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Friday 9 May 2014

RTA Business’ Top Five Tips For Effective Market Research

Market research is the lynchpin any successful business is based on, but it’s hard to know where to start when crafting an effective market research strategy. That’s why this week, RTABusiness Consultants thought we’d list for you these top five tips for effective market research.

You need to know your customer if you ever hope to sell your business. Not only is it the best way to actually make money (and show a buyer that your business will bump up their bottom line), but it also shows your buyer who they can target once they buy your business.

A buyer will want to know who your target consumer is, there’s no two ways about it. If you can’t show them that, they will walk away. So what do you need to know to cobble together an effective market research strategy?


A Few Tips from RTA Business

1) Be Broad: Use every avenue available to you – the more information you get, the clearer the picture of your target consumer will be. Use social media sites liberally to gather market data, as they have the capability to reach millions of people with minimal cost.

2) Open Ended Questions: Whenever you question potential consumers, do so by using open ended questions. This allows them to provide the accurate information you need to correctly identify your target market. Close ended questions often lead to gaps in information.

3) Embrace Convenience: Consumers tend to avoid answering market research surveys simply because they see it as a waste of their time, so make it convenient for them. An increasingly popular tactic is to approach consumers by smartphone, as in the modern world, smartphones are practically glued to people’s hands.

4) Political Correctness. Market research efforts have a nasty habit of offending people if questions are framed with language deemed unacceptable. This damages your overall brand. Always be conscientious of how consumers may react to market research methods.

5) Persistence Pays: Again, you’re probably not going to entice a consumer to contribute to your market research efforts on the first try, but you might on the second. Be persistent and they’ll contribute just to get rid of you!

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