5 Principal Ways to Collect Data for Market Research

Market Research is the task of personally interacting with a sample of customers to gather information. Information about their needs and preferences. This can be done through various methods, as long as it creates a bank of credible information. Market Research is an integral part of business planning because it gives companies a chance to test ideas.

Brainstorming is Technical:

Author/Veteran Entrepreneur Lesley Spencer Pyle suggests, “Market research can give businesses a picture of what kinds of new products and services may bring a profit. It can also tell companies whether they’re meeting their customers' needs and expectations. By researching the answers to specific questions, small-business owners can gain strategic insights on service delivery” Here’s a quick summary of the five main ways to collect market research data:

   I.    Observation of Consumer Traffic:

Whether with geographic locations, or online activity, customer movements and behaviors convey a wealth of information. Merely observing customer traffic makes it possible to predict cycles of demand.

  II.    Creation of Subscriber Registries:

Creating rewards and subscription programs enables companies to analyze and cater to loyal customers. The ledger of information provided when joining a subscription program is rich in demographic data.

  III.    Social Media Participation:

Social media presence allows companies to interact with consumers directly. Social media is a fantastic way to gauge sentiment and opinion.

  IV.    Transactional Record-Keeping:

Documenting transactional data is necessary for stable pricing. Valuable metrics include when transactions happen, how many transactions happen within a given period, and the amounts customers are willing to pay for various products.

  V.    Structured Surveys:

Surveys are a traditional yet effective technique for market research. Results from surveys can be translated into raw data for statistical analysis.

Conclusion:

The more intimately you can understand a customer base through market research, the more you’ll be able to provide them with satisfying goods and services. Business decisions are more lucrative when consumer needs are measured and resources are allocated accordingly. This ultimately takes thoughtful research along each stage of a company’s growth cycle. If you like what you just read from our blog, you’ll love the various informative courses, workshops, and events listed on our websites and social media. Whether you’re interested in personal development, health and wellness, bettering your relationships, or the overall improvement of your business, give us a call at 1 (800) 913-0222 to find out how Richard Martinez can help you break past your daily struggles and start soaring in success.