No business can expect to get very far without understanding its market. Conducting thorough and consistent market research should always be among your highest priorities, but how do you know that you’re approaching it the right way? Let’s examine a few key factors to keep in mind.
It’s wise to look inward before you look outward. Prior to seeking out any insights regarding the market itself, build a clear picture of how your business is doing and what goals you have. What does your existing sales data tell you about the ways in which your business is falling short where it could be excelling? What gaps exist in your products range that can be filled by reaching certain consumers? Price checks, retail audits, and in-store photos should also be a core part of this process. When you truly understand your business and how you want it to improve, you’ll have a better sense of what data to set your sights on.
The consumers in your industry are a trove of valuable knowledge that will lead you to growth. Seek out secondary sources of data such as statistics pertaining to consumer behaviour, demand, attitudes and expectations, lifestyle trends, and more. Demographics data is also especially pertinent if you want carry out more precise segmenting and targeting. Primary research, meanwhile, is just as important, from surveys and opinion polls to focus groups, reviews, and more. For a ground-level look at your target consumers’ experiences, mystery shopping data can be particularly illuminating, especially when gathered with mobile tools.
Consumer behaviour and demand — not to mention the internal traits of your business — both affect and are affected by countless industry conditions. These should factor heavily into the market research process. What industry trends, changes in regulation, or channels and methodologies in marketing should you be aware of? How is technology impacting the way products are manufactured, distributed, and sold? As with researching your consumers, this data can be extracted through primary or secondary means. You’ll have the most success if you fully explore your sources and options, opting for the most modernized research tools available!
Field Agent has quickly become one of the most trusted names in market research. Our modernized, multi-channel approach and dedication to the success of your business will always make for top-quality results. Contact us today to get closer to your customers and your goals.