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In today's video our Topic is 'Market Research'. Any type of Marketing's first step is accurate Market Research. It helps in understanding the current Market and then in positioning of our product. Big companies do Market research first and then launch their product after observing all criterias. Therefore in today's tutorial we will cover everything regarding Market research like, what is Market research, why you need to do Market research, & how to do Market research.
The following 5 P's are very important in Market research. They are also called 5 P's of Digital Marketing :
- Product
- Position
- Pricing
- Promotion
- Platform
What is Market research ?
- To study the Market's needs and wanting to map it with your offerings and marketing is termed as Market research in the world of Digital Marketing. This is the first step of Marketing in fact market search happens way before developing the product/service because our aim is to understand the consumers need first & than provide solution to it with our product/service.
Following points are the reasons for why we need to do Market research :
- To understand potential buyers and their pain points
- Identify opportunities (how to outshine other existing products and launch our own products which is much more helpful & affordable to the consumers)
- Monitