Market research is meant to help businesses understand the reasons customers will have an interest in your product. This helps study their behavior, including culture, personal and societal factors that may influence their actions.
While doing an adequate market research requires a lot of time and effort, you can still find the right answers without spending your budget. Here are four great tips on doing a quick market research without spending any money.
Tip #1: Interview Customers and Potential Prospects
The most cost-efficient way to market research is to take advantage of the value of conversation. Invite customers to lunch or event and ask them what they think about your brand. In a friendly environment, they are most usually going to be willing and forthcoming. Asking the right questions will give insight on what’s working for them and what isn’t. Simple conversations will provide better knowledge that will help make a better company.
Tip #2: Start a Content Strategy Survey
Will customers take the time to answer your questions? Choose the ideal clients to help you get the answers you need.
- Who are your customers? Consider their age, income, occupation, lifestyle, etc.
- What are their interests? Describe their habits related to your product or service. Include their favored suppliers, popular features and how often they buy.
- Why would they buy your product? A tricky question, but important none the less. Consider factors that would interest them to your product.
- What will make them buy from you? Consider market information for sales figures and consumer motivations. Use informational sources that will provide answers.
Tip #3: Run User Testing
Gain information about your site performance from basic analytics of which pages are grabbing the most traffic. From there, you will gain feedback on the elements of your site.
Tip #4: Collect Data
Remember that no business will succeed without the proper knowledge and understanding of their customers, services and products in the general market. Competition can be fierce, and without adequate research, your competitors will have the upper advantage.
What other market research techniques have you tried without spending money? Do you have any other recommendations for useful tools or websites that can help conduct quick results without spending a fortune?