers have different opinions about this tool. Some love it; others hate as they believe the data generated by the Google keyword planner is misleading.

However, the Google keyword planner tool helps you know how many times a particular keyword is searched in a specific area. Based on that, you can create your content. Moreover, this tool enables you to search one or more keywords at the place of your choice.

Though it’s good, but many don’t use it. Rather, they find a trusted and reliable market research company.

Final Thoughts

Smaller or mid-sized players have options to enter the market research circle and help fuel their growth. Thanks to the reasonably-priced options, quick turnaround times and personalized, attentive service provided by the market research company like SI-Insights.

If you are wondering how to do market research for your business, contact SI-Insights.