Posts Tagged ‘market research’

Day 34: Keeping your market research relevant

July 15, 2011

Market research is only valuable if it is current and relevant to your market and target audience. Even market research that is five to six months old can become quickly out of date fast!

Where do you get market research? There are a number of public and private research companies that can help you find what you need. If you can’t afford to do market research externally, have your company conduct simple and quick online surveys and focus groups to help you get the information you need. There are a number of online survey tools (such as Zoomerang and Survey Monkey that are relatively inexpensive and will result in your having a quick market research study with current data from your customers.

What’s a good length for an online survey? No more than 10-15 questions max. Ideally, you want to capture as much information from your customers as possible while you have their attention, yet in reality, most people will not complete a long survey. Keep it simple and short!

(Excerpt from Chapter 13, What Your Competitors are Doing and What they are Not Doing, Market This!: An Effective 90-Day Marketing Tool)

Day 33: Doing Market Research on Your Competitors

July 7, 2011

In some ways, talking to your customers is the best and easiest way to get information about your competitors. Who better to talk with than a customer who has maybe tried several different products and has an idea of what works and what doesn’t work? Your best customer might be a former customer of your competitor. Also, in most cases, your customers have probably already done some research on companies out there that can help them and may have come across your competitors in the process.

You can tap into your customers’ perspective of their awareness of the marketplace relative to competition. Survey your customers through a variety of marketing efforts. Many companies are using e-newsletters and online marketing campaigns to survey customers on an ongoing basis. Your use of online mini-surveys is your opportunity to find out what makes your product or service special or what other products or services your customers use and like. Surveys are a great way to reach out, get some good quick information!

(Excerpt from Chapter 13, Market This!: An Effective 90-Day Marketing Tool)