- "Market research is an organized effort to gather information about target markets and customers: know about them, starting with who they are."
Gathering information about your target market to understand their needs, preferences, and behaviors to better tailor your product or service offerings to their needs.
Market research basics: An introduction to the fundamental concepts and techniques involved in market research for online businesses.
Market segmentation: The process of dividing a market into subgroups of consumers who share similar needs and characteristics.
Customer profiling: The process of creating a detailed profile of a typical customer, including demographics, psychographics, and purchasing behavior.
Competitor analysis: An assessment of the strengths, weaknesses, opportunities, and threats (SWOT analysis) of businesses in the same market segment.
Surveys: A research method that involves collecting data from a sample of customers through questionnaires or interviews.
Focus groups: A research method that involves a group discussion facilitated by a moderator to elicit feedback on a product or service.
Data analytics: The process of analyzing data collected through market research to draw insights and inform business decisions.
Brand positioning: The process of establishing a distinct and compelling position for a brand in the minds of target customers.
Customer satisfaction and retention: The measurement and evaluation of the level of satisfaction and loyalty among customers of an online business.
Market trends and forecasting: The analysis of current market trends and predictions of future developments to inform business strategy and planning.
Online consumer behavior: Understanding how consumers behave online, including purchasing patterns, browsing behavior, and preferences for different types of content.
Search engine optimization: Optimizing a website to improve its visibility in search engine results pages.
Social media marketing: Building and engaging with online communities on social media platforms to drive brand awareness and sales.
Email marketing: Using email campaigns to connect with customers, promote products, and boost brand loyalty.
A/B testing: A method of comparing two versions of a webpage or email to determine which is more effective.
Online advertising: Targeting and displaying ads to potential customers based on demographic, behavioral, or contextual data.
E-commerce: The buying and selling of products or services through online channels.
Customer Surveys: A survey that aids in gathering data from potential or current customers regarding their needs, wants and preferences.
Focus Group: Focus groups involve carefully selected participants who are asked questions and are the central focus of discussion. It helps in learning the customers' insights and feedback regarding a product, service or business.
In-Depth Interviews: This research method is used for understanding the psychology, perception and attitude of an individual and is conducted one-on-one.
Secondary research: Obtaining and analyzing information from accessible sources like newspapers, magazines, subscription-based publications, and online databases.
Statistical analysis: Interpreting data that shows patterns and trends, along with performance metrics like customer retention and satisfaction rates, revenue, and market share.
Social Media Analysis: Utilizing various social media platforms to collect data about consumer preferences, interests and behaviours to better understand their audience.
Online analytics: Collecting and analyzing data related to website traffic, user behaviour, conversion rates and SEO performance.
Ethnography: Research is conducted in a natural setting to study and analyze the behaviour, attitudes and culture of people.
A / B testing: This is a process of comparing two versions of a website or marketing material to determine which version performs better.
Usage of a beta release: Beta testing is released a product for limited availability to real users to gather feedback and data on customer experience.
Market forecasting: Analyzing and forecasting market trends and performance to identify potential opportunities in future markets.
Competitor analysis: Evaluating competitors on their product range, marketing, and business model, to measure their strengths and weaknesses.
Mystery Shopping: An undercover shopper visits a store to assess the overall customer service and gather data to evaluate a business's success.
Website/App Usability Testing: Business observes customers as they navigate the website or app interface and gather feedback on its ease of use, functionality and effectiveness.
Online communities and forums: Collaborating with online communities and forums, business can gather feedback, opinions, insights and new ideas for their products and services.
- "It is an important component of business strategy and a major factor in maintaining competitiveness."
- "Market research helps to identify and analyze the needs of the market, the market size, and the competition."
- "Its techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys and analysis of secondary data."
- "Although both involve consumers, Marketing research is concerned specifically about marketing processes, such as advertising effectiveness and salesforce effectiveness, while market research is concerned specifically with markets and distribution."
- "Two explanations given for confusing Market research with Marketing research are the similarity of the terms and also that Market Research is a subset of Marketing Research."
- "Market research...is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making."
- "Qualitative techniques such as focus groups, in-depth interviews, and ethnography."
- "Quantitative techniques such as customer surveys and analysis of secondary data."
- "Market research includes social and opinion research, and is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods."
- "Market research...is the systematic gathering and interpretation of information about individuals or organizations."
- "Market research...to gain insight or support decision making."
- "Market research...to gain insight or support decision making."
- "Further confusion exists because of major companies with expertise and practices in both areas."
- "Market research is concerned specifically with markets and distribution."
- "Marketing research...is concerned specifically about marketing processes, such as advertising effectiveness and salesforce effectiveness."
- "Market research is an important component of business strategy."
- "It is a major factor in maintaining competitiveness."
- "Market research helps to identify and analyze the needs of the market, the market size, and the competition."
- "Further confusion exists because of major companies with expertise and practices in both areas."