The first and foremost rule of business expansion and start-up should be market research. Often there are times when businesses focus on developing new products earlier and then conduct market research on how to relate the product to the audience. This type of approach often yields fewer results and cost more bucks than those businesses that research before entering the market. So, what do you think the appropriate approach should be, conducting market research or developing a product?
In my opinion, the answer should be the prior one. Wondering why? Because it helps businesses in setting realistic expectations and develops a product that is needed by the market. More importantly, it requires less effort to market the product since the product aims to serve the concerns of consumers.
There are so many tools that you use to conduct market research. And, HubSpot Market Hub is one of those tools. It fetches data from the HubSpot CRM, HubSpot Service Hub, and HubSpot Operations Hub, along with social media. This collection and central sharing of data make market research and audience sentiment analysis easy.
If you are wondering what is the quickest way to do research then this article is what you should read. Here you will find a detailed review on the importance of market research, the benefits market research offers to the business and a brief on how you can conduct market research.
What Marketing Research Can Do?
The first thing every business need is to know who their customers will be, what they like, how they communicate, and what problem they are facing. Knowing answers to all of these questions helps businesses, especially start-ups to position their initiative as a solution.
Additionally, it proactively provides answers to the problems that businesses will face in the future, such as what market to enter, how to price the product, deep insights into the target audience’s demographic, and expansion opportunities.
Benefits of Market Research
1. Enhance Communication
What do you think will happen if you know that the people you are about to interact with prefer soft drinks over lemonade and like to use social media then email for customer support. Knowing these things will help you structure your content and marketing strategy that resonates with the audience. Moreover, you won’t have to conduct an experiment to know which communication channel suits you best or what type of content will be best, along with A/B testing.
2. Set Realistic Expectations
In addition to knowing how, when, and where to communicate, the market research yields another benefit, which is it provides a complete overview of the market including the gaps, opportunities, and threats. This helps businesses in setting the right goals, and revenue expectation right from the launch of a business. And, everyone would be prepared to tackle any problem.
3. Provide Knowledge Of Opportunities &Threats
To understand this let take an example of a video game. What will do if you already know where the dungeon is located and how to clear the Boss level, you will ace it, right? Similarly in the case of businesses. Although the market is unpredictable, knowing where and what opportunities to tap and what market or type of content to avoid surely lower down the uncertainty. And, the business nowadays needs exactly that. Since businesses can expand globally, they can leverage the data to expand in a market where they have more opportunities to earn revenue, instead of going blindly.
4. Insights On Existing & New Customers
In addition to market knowledge, it helps the businesses to know what their existing customer is feeling, their expectation, and reviews about the products. It helps in innovating and upgrading the feature of the product. Additionally, it helps in providing a better customer experience and increases loyalty and retention. This way you won’t have to invest much effort in engaging new customers. However, if you decide to expand your business beyond the local boundaries, then it provides deep insight into the new customer which helps marketing and sales specialist to devise effective strategies.
5. Product Testing Before Launch
Lastly, quality assurance. It is the most important thing that a business need to maintains its social standing and promise for quality. And, the best part is, any business can follow this before launching a new feature or a product altogether. It provides insights on what error needs to be mitigated and things to include while upgrading the products.
How To Design Market Research
Well, this is not a difficult thing to do, you just have to define your goal, which should get insights, or facts and figures. Then select the right method include an interview, survey, focus group, and product testing. Along with this, you have to formulate a hypothesis and structure the questionnaire. Once to get the data, you’ll only have to invest efforts in devising reports. To ease this hustle you can use the pre-build template available in HubSpot CRM, and if you can’t find one, then you can ask certified HubSpot partners at Techloyce to integrate and customize applications to match your needs.