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Market Research: 3 ways to completely revamp your business

A complete guide to market research

Are you planning for a startup? But ain’t able to figure out from where to start?
yes, market research is lagging

Or have launched a startup– but it crashed or burned.

Each time you and your team spent months trying to design an amazing new product and user experience but failed?

Do you??

Don’t you think today’s consumers have lot of power, it’s they who decide the future of your product i.e., you can’t force them to buy.

So, have you adapted your marketing strategy to complement the way today’s consumers research, shop, and buy?

If answer to any of the above is “yes” then this article can be a stepping stone for you in your market journey…

In this blog post, you’ll learn how to conduct quick, effective market research without hiring an agency, and my secret about how I did for me..😲😲

It is said if you know your market and target audience, you have succeeded 75% in your marketing…
So, before directly jumping to the market research, let’s first understand what is DIGITAL MARKETING??

You Must know how digital marketing works…. Three steps to success

1. Audience

Now, audience are group of people who like who you are and what you have to offer. They are the ones who will be buying your products and services. For businesses and freelancers, they are your income. For digital marketers audience is the results clients are looking for.

So, the first thing you need to do is understand who your audience is so that you can build it. It involves

  • Market research
  • Branding

2. Platform   

Your platform is your foundation. This is where you sell all your products and services.

It involves

  • Building Website
  • Optimizing your website (SEO)

3. Traffic

You will post content and do advertising so people will end up visiting your platform. You must make sure that they have good experience and they come back to buy more.

It involves 

  • Social Media
  • Email Marketing
  • Advertising
  • Analytics
marketing introduction

So, here is the formula to go from nothing to have an audience that’s going to be base income for you. In order to achieve this, you need to start from the very beginning, i.e., Market Research

What is market research?

Market research is the set of techniques you follow to gather information and better understand your’s target market. Helps you in better product designing, improving user experience, and crafting a market strategy that captivates quality leads and conversion rates.

Why market research?

If you have read my previous article, the very important thing is that– marketing starts before designing products. By understanding your buyers problems, pain points, and desired solutions, you can naturally appeal them for your products and services. You have to dig deep in order to win their loyalty.

Market research provides deep insights into a wide variety of things that impact your bottom line. Here’s why research matters:

  • The most important thing in marketing is to know ‘why’, which only market research gives.
  • What’s trending in the industry and what attracts buyers, and research beats assumptions, so-called best practice.

If you have come this far with me, then I think I am providing something useful to you, so let’s go ahead.

Structuring your market research

Let’s talk about how to know about our market and audience in three simple steps,

It will help you in planning your market research according to your product.

WHO: The first step is finding out who your audience actually is?

          Your target audience is the audience who is interested in buying your products and services.

WHERE: Second step is figuring out where?? I.e.,

                Where do you find your target audience? 

               even if you know who your target audience is, but if you don’t know where they are,
then how you will reach them with your marketing?

WHY: And then finally, the third step is understanding why.

i.e., asking the question, why should people buy?  What you have to sell? 
And not from your competitors instead.

         To properly understand your audience you need to understand what they want.

         You also need to know what your competitors are offering so that you can offer something that is better.  

         So, if you are ready, let’s dive into the first step i.e., finding your targeted audience.

1. Your Targeted Audience : WHO

Now, in order to understand about your targeted audience and how important it is.

Let me tell you how most people do their marketing.

Let’s take an example, that you have a gym membership to sell.

So, what most people do in this situation is, they will market to everyone because they think the more people they market to, the better result they’re going to have.

They put their “time, money and their energy” in marketing everywhere.

Now, problem is that not everyone you market is interested in your product or service.

In this example let’s say only 2 people out of five are interested in buying that gym membership. So that means only 2 out of 5 people are being properly marketed to.

You’re wasting your time, money, and energy here. And that is the biggest problem the people do in marketing.

So what you need to do instead is finding more people who do gym and workout.

You need to look at your gym members and understand their “demographics” i.e., 

you have to understand what is the gender that is most interested in your product and service? their age span? What are their family statuses? What are their income statuses?

