Real People. Real Stories. Real Business.
Chris Bell

How to Rule at Product (or Service) Market Research

Businesses have it hard. They can put in so much time, energy, and effort into researching correctly and building up a great business plan that will help them succeed. For a short while, it might even work. The only issue is that society moves fast. New tech comes onto the playing field every day, and businesses need to know which tech to adopt and which is just a gimmick. They need to keep in touch with their demographic, with the trends, and even with the political atmosphere. A business’s success is ingrained in the evolution of society, and to keep up with the times you will need to follow this guide so that every new product and service you offer hits its mark.

Why Does Your Business Need Market Research?

Market research is essential to success. You cannot understand your demographics’ consensus opinions. You are only one person, and chances are you aren’t even within the demographic you are selling to. For example, if you are a company that deals with healthcare or therapy, then you are working from behind the curtain. You need different perspectives to understand how successful your new treatment is, as well as the opinions and feelings your patients experience when they use it.

Only when you have this can you provide the best service as well as understand exactly how to market your company. In many cases, conducting this market research and testing will be mandatory to determine safety.

How to Improve Your Market Research

Market research is important for every industry, from healthcare to retail. If you have not yet had much luck with conducting your own market research, then you need to follow these steps to improve it:

1.    Stay Connected with Your Customers

Social media, feedback systems, review systems, and even Google Analytics can be used to obtain market research on an ongoing basis. If you know what users are saying about your product or service, and how they use it, then you are always in touch. Connect through social media and emails.

2.    Conduct Regular Market Research

The power of the Internet should not stop you from formal market research, however. There is only so much that social media can provide you, after all, and if you have a new product or service that you want to test out before you launch then using traditional tactics is best.

3.    Add More Qualifying Data

Market research doesn’t have to occur after a new treatment is created, either. For instance, you can hire to conduct healthcare research for patients that are afflicted with your specialty to determine what you should focus on. You cannot know what they want until you ask, so use professional services to put together the best studies possible.

4.    How to Use This Information to Your Benefit

Once you have all this information, you can then put it towards marketing. In the case of healthcare, you will need to take a pit stop in being certified and regulated by governing bodies, of course, but the qualitative data you extract from your findings can be just as important later on when it comes to actually marketing your new product and getting it out there.

Ruling at product or service market research is both a requirement and essential to any company’s success. In the healthcare industry, it can be vital, whereas in retail it can help you find the right narrative for your marketing campaign. Either way it cannot be ignored, so commit to it again and again.