What's the simplest way to do market research?

Hello, I want to sell certain electronic devices and I just want know the basics steps if I do market research before launching them. Appreciate if someone could share the best practices on how to get started doing market research.

Answer This Question
Expert Answers
Sort by Date Sort by Votes
8

Use Google trends and keyword forecasts. Competitor analysis. Overall site audits and social trends behind business. Easiest way is to use tools like SEMRush, Moz, Profiler, SEO PowerSuite, etc. Most of these tools will tell you what relevant keywords you should be targeting, what your competition is doing and what their search visibility is, as well as the queries that brought people to their sites.

Also, you should define market research. Why do you want to sell this product, who do you want to sell it to, and where do you want to sell it? This is a crucial step. Since there are many different ways of marketing a product, it's difficult to come up with a set plan without knowing the answers. For example, if you are starting an e-commerce website with your products, the marketing would be completely different than if you were whole selling products to retail locations.

5

There is no simplest way in my opinion, just make sure your test has enough validity and reliability.

Least time consuming would probably be an online survey amongst your audience.
A couple of real life in depth interviews are usually more reliable though if my memory serves me right.

5

What you want to do is answer the question,” What does you competition look like?” Look at the products you want to sell and compare them to competitive product. Then use Google, and Google Insights you will be surprised what you find.

5

In addition to the good ideas already included here:

You can find low cost, experienced, professional market researchers on freelance sites like Elance and Upwork (formerly Odesk).

5

First i will check the market of my product that whether people are interested in buying it or not depending upon the popularity of my products theme, then i will do the competitors analysis since i will be the newest member for selling the particular product so i will try to sell that product which are less competitive and can be easily reached to my audience. then i will start promoting my products on different platforms which will give me wider audience, may be i will start the service of affiliate marketing for my product so that i will sell my product at the same time i can get reviews of the different people who bought my products. Apart from that i will also give some offers and freebies to attract my audience which will help me in selling more products.

4

One of simple but effective ways to reach out to the user community and doing networking among the user communities. This give you some basic idea about consumer preference and pulse but effective in many ways.

1

Main components of market research are identification of market for your product and calculation of the size of that market.
Here are 3 steps to identify your market and calculate market size

1- Target Market

Finding a target market, helps in spending marketing and promotion money efficiently on your ideal customers.

A) Focus on the market

Understand the problem that your product solves
Find out, what needs your product or service fulfills [6]
Funnel approach: Use a funnel approach to filter the data according to gender, age group, area, income etc.
Value proposition: Find out what type of customers will value your product. Example- if you manufacture a hiking bag, then hikers will be your target audience.
B) Market Research Data

Survey Data: Do survey via email, newsletter, phone, in person etc. Find the data and analyze it for your product.
Existing Data: Find out if there is any product similar to your product.If there is a similar product then analyze its market and customer segment. Find out the market segment of that product. You can go different coffee shops or bookstores to talk to people and get views of the people for that product. Start visiting review websites and find out negative reviews for the product. Write down the problems which people are going through example- bad customer support, bad service etc.
Here are some of the free review website that you can use it Amazon Customer Reviews, Angie’s List, Which?

Self-Market Research: Meet your family members, friends and colleagues. Tell them about the available product and its features. Ask them to try it or look at it directly or online. Get their feedback. Note down the negative feedback and now tell them about your product and its features and ask for their feedback. Analyze their feedback.
The analysis of data coming from different paths can help you to find out your target customers and increase return on investment.

2- Competitive Analysis

Find out your top competitors and analyze their value propositions. Knowing about your competitor’s value proposition will help you to find opportunities and threats for your product.

You can do the SWOT (Strength, Weakness, Opportunities and Threats) analysis of your product. Having a very different value proposition will make your product stand at the top level with least competition.

You can use some of the tools for advanced analysis, like Michael Porter’s Five Forces Model and PEST analysis.

3- Calculate Market Size

Especially when it comes to decision making, market sizing is a very important factor for your business success. It helps you to find the market trend and required investment for your business

A) Define your target customer: From step 1, you will be able find target market features and who is your target customer. Now create personas of your customized market.

To create a persona, please read my article “ 9 Steps to Make a Simple Marketing Plan”

Case study: (Assuming) We are developing a healthcare software for patients who can get their medical reports via an app. They can upload their diagnostics report or ask a question to doctor through this app. The primary target customers are 66% of U.S population who are using health apps. [12]

B) Calculate number of target customer: Find out the total target customer number, which may have similar profile like the targeted customers.

Case study: By doing a general market research, we found that the target customers are 213 million (66% of U.S population) who are using health apps in USA. [12]

C) Find the penetration rate: “The Penetration Rate in marketing, is a parameter to show the rate of circulation of a product in a specific population.”[9]

Find total number of potential customer(x)= 213 million

Divide total number of potential customer(x) by the total (y) i.e. 323 million total US population [11]= x/y

= 213/323 (Health App users/total population)

=66%

D) Find potential market size (volume and value):

Market volume= penetration rate* # of target customers

=66%* 213 million

=140 million

Market value= Market volume * Average Value

(Assuming average sale of $10 per user per month)

=140*10

=$1.4 billion


You can read my article here www.digitalasif.com

0

The most simple and easiest form is secondary market research. This is numbers, statistics, data, and trends available online. There is tons of information on industries, products, and services online if you know how and where to search it. This is all free, outside of your time to search it.

The most simple form of paid market research is online or email surveys. This is what's called primary research and it is custom questions to an intended audience addressing your objectives. Online research is cost effective and provides the best ROI of any methodology. It's less expensive and quicker than any primary research done for mail surveys or phone surveys.

I encourage you to check out our website and blog. Our blog produces fresh content often on Market Research 101 and tips for users. You can access it here: https://www.driveresearch.com/

Login to Business.com

Social Login
Login with Your Account
Forgot Password?
New to Business.com? Join for Free

Join Business.com

Sign Up with Your Social Account
Create an Account
Sign In

Use of this website constitutes acceptance of the Terms of Use, Community Guidelines, and Privacy Policy.

Reset Your Password

Enter your email address and we'll send you an email with a link to reset your password.

Cancel