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How to do market research ? In simple way

 Only Buziness

 How to do market research ?

In today's competitive business world if you want to be successful market research is compulsory , identifying  you are  customers  is very important, it makes easy to develop a product by targeting  a specific  customers rather than providing to everyone in the market , it also helps to create marketing strategies, not to mention it significantly helps in boost your sales.  In this blog we will let you known how to do market research efficiently  

why customer segmentation is important ? 

before going to "how" lets dive "why customer segmentation is important" ?

-Helps in understanding the customer needs and preferences 

-Maximize customer satisfaction and loyalty 

-Develop tailored products or services 

-Targeted marketing campaigns 

By this distinct groups you can create a strong connection with the customers, So lets dive into how to do market research 

1. Identify into which market segment you want to sell ? 

Demoographic segmentation :-

                                                         This is based on the age group , gender , income , and education{ if you are in education industry }

Geographic segmentation :- 

                                                      This is based on the customer location like climate , seasons and etc 

Psychographic segmentation :- 

                                                      This is based on the lifestyle, interest , value and attitude 

Behavioral segmentation :- 

                                                    This is based on the purchase habitats, brand loyalty , user behavior 

2. Collect  data of  target customers 

Surveys :- 

                     use online surveys to ask direct questions like demographic , preferences and buying behavior . Tools like google forms ,type forms will help you in this  surveys 

Social media analytics:- 

                                           Platforms like facebook , instagram provide in depth analytics of the different segment 

Website analytics :- 

                                     Tools like google analytics helps you to see from where the traffic is coming, what pages they visit , who they behave on your site 

  Third party reports :-

                                           utilize the information provided by the industry analytics or market research firms like statista that focus on board market trends 

3. Develop customer personas

once you have  analyzed your data, you can create customer persona , which are fictional representation of your ideal customer based on this identify :- 

-Pain point :- 

                           what problem do we need to solve for the customer to create a value for us 

- Value for motivations :-

                                               what drives purchasing decision

4. Use segmentation insight to tailor marketing strategy  

- Targeted advertising :- 

                                                use platforms like facebook ads and google ads to create segmented campaigns 

- personalized email advertising :- 

                                                                send emails to frequent buyers regarding latest  products and etc 

-Content creation :- 

                                         Develop blog posts , videos or social posts which resonate with segment 

 -Product development :-

                                                As  i said earlier based on the market research the product development will be easy 

5. Monitor and just your strategy :- 

   Keeping  tracking your  customers it is very important , if  the customer is getting bored try to focus into another product or else the marketing strategy is not working on the segment try to approach in different manner all this can be done only through observing your customer 

Conclusion :- 

make sure to follow this methods while doing the market research to make your business successful  in long term 
 

                                                                                        Thank you 

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                                                                                    Only Buziness

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