A Guide on How to do Market Research

Today’s consumers of equipment transport services have a lot of power. They can research your products or services and make a purchasing decision entirely based on the information they get. Rather than talking to your sales teams, they are more likely to seek validation and advice from their friends and referrals. Many will go to online platforms to read your reviews and make a decision based on the information they get. To succeed in this tough world of business, you will need to develop a deeper understanding of your buyers, the specific markets you are involved in, and know the factors that influence customers to make purchasing decisions.

Market Research

Market research refers to the process of gathering information about your business buyer personas, target audience as well as customers, intending to determine how viable and successful your products or services will be when introduced to the market. Market research will allow you to meet your buyers wherever they are. The world is becoming increasingly digital and it is important to always meet the demands of your customers.

Market research will help understand a couple of factors including;

– Where your target audience and current customers conduct their business online

– Who are your competitors and what products do they have on the market

– What is trending in your market and the eyes of your buyers

– Who makes up the market and what challenges are they facing

– What influences a customer purchasing decision

When you want to conduct market research, you will be faced with different options based on the approach you decide to adopt.

Primary Research

Primary research deals with the pursuit of first-hand information about your market and the customers in that market. It is very useful when segmenting your market and establishing your buyer personas. Primary research will fall into two buckets which are exploratory and specific research.

Secondary Research

Secondary research deals with looking at data that is available on public records that you have at your disposal, and using such data to make conclusions. Secondary research is very useful when you are analyzing your competition. Public sources will be the first and most accessible layer of information you will find when conducting the secondary research.

When you are ready to carry out market research, there are various techniques you can use.

Interviews present a great way to have a face to face discussion and allows for a natural flow of conversation, as you watch the body language of the person you are interviewing.

You can also seek the opinion of focus groups. Focus groups provide you with a handful of carefully selected people who can test your products and service and provide you with expert feedback. Another important technique you can use is observational research. It allows you to sit back and watch the ways in which your target audience members go on using your products and services. Other types of research include buyer persona research and market segmentation research.

Market Research

Market research refers to the process of gathering information about your business buyer personas, target audience as well as customers, intending to determine how viable and successful your products or services will be when introduced to the market. Market research will allow you to meet your buyers wherever they are. The world is becoming increasingly digital and it is important to always meet the demands of your customers.

Market research will help understand a couple of factors including;

– Where your target audience and current customers conduct their business online

– Who are your competitors and what products do they have on the market

– What is trending in your market and the eyes of your buyers

– Who makes up the market and what challenges are they facing

– What influences a customer purchasing decision

When you want to conduct market research, you will be faced with different options based on the approach you decide to adopt.

Primary Research

Primary research deals with the pursuit of first-hand information about your market and the customers in that market. It is very useful when segmenting your market and establishing your buyer personas. Primary research will fall into two buckets which are exploratory and specific research.

Secondary Research

Secondary research deals with looking at data that is available on public records that you have at your disposal, and using such data to make conclusions. Secondary research is very useful when you are analyzing your competition. Public sources will be the first and most accessible layer of information you will find when conducting the secondary research.

When you are ready to carry out market research, there are various techniques you can use.

Interviews present a great way to have a face to face discussion and allows for a natural flow of conversation, as you watch the body language of the person you are interviewing.

You can also seek the opinion of focus groups. Focus groups provide you with a handful of carefully selected people who can test your products and service and provide you with expert feedback. Another important technique you can use is observational research. It allows you to sit back and watch the ways in which your target audience members go on using your products and services. Other types of research include buyer persona research and market segmentation research.