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Developing a marketing strategy that complements the way customers research, shop, and buy can be critical. A robust Market Research survey software makes it possible. We have put together a collection of great Market Research articles that can help you ideate, manage, and analyze your Market Research strategies.
With Coronavirus outbreak, there’s a paradigm shift in the way of working while social isolation being practiced on a global scale. Here we discuss how market research can help you uncover insights to gear up for the frenetic phase once social distancing ends.
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Read this case study to understand how Voxco Online empowered Frost & Sullivan to streamline their research projects.
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Market research is a process of gathering, interpreting, and analyzing information about customers, competitors, as well as the target market & industry. In other words, it helps businesses collect data about buyers personas to determine the viability and success of their products and services.
50% of shoppers prefer to conduct research online for at least half of their purchases.
64% of online shoppers prefer to read online reviews before making product decisions.
By effectively gauging the pulse of the market, market research plays a pivotal role in mapping out your customers‘ needs, optimizing brand strategy, thereby minimizing risks and chances of failure.
To collect actionable insights, market research has been categorized into two types – Primary research and Secondary research.
Primary research provides first-hand information about your market and the customers you’re targeting. It plays a crucial role in establishing the buyer personas and can be conducted via:
Secondary research comprises of the information that has already been collected, organized and published for use. It includes trend reports, market statistics, and industry data by government agencies and trade associations to draw conclusions from.
To understand who your customers are and what they expect from your a company like yours, market research can be conducted by following these 4 steps:
Before diving into how customers make purchase decisions, you need to identify who they are. Here are the characteristics you should include in your buyer personas:
Playing an essential role in market research, Competitor research helps you uncover the market trends. It lets you examine who your competitors are, what products/services they’re offering, and at what price.
Get in touch with your existing customers to understand their experience with your product/service, how is it helping them and what they’d further expect from you. To dig deeper into their concerns, you can conduct individual interviews of your target audience.
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