Online market research isn’t something which you think of doing when you have spare money from advertisement campaigns. It is a necessity and adds significant edge to your competence in the market. It’s neither possible nor expected to have an accurate scenario in the first go. However, doing this online market research frequently will give you tremendous insight into the market scenario, completion, customer preference and many more.
Knowing your market is really the first step towards building a successful business. However, as obvious as it is to conduct an online market research, it is equally difficult to put together a really effective campaign to have one. However, it doesn’t have to be that way. There are plenty of tools available online, most of them free, which can make your research very effective. So, in this post, we shall discuss some of those techniques to conduct online market research.
1.Set a Budget
Like every planned venture, online market research should have a set budget right from the day one. The overall thing doesn’t really cost too much, but unplanned market research can cause considerable strain in the budget.
2. The Keywords
Find out what are the keywords which customers or prospective customers use to find the products or services which you offer. Many search engines have extensive tools to deliver you just the sort of keyword which are trending.
3. Update the Keywords
You should frequently update the list of the selected keywords because it doesn’t take very long for people to change their online behavior.
4. Optimize for search engines
You should get ample amount of traffic to have a fruitful online market research. Hence, make sure that the keyword list which you had obtained, is used to effectively for search engine optimization. Getting higher organic ranks can be very useful in the long run.
5. Brand yourself
To dominate the market you have to start being recognized by the people. Your business name should never be so common that during your market research you yourself end up being confused about customer behavior.
6. Be prepared for pragmatic changes
Just like you update your keyword list frequently be prepared to change your whole plan frequently too. Your research would give you wrong sort of data if you don’t modulate your plan according to crucial changes in the market
Blogging is one of the most effective ways to interact with your customers. The comments and interactions on the posts will give a you a useful picture of the market you are in. Many people skip blogging as a part of their online market research. You shouldn’t!
8. Use Social media
With so many people out to interact, a little cultivation over time would give you a great feedback. Instead of organizing formal polls and questionnaires, you can get the general views of the customers by a social network post or the amount of activity.
9. Create surveys
With such a wide audience, you can almost easily design surveys and have them take these. Always keep your surveys short and without complicated questions. The key to get lots of data is to have closed surveys, in which people rate in an objective way rather than descriptive. Analysis of this data can give you enormous amount of new information.
10. Analyze sales reports
Purchasing behavior of the customers is a very vital data. Analyzing sales reports (both offline and online) would give an idea on how to modulate your production or help you set the best of the sales offers.
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About Author :
Gobinda Roy is the Founder of Ennovation Consulting and has been involved in online research, Industry research and sales consulting for over 14 years. He is alumnus of India’s premier Institute IIT Kharagpur and has over 12 years of corporate experience. . He has worked with multiple businesses across many verticals, creating and implementing online and marketing research strategies for companies in the US , Australia , UK and across Europe. He is co-founder of Lakshay Foundation and mentor at India’s top Business School CIIE, IIM Ahmadabad. You can Contact Gobinda at : Facebook , LinkedIn
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