How Small businesses can leverage Online marketing research?

online-market-research

There’s no better way to know about your customer landscape than to do an online marketing research. In the days, when online marketing was just starting out, people were amazed with the power of search engines, and started focusing on optimizing their marketing strategies for search engines. SEO and back linking are important, but not as important as they were in the early days. The advent of social media has made interactions with the customers extremely relevant. That being said, an online survey or any sort of online marketing research can lend you crucial insight on to what people exactly want from your business. For small businesses and startups, it is even more important, because of an increased need of adaption to the market.

Information about the current Marketing trends
Keeping up with the marketing trends is crucial, and online marketing research is an effective tool for it. The advantage of an online marketing research like an online survey or poll is that you can take the views of a wide cross-section of people, and then modulate your marketing and targeting strategies based on these views. Periodic online marketing research is important, because market is a fluid place. Customers change tastes based on their ever changing needs. Online marketing research thus gives you a window to look for market changes which impact your business.
Online marketing research also helps you understand your role in the market. What do customers need from you? What the customers aren’t getting in the market and questions like these can be answered by online marketing research.

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Market research gives you business intelligence
Test for New ideas and products
Small businesses and especially startups are always beaming with new ideas for products or services. While it is necessary to innovate and invent for making steady progress, investment in wrong ideas can be devastating. Even though you have an experienced panel of entrepreneurs in your company, getting the view of the customer on new ideas is the final say on the efficacy of the product. With online marketing research you can learn whether your proposed product has a place in the market, whether there would be ample profit from the product. These metrics would be crucial inputs to your final decision about a new idea or strategy.
Build Customer base
Online marketing research can be designed to be very interactive. Asking questions pertaining to manufacturing processes, or any such important aspect of your business would give an idea to your customers that they have a considerable say in your strategies. While this might not look to be of much impact in short term, in the long run it helps one build a loyal customer base.
Gauging the competition
Online marketing research surveys can also be tuned to give insight into how your competitors are doing in the market. More importantly, it answers why people might prefer their product over yours. It goes without saying how beneficial this information would be.

Online marketing research is a valuable tool. Now as to the question, whether you should attempt doing research on your own or outsource– It’s better to hand it over to experts. It might cost a little, but would be compensated with the profits online marketing research. Leverage online marketing research for your profit before you are left behind in the race.

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.

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