Market research is a very important step organizations should take before committing to any new major business strategy. Market research is also an invaluable step for new organizations, so they can better understand their market, and most importantly, if their business offer will generate any demand from the market in which they’ll operate. Market research is the first step when developing a marketing strategy or plan, and it can be accomplished by primary market research, secondary market research, or both.
Primary market research allows organizations to uncover valuable information to guide them in the development of significant business strategies, such as new product development or launch, new market penetration, consumer behavioral change, market needs, and more.
When conducting primary market research, we use both qualitative and quantitative survey methods, including:
Get a deeper understanding of your target audience
Knowing your target audience is critical for coming up with new product ideas, developing a winning marketing strategy and creating copy that converts.
Ecommerce personas also help ensure that you are speaking directly to the customer’s needs and satisfy all of their expectations.
Keep in mind that while knowing the demographics of your target market is important, it’s not enough in and of itself.
In addition to knowing who your target customers are, you should also understand what they think, feel and value.
Online market research, especially qualitative research, can help you delve into the internal motivators that prompt a purchase.
Learn customer behaviors
Understanding how your target customers shop online can help you improve the usability of your website and provide a better customer experience. Every point of friction in the buyer’s journey reduces customer satisfaction and increases the likelihood of cart abandonment, lost up-sale or missed retention opportunity.
Online market research can help you identify those points of friction and common deal-breakers. Then, use this know-how to simplify navigation, facilitate product discovery and improve conversion rates.
Find new business opportunities
Lots of ecommerce business opportunities are out there that can make your company more successful:
New product development
Or new business models
Doing online business research and looking at the market data can help you uncover those opportunities that lie hidden in plain sight.
Conduct keyword research:
- Generate keyword ideas
- Analyze Google’s top ten search results
- Assess how hard it will be to rank on Google for that keyword
- Analyze topical relevance
- Reverse-engineer the topics that are driving traffic to your competitors’ websites
We can learn a lot about a market by analyzing the competition and figure out who your main competitors are, scrutinize them and look into their:
- Business model
- Sales funnel
Here are the two questions that can help with online product research:
- Is the interest in this product declining, stable or growing?
- Is the interest in this product seasonal or does it remain the same all year?
Social media is a treasure trove of consumer insights. It’s the place where people broadcast their complaints, wishes, preferences and aspirations. To avoid getting too deep down the internet rabbit hole, we keep your online business research focused on:
- Following influencers in your industry
- Monitoring relevant hashtags
- Analyzing competitor sentiment