How to conduct Market Research on a lean budget
By: Rochelle Rondon
Market research is super important for businesses. It helps them understand their customers better, find new opportunities, and make smart decisions. But the problem is, it can be expensive. Luckily, we live in a digital age where there are affordable ways to do market research, like using an insights community.
An insights community is a group of people who are willing to share their thoughts, opinions, and insights about a specific brand, product, or service. They get rewarded for participating in surveys, focus groups, and other research activities.
Here’s a simple step-by-step guide to doing budget-friendly market research with an insights community:
Figure out your goals: Start by being clear about what you want to achieve with your research. What questions do you need answers to? Defining your research objectives will help you find the right insights community and plan your research activities.
Know your target audience: Identify the specific group of people you want to survey or interview. Consider things like age, interests, and behaviors. By understanding your target audience, you can ask them the right questions that address their needs and preferences.
Find an insights community: Once you know your target audience, it’s time to find an insights community. You can team up with an online market research company that already has a bunch of potential participants. Or, if you prefer, you can recruit your own community using social media, email, or your website.
Start the research activities: Now that you have your insights community, it’s time to get the research going. You can use various methods like online surveys, focus groups, interviews, or online communities. Just make sure your activities are interesting, interactive, and easy for people to understand.
Analyze what you find: After collecting all the data, it’s time to dig into the findings. Look for any patterns, trends, or insights that can answer your research questions. Identify areas where you can improve and make decisions based on the data you have.
Take action: The last step is to actually do something with your research findings. Use them to improve your marketing strategies, enhance your products or services, and give your customers a better experience. And don’t forget to keep your insights community in the loop by sharing what you’ve learned and how their input has made a difference.
To sum it up, using an insights community is a great way to do affordable market research. At MySayToday, we have a platform that can help you with that and more. So sign up today at www.mysaytoday.com/pricing and use our Client XM Lab to make smart decisions and reach your business goals.