Whether it is a Fortune 500 company or a small business, it is very important to conduct a market research study to better understand your target audience.

According to Clay Christensen’s book, “Milkshake Marketing”, 19 out of every 20 new products that launch, fail.

There are several objectives that a company shapes when thinking about conducting a market research study, for example to launch a new business idea, a product, a service, or to know the competition and its impact on its business model or To position yourself and have continuity, you will need the correct data to back it up.

Then we will give you some tips that will give an order to your thoughts and take you to plan your strategy before making any decision that involves investment.

In Market Intelligence by ERC we are at your service to accompany you in the process, feel confident in communicating and we will be happy to advise you at that stage in which you are currently.

know how to differentiate research through primary sources versus secondary sources:

Primary market study: It is the process of collecting new data that are not known and must come from the target target. Examples of primary market research include a market research survey, an interview, a questionnaire, a focus group, direct observation among other methodologies.

Secondary market research: collection of data that has already occurred. An example of secondary market research is the use of pre-existing data to support its content. An example may be taking the data from the annual growth survey of the sectors carried out by different government entities to show the commercial dynamics in their country. in this case the information already exists in a source and what is done is to take it as a reference to make assumptions about our objectives.

Using primary sources:

Now that you know the difference between primary sources of information and secondary sources, take opinion surveys as an example so that you have a focus on how they can help you with your objectives:

1: Reaching a specific audience

Surveys offer a great opportunity to get information from your target market, if you have a good market sample to send the surveys to.

Maybe you have a list of clients or a large group of social supporters to work with.

2: Investigate and analyze a target market.

A market research survey can help you understand various aspects of your target market by allowing you to improve the quality of your decisions. This includes anything from understanding the potential size of the market to determining the optimal price for your products.

3: Measure brand awareness

Your company or product might mean the world to you, but it’s hard to know what your target market thinks of it. A brand awareness survey can help you get an idea of exactly what your customers and prospects think about your company, image, products, etc. Ask respondents how they feel about you compared to your competitors, and why they are more (or less) interested in your products and services. That way, you’ll be able to know if your market even knows you exist, and where your brand lies on their “list.”

4: Gain insights on your product, or a future product

Does your product meet your market’s needs? The only way to find out is to research it. Sending an online product feedback survey to your target audience will help you gain insights that drive product improvements, innovations, and ultimately lead to efforts that boost sales. To get product feedback, you’ll ask questions like: “What changes would most improve our new product?” Or, “What do you like most about competing products currently available from other companies?”

5: Before you launch a new product, it’s important to test it.

When testing or researching your product, ask your target market the following questions:

When researching your product…

• How well is your product performing in comparison to what your customers expect?
• How reliable is your product to customers?
• Does your product’s marketing message make sense?
• How is your customer service for that specific product?

When testing your product…

• Do consumers have an appetite for a new product?
• What’s your competitive advantage?
• Which products can bring you the most revenue?
• What product features do your consumers like best?

6: Know where you stand compared to your competitors

Want to know who you should keep an eye on in the market? Consider conducting a market research survey for maintaining competitiveness. The best way to get answers on this type of market research survey is by going directly to your target audience. That way, you’ll be able to get an inside look on their buying process and how they think about products that are similar to yours. You can also ask your target audience whether certain marketing materials draw them toward your product versus other products, and how they want to interact with you and your brand.

7: Research and analyze a target market

With the increasing importance of social media in your marketing mix, online social media surveys are a great way to figure out which social media channels you need to pay attention to. Likes and retweets only tell you so much. Surveys help you understand the “why” and give you ideas for how to serve your market better on each channel. You can also use your social presence as a means for collecting feedback. For example, you can post surveys on Facebook or Twitter to gauge interest in new product categories or features.

8: Dive deeper into customer demographics

Need to identify potential customer demographics in a new service area? Ask potential customers about their gender, age, location, income, where they shop, what they do for fun, how many children they have, and more. Just remember to ask these questions at the end. Like an in-person conversation, you want to build rapport with your respondents first before you ask them more personal questions.

Demographic information is essential to helping you understand your target market, which, in turn, improves your messaging and campaigns.

9: Easily conduct market segmentation

Segmenting your target market—honing in on smaller groups that share common attributes (such as demographics, geography, lifestyle, product usage, brand affinity, etc.)—might just help support decision making processes and tip the scale in your favor. To gain this competitive advantage, many marketers send online surveys.

A health club owner could segment based on facility or service usage (spa, cardio equipment, daycare, nutrition classes), while a consumer packaged goods company might segment based on lifestyle (health-conscious, low-cal, vegetarian diet). When you do market research, it’s easier to identify different segments and know what they want.

10: Decide which creative assets to use in your next campaign

Would your target audience be more likely to respond to an online banner ad or a billboard on the highway close to their homes? Which email subject line would increase the chances that your target audience clicks through to the product detail page? And do you need to test a new ad format? Market research surveys can help you put these questions to the test and get feedback that points you in the right direction. Over the long run, you’ll be in a position to better prioritize your ad spend and resources.

11: Use it to test branding, positioning, and naming

“Just do it.” “Think different.” Why do some company taglines get all the love? Why do loyal customers refuse to be wooed by lower price tags, and choose to stick by their favorite brands? The most revered brands listen to their target audience, and tailor their marketing strategies accordingly. Test branding and naming concepts to help you understand the attitudes, motivations, and preferences of consumers, especially in relation to your competitors.

If you’re looking to bootstrap your own concept testing program, from developing your logo to perfecting your tagline.

12: Understand consumer sentiment in the market

When it comes to investing, there will always be uncertainty. To help you feel better in deciding where to buy and what to sell, research consumers’ opinions on markets and industries. You can ask about specific businesses and topics if you’re looking for more targeted investment insights. Running investment research surveys on a consistent cadence will help you decide when to make changes to your portfolio.

13: Create fresh, original content

Building stories that reference people’s opinions and preferences benefit your content in all sorts of ways. It helps you uncover new, fresh angles you wouldn’t have discovered on your own. At the same time, it adds a ton of credibility to your claims and attracts coverage in the press.