How to do Market Research: A 6-Step Guide for you to do today

This is an image of Three shopping trollies for an article entitled How to do market research A 6-step guide by Octopus Competitive Intelligence. We isolate your problems, reduce risk and uncertainty and deliver intelligence-led answers and innovative solutions. Dedicated to help you win. This is a picture of a european market street for a post called the Market Intelligence Question by Octopus is a Competitive Intelligence Competitor Analysis & Strategy consulting firm focused on creating certainty, insight, competitive advantage & significant growth. Competitive analysis of your market. Finding Your Competitive Advantage is determined by answering these three questions. What Are The Three Types Of Competitive Intelligence? What are three reasons that marketing research is so important? What is the market analysis rule of three? What are three possible benefits of a competitor analysis?

What if you knew your customer’s needs even before they did themselves? What would that do for your business reputation for having products or services people wanted? You would quickly become a key player in your industry sector. And customers would know that you could quickly and easily solve their problems. We don’t often write at an online tactical level, but in this article entitled How to do market Research: A 6-step Guide. We will offer our thoughts on knowing what your customers want before they know themselves. 

1. What do your customers want?

So, what do your customers want? Well, this is a significant question. And with all their choices, it’s getting harder to answer it. You can look at all the data in the world, but there appears to be no pattern as to why certain products sell well and others don’t. Customers used to rely on salespeople to advise them on the best product or service. In many cases, the salesperson is now called Amazon, Google, Bing, eBay, YouTube, social media and review sites. However, these sites are not just shops for your product or a place to show how great your company is. They are also valuable tools to conduct market research. Most of these tools available are free. 

Identifying your ideal customer is one of the most important things you can do. And it is not just about gender, age and general interests. It’s about getting to know them inside and out. You should be able to answer questions like:

  • What do they struggle with?
  • Their goals and aspirations?
  • What truly makes them happy?
  • And what causes them frustration?
  • How do they feel about specific topics?

Google Trends tracks your popular keywords and suggests other popular search terms. Although it is not a widely used tool, if you use it, you’ll gain valuable insights that your competitors don’t know about. 

3. Keyword planner

You will need to set up a Google Ads free account. You don’t need to advertise with them, but an account allows you to use their keyword planner tool for free. Enter a keyword and receive the number of searches for the keyword and a list of other keywords that people are searching. 

4. Facebook Insights

Facebook Insights is a resource that helps people find out what works. Sign up for a Facebook Business page, and you will be able to see what kind of service, products, and content is attractive to your target market. To use Facebook insights by posting different content on your business page and then see which posts get the most likes, shares, and comments. Then, you can see the type of content that attracts your potential market. So, you can then start to create more similar content to promote your products and services around. 

5. Twitter

Twitter allows you to see which Tweets get the best engagement. Again, use this tool to test your content and headlines that get the most response from your audience. Twitter has a tool called Audiences that allows you to see what interests your followers. Twitter Audiences has more detailed datasets, and you can get a better and more in-depth understanding of your potential customers.

6. Google Alerts

Google Alerts and Talkwalker monitor what’s happening with your customers in real-time. Place a keyword to track into the search bar; then, you will get an email from Google when this keyword is seen online. We use this (and others) to track our company name, “Octopus Intelligence”, but we get many daily hits. 99.9% telling us how smart octopuses are. So, like everything, it’s not perfect and will need occasional refining.

Summary

Combining all six will enable you to develop a clear and compelling picture of your customer’s wants, needs, and behaviours. And the better you understand them, the better you can create value. Providing services and solutions to their problems. In this article entitled How to do Market Research: A 6-step Guide, we discussed our thoughts on knowing what your customers want before they even know themselves—using tactical tools from Google, Twitter and Facebook. However, this is just the tip of the iceberg regarding Market Research and Competitive Intelligence and associated drivers.

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