Market Research is defined as the process of gathering information regarding a product or service or the type of problems they are facing while using an existing product or service. Market Research helps the business owners as well as the startups to know about the exact needs of the customer. This will further help them to improvise their product or service better in the near future.

Market Research will help you to gather useful insights before starting any online business in a better as well as realistic manner. A startup or a small business will only be successful if it is able to meet the demands and solve the problems of their existing audience as well as the customer base. Market Research will help you to stay ahead of your competition as well as stay updated with your existing market trends.

Steps of doing the market research efficiently

1 Surveys: 

One of the most important fundamentals while doing market research are the surveys that you may need to conduct over a large user base. Surveys may be in the form of google surveys, bing surveys, social media surveys, and various app surveys. You can make use of these forms to collect the customer data and do the product development efficiently in the entire product life cycle. These kinds of market surveys help the customer to stay ahead of the competition as well as to perform in a drastic manner. You can make them as simple questions like who are you, what you do, what kind of problem they are facing now by your existing product/service.

2 Ground Surveys

If you want to enjoy a true entrepreneurial experience then you may need to do some realistic ground surveys or by doing door to door surveys. From these kinds of ground surveys, we can gather a large amount of customer data which is really good for our product/service improvement. 

3 Analyze your old Data

You can very efficiently make use of the old data before creating any product or service. This kind of strategy is very useful when you have a good number of old databases which will serve as a benchmark before creating any new product or service.

4 Focus on groups

While doing market research you may need to focus on those groups which have a large number of people base or subscribers. If possible please try to focus on those groups which have the following base of more than 5 lakhs.

These are some of the key steps which you may need to keep in mind while doing the market research efficiently.

Parameters to be kept in mind while doing efficient research

1 Make use of simpler user personas:

While collecting the customer data by means of google forms try to make the form format simpler as well as ask fewer questions so that the user can answer the questions appropriately as well as efficiently. Make these forms quick and easy to understand for the fellow customer.

2 Do observational research over a large database

When you really have a data set of over large databases then you can make use of an observational research strategy to analyze the customer data in the few touchpoints. This kind of data will help you to make smarter business decisions easily.

3 Analyze the data thoroughly

Make use of the customer insights as well as research surveys and then try to search for patterns in the data. Try to look for some randomness in the overall data and if something really is not random then there is an opportunity.

4 Make the google forms simpler as well as efficient

Finally while doing extensive research try to make the google forms less complicated as possible to collect more customer data while doing the analysis.

I hope this article might have added some value to your life as well as your career. Thanks for reading.