In case you missed it, I have been a busy little bee, spending time researching a variety of important topics to present you with valuable information. We have already had a look into discipline, motivation, and building a brand. But, before you can successfully build a brand, it’s important to conduct some market research.
In Part One, I discussed why it is important to do Market Research when building a brand. From there, I shared how you define your target audience by identifying their needs and pain point. I also took a look into IF a business can be successful without doing Market Research. I have attached Part One here with the link if you want to have a lookie.
Now that we have a solid foundation and understanding of the importance of Market Research, let’s dive head first into some more topics that will help you to successfully define your audience to build your brand into a prosperous future.
LET US TAKE A DEEPER LOOK INTO THE DIFFERENCE BETWEEN PRIMARY & SECONDARY RESEARCH
Primary research is the process of gathering original data directly from the source, while secondary research involves gathering existing data from sources such as industry reports and online articles.
- Surveys: Surveys can be administered online, by phone, or in person and can be used to gather information on a wide range of topics, including consumer attitudes, opinions, and behaviors.
- Interviews: Interviews can be conducted in person, by phone, or online, and can be used to gather in-depth information from a specific individual or group.
- Focus Groups: Focus groups involve bringing together a small group of people to discuss a specific product or service. This can provide in-depth insights into consumer thoughts, attitudes, and behaviors.
- Observational Research: This type of research involves observing people in their natural setting, without interfering with their actions.
- Field Trials: Field trials involve testing a product or service with a small group of consumers in a real-world setting.
- Online Research: This type of research involves using the internet to gather information on a wide range of topics, including consumer attitudes, opinions, and behaviors. This can include researching online communities, forums, and social media.
- Industry Reports: Industry reports provide information on the size, growth, and trends of a specific industry.
- Company Reports: Company reports provide information on the financial performance and strategy of a specific company.
- Government Reports: Government reports provide information on a wide range of topics, including consumer attitudes, opinions, and behaviors.
- News articles: News articles can provide information on current events and emerging trends that may impact your business.
Both primary and secondary research have their own advantages and disadvantages. Primary research is usually more expensive and time-consuming than secondary research, but it allows you to gather original data that is specific to your needs. Secondary research is less expensive and time-consuming than primary research, but it may not be as specific or up-to-date as primary research. A combination of both primary and secondary research can be a cost-effective and efficient way to gather the information needed for your research project.
HOW DO YOU ANALYZE & INTERPRET YOUR MARKET RESEARCH DATA?
There are several methods for analyzing and interpreting market research data, including:
- Descriptive statistics: This method involves using quantitative techniques to summarize and describe the data, such as calculating means, medians, and standard deviations.
- Inferential statistics: This method involves using quantitative techniques to make inferences about a larger population based on a sample of data. This can include techniques such as hypothesis testing and regression analysis.
- Qualitative data analysis: This method involves analyzing data such as open-ended survey responses and interview transcripts. This can include techniques such as content analysis and thematic analysis.
- Visualization: This method involves creating visual representations of the data, such as charts, graphs, and maps. This can make it easier to identify patterns and trends in the data.
- Triangulation: This method involves using multiple sources of data and multiple methods of analysis to increase the validity and reliability of the research findings.
- Data cleaning: This method involves removing outliers, errors, or inconsistencies from the data set.
Once the data has been analyzed, it is important to interpret the results and draw conclusions based on the findings. This can include identifying patterns and trends, and using them to make informed decisions about your marketing strategy, product development, and overall business decisions. It’s also important to consider any limitations and biases of the research methodologies and data collection when interpreting the results.
WHAT ONLINE TOOLS ARE THERE TO HELP YOU DO YOUR MARKET RESEARCH?
There are many online tools and software that can help with market research, some popular ones include:
- Google Analytics: This tool allows you to track and analyze website traffic, user behavior, and conversion rates.
- SurveyMonkey: This tool allows you to create and administer surveys online, and it also provides data analysis and reporting features.
- Qualtrics: This tool allows you to create and administer surveys and also includes features for data analysis and reporting, as well as the ability to conduct advanced research like MaxDiff, Conjoint and more.
- SEMrush: This tool allows you to track and analyze your website’s search engine performance, as well as your competitors’ performance.
- Ahrefs: This tool allows you to track and analyze your website’s backlink profile, as well as your competitors’ backlink profile.
- Hootsuite Insights: This tool allows you to track and analyze social media performance, including mentions, sentiment, and engagement.
- Klue: This tool allows you to track and analyze your competitors’ products and pricing strategy.
- SimilarWeb: This tool allows you to track and analyze your website’s and your competitors’ traffic, engagement and user behavior.
- Keyword Tool: This tool allows you to research and find relevant keywords for your industry or niche.
- Google Trends: This tool allows you to track and analyze search volume, trends and interest on a specific topic or keyword over time.
These are just a few examples of the many online tools available to assist with market research. It’s important to choose the right tools for your specific research needs and budget, and to consider how the data generated by these tools can be integrated with your other research data.
HOW CAN I CONDUCT A SURVEY ON A FACEBOOK GROUP TO MY ADVANTAGE?
Conducting a survey in a Facebook group can be a great way to gather valuable insights from a specific audience. Here are some tips for conducting a survey in a Facebook group:
- Define your research objectives: Before creating your survey, be clear about what you want to learn from the group members. This will help you design questions that are relevant and focused.
- Get permission: Before posting your survey in the Facebook group, make sure to get permission from the group’s administrator.
- Make it easy to participate: Keep your survey short and to the point, and make sure it’s easy for group members to complete. You can use a survey tool like SurveyMonkey to create your survey and share a link to it in the group.
- Encourage participation: Encourage group members to participate in the survey by making it clear how their input will be used and how it will benefit the group. You can also offer incentives for completing the survey, such as a discount or a chance to win a prize.
- Track the responses: Use a survey tool to track responses in real-time, this will allow you to see the progress of the survey and make any necessary adjustments.
- Share the results: Once the survey is completed, share the results with the group members and give them a summary of what you learned. This will show your group members that their feedback is valued and that you are taking action based on it.
- Follow up: After the survey, use the information to make changes in your group or take action based on the results. Follow up with your group members to let them know what actions you took based on their feedback.
- Be respectful: Remember that group members are giving you their valuable time, be respectful of their time and be mindful of the frequency of your surveys.
Conducting a survey in a Facebook group can be a cost-effective and efficient way to gather valuable insights from a specific audience. By following these tips, you’ll be able to design and conduct a survey that effectively captures the opinions and feedback of your target audience.
Did you find value in this series? I would love to hear your comments and feedback. What topics would you like me to research and present to you? Pop your comments below and I will respond to you.
Article written by:
Lauren van Rooyen
Founder and CEO of MomBoss Market Space
This blog is for informational purposes only and the views expressed on this blog are solely those of the author. The information presented on this blog is not intended to be a substitute for professional medical or mental health advice, diagnosis, or treatment. Always seek the advice of qualified healthcare or mental health professionals with any questions you may have regarding a medical or mental health condition. The author of this blog is not responsible for any errors or omissions in the information presented on this blog or for any actions taken based on the information provided.