Bonus: A Free Guide For Conducting Market Research

What is market research and why do I need it

Market research is a general term that refers to the process of collecting and analyzing data about consumers, competitors, market demand, prices, etc. It’s used for many different purposes including marketing strategy planning, product development or improvement etc. You can conduct your own market research by keeping a few things in mind:

• What are you trying to find out?
• What kind of information is available?
• Where do you get the data from and how reliable it is.

Once you have collected your research, make sure to provide proper analysis in order to draw valid conclusions about market conditions and company performance etc.

Although conducting market research is very beneficial for companies especially when they are new or want to expand their business into a new market, there are a few issues that can arise.

Firstly, it is important to be honest when conducting research and avoid leading the respondent towards giving you desired answers.

Secondly, make sure your data collection techniques do not bias results by asking questions in different ways etc.

Why should I conduct my own research using market research tools

A lot of research can be conducted for very little money especially through the usage of online tools.

Most web-based companies will charge a monthly or annual fee which may present an issue in terms of cash flow and budgeting if you are only conducting one project etc.

Although it is important to consider all options when purchasing market research data, if you are on a tight budget and only need the information once or twice it may be beneficial to conduct your own research.

There is no point in paying for market research studies that present an overwhelming amount of information that would take ages to go through etc.

If you have very little money but still want quality results our list of 25 free tools for conducting market research will help you to get started, the services below are reputable and trustworthy etc.

Tools for conducting market research, including free and paid options

As we mentioned above, there are many tools to conduct market research, some of which are free or have a free option. To help you out we have put together this list that will guide you through the best options available on the market today. Click here to see our list.

How to conduct your own market research

The tools below are mostly used by businesses that want to get ahead of the competition, but what you will find is that most of these services provide a free option. That means if you conduct your own market research or simply need something done quickly then using one of these tools may be exactly what you are looking for. Here are a few steps to follow:

• Find out what your target market is looking for – this is where tools like Google Keyword Planner and SEMrush come in handy. Find out how much they are willing to pay – again, a tool such as Priceonomics will help you find this information quickly.
• Conduct interviews and surveys to find out what they’re interested in – UserTesting and Survey Monkey are two great tools for this. Find out what your audience thinks of your brand – Forrester is a fantastic tool to use in order to get the opinions of users about your product or service.
• Consider the competition and how you can stand out from them – Google Trends will help you to understand how your competitors are standing out.
• Compile all of that into a report with recommendations, statistics, and analysis on how to proceed – The biggest problem with this is that you need to spend a lot of time creating the report. Luckily, there are two products that allow you to create one automatically for your business – Qzzr and Balsamiq both help by allowing you to create professional-looking reports in minutes instead of hours or days!
• Present the findings at a meeting or conference to get feedback from colleagues and potential investors/clients – This is a great way to get feedback from people in your industry who might be able to give you insights or suggestions. You can also use it as an opportunity to pitch the product and receive input on whether this would even work for them, which could help with future research – A presentation will allow you to go into detail about why certain market research was conducted and the results received. This could be very helpful when forming a business plan or future product design to get input from your peers in the industry who might see things that you missed!

Tips for getting started with your own market research

• Create a timeline and stick to it –  Setting goals for yourself can help keep you on track. For example, coming up with three different ideas in the first week is much more manageable than thinking often in one go. Once they’re all written down, brainstorming them will be easier as well.
• Use your network – If you’re just starting out, don’t be afraid to reach out to your friends and family! They’ll probably enjoy the opportunity to help you with something like this. Be open about what it is that you want them for (i.e., giving their opinions on market research ideas), make sure they know how important their input will be to you, and thank them effusively later.
• Analyzing your competition –  Getting an idea of what the market is like right now will be a great way to get started on your research project! If there have been other studies done in this area before, read through them – they’re sure to include some useful information that can benefit your research.
• Share your plans –  It’s hard to complete a market research project without the support and help of those around you, so make sure to let them know what it is that you need from them! When explaining your task (and why they should take part in it) be as clear and precise as possible; saying something like ‘could you just spend a few minutes filling out this questionnaire?’ is much more effective than ‘can I have your help please?!’.
• Make yourself heard –  This isn’t the time to be modest! It’s important that those around you know what it is that you’re doing and why, so don’t hold back when explaining. If you’re doing it yourself, don’t be afraid to tell people that you need their help; if you ask politely and explain the benefits of providing information they’ll most likely agree. If someone else is asking them for feedback then make sure to provide any useful information or insight that might come your way – after all, business should always be a two-way street.

The best thing to do before you start approaching people is to think about what it is that your market research project entails and then plan a strategy for how you’re going to go about conducting it. You’ll need to take into account the things we mentioned in this blog post such as: whether or not there are any legal issues involved, how much time you have, the cost of your project and what kind of information it is that you’re looking for.

Final thoughts

In conclusion, conducting your own market research is a great way to determine what customers are looking for. You can also use this information to help you create products that will sell better in the future. We hope our guide has helped you understand how important it is to conduct your own market research before jumping into an online store with no prior knowledge of what people want! If there’s anything else we can do for you, let us know and we’ll be happy to provide assistance.