Their clothes don’t fit my body type.
They never followed up on my complaint.
These are all examples of customer complaints, that ruin a brand’s reputation. Social media has changed how marketers respond to Customers. Customers are exposed to options and have higher expectations from brands, it takes a few seconds for a customer to search and find your competition. That’s why brands need to conduct research before they launch a product. If you want a successful business, know the customer’s wants and needs.
What is Market Research?
Market research is the process of gathering information about your business’s buyer personas, target audience, and customers to determine how viable and successful your product or service would be among these people. Keep in mind, these 5 steps are just step 1 of a Market Research. In this step, we identify the research needs.
How to Conduct Market Research
Step 1 of the Market Research: Identifying the research needs
1– What is your Market Research
The first step is to come up with the research question and decision problem. For example, what markets should you enter? Your “decision problem”. Evaluate potential sales and competition, this is your research problem.
2– What will you do with this information?
The second step is to determine, what you will do with this information. Is this information going to help you accomplish, what you need?
3– How are you going to access this information? Externally or Internally?
Internally- Is the information coming from the company database or other company employees?
Externally- is the information coming from outside sources like Google
4– When is the information needed?
Timing, there should be enough time to collect useful information. A quick google search is not going to cut it, allow yourself a few weeks to a few months to collect information. This gives you enough time to have the results before you have to make the final decision.
5– Does the benefit of the research project outweigh the cost of the project?
You don’t want to spend money if the research won’t produce valuable information.
Let’s conclude with how you can use social media to conduct research. I would not recommend depending solely on this research, but this can produce valuable information and can be inexpensive.
Check out my post on E-Commerce Marketing