Getting The Most Out Of Your Market Research
Market research is a crucial element to the generation of leads and gaining customers, and is something that every business should conduct throughout their growth. Market research is used by even the biggest, most reputable brands in the world – Google, BT and Virgin to name a few huge corporations who recognise market research as a key practice for their business.
Using market research to understand and recognise the wants and needs of your customers and prospects is essential for more effective sales, but how can you get the most from your efforts? Team Telemarketing have an expert team that conduct market research for many businesses, so we consider ourselves experienced enough to offer some useful market research tips.
DETERMINE WHAT YOU NEED TO KNOW
Having goals and clear focus on what you want is something all successful business owners possess in every area of their business, and market research should be no different. Understand and work out what exactly you want to gain from your market research, the clearer and more specific you are about what you want to achieve, the more likely you will be successful in your market research efforts.
CHOOSE YOUR TARGET
You will need to identify the target market that you wish to reach. This can vary vastly from anyone of a certain age and location to targeting people who have already bought your products or used your services. This is something that can be easily identified when you have figured out what exactly you want to achieve, without these focuses and elements to work with, your efforts can be lost easily.
ENGAGE YOUR TARGET
The next thing to consider is how you are going to engage with your target market, and how you are going to gain interest in taking part. Many businesses use incentives like, for example, ‘fill out this survey and be entered in a draw to win a prize’. You need to find something that will grip your prospects and make them feel like they are gaining something from it. There are many ways to engage and target your market here are a few examples:
- Online form surveys
- Field Research (e.g. shopping centres, approaching people.)
- Post call surveys
- Focus groups
- Observation of behaviours and actions
Something that is HUGE in marketing trends right now is personalisation. A customer wants to feel involved and feel in control when it comes to dedicating themselves to a brand or product. Not only does this benefit the customer with a sense of importance to your business, it also allows you to gain a much better understanding of what individuals want and grasps a real perspective versus some numbers on a spreadsheet. You could maximise your efforts and your results by committing part of your market research to more personal approaches.
The success of your market research campaign can really make a difference to your business and your focuses moving forward, so it is crucial to squeeze as much as you can out of your market research, and if you’re not experienced in doing this, you may find that your efforts are lost and results can be minimal. Outsourcing a marketing agency like Team Telemarketing to conduct your market research can be so beneficial to your business. Not only will our sole focus be on getting the best results with the most proficient methods, it will save you time that can be spent elsewhere and can even save you money in the long run, thanks to our precision and expertise that will ensure that you won’t have to spend more and more money finding out what your customers want and need.