When you understand this, you can understand who your audience actually is. So with this information, you can create something known as buyer persona. 

Now a buyer persona is your ideal customer who is going to buy all your products and services.

so, instead of hitting 2 out of 5 people, like most people do. You can hit 5 out of 5 people because you have your audience. And having the buyers persona is one of the biggest secrets to effective marketing.

Buyers Persona

You now know the importance of having your buyer persona, with this, you better understand how to speak your potential customer and how to market your potential customer and how to create ads according to your potential customer.

The buyer persona is the fictional persona that resembles to your potential customer. So the only way to create your buyer persona is “to put yourself into your customer,s shoes”, what are they thinking? what are their interest? what are their behaviors? etc.

So, let’s dive more into how to create your buyer persona

Steps to create buyer’s persona

  • Do Customer research  Understand your customer, Where do they live, what age do they have, their gender, etc.

Now, how will you get this information, let me tell you three ways:

If you have google analytics connected to your website you can get to know about your customer’s age and about their gender, just note that down.

You can get insights about age, gender, and their country of the people that are following your page, from your Facebook connected page.

you can get insights about people’s age, gender, and the top countries from the people who are watching from your youtube channel.

Also collect major information from your Instagram if you have business account.

  • Identify customer’s pain points Do research around your product and service at Reddit and quora. And know the data and pain points of your customers.

You can google about what pain points people have when it comes to your products and services

study reviews about what people are saying about products and services at Amazon, etc.

  • Pin down your customer’s goals Identify what your customer wants to achieve and how you can help them in achieving their goals.
  • Determine how you can help Now identify how you can help them, you can help them either by products or by your services.
  • Create your buyer’s persona Now it’s time to create your buyer’s persona, you have to be creative in creating your buyer persona.

           I’ll repeat again “ put yourself into your customer’s shoes”

2. Your targeted platform: WHERE

What you think of right now? What your target platforms can be?

It might be all the social platforms…..right???

all platforms

But, don’t waste time fishing in a lake that doesn’t have fish, for you it is the very same thing.

You need to understand where fishes are.

In other words, which are the platforms your audience is actually using?

Once you know this, you know exactly where to spend your time and money

And once you know this, you have taken your marketing next level. 

top platforms

Now you know exactly where to spend your time and money.

Let’s discuss how to capture your targeted platform

  • Point biggest niched competitors First niche down yourself specifically and then find your biggest competitor in your niche. You can search on google
  • Find platforms used by your competitors  You can use to know which social platforms your competitors are using to target the audience.
  • You decide yours Decide on the most popular platform that you want to use. From competitors analysis, choose which platform to focus on more.

Let’s look at the final and important step of market research…

3. Find your target competitors : WHY

Why audience buy from you instead of your competitor???

To be successful in marketing, you need to give reason to your audience to buy from you instead of your competitors this means finding out who your target competitors are and then model success.

Look what your competitors are doing and then try being better than them.

You need to understand who your direct competitors are in order to be successful.

So, let’s discover how to find our target competitors….

  • Find your biggest direct competitors You need to google about your competitors, go through their websites very carefully and make sure that you are selling the same product/services as possible.

          Now, when you have the list of your direct competitors let’s go-ahead

  • Analyze everything they are doing This means going to their website, looking at how are they communicating with their audience? What language are they using? Which type of content are they using? What products are they selling? How are they writing their product description? 

           In short, analyze how they are successful at what they’re doing.

  • Improve what they are doing Now its time to improve yourself or
    you can copy your competitor and improve what they are doing so that people choose you not your competitor.

Hey! one important thing, if you want to learn about automation in security and all you can visit here.

So yaa that’s all, these are my secrets of market research. Have you done your market research? Comment below and tell me how it went– what you learned, what changes you made, and how your users responded. Comment and tell me how It was so that next time I can come with more to you.

Should I make my next blog about detailed buyer’s persona?
Hit me in the comment section…

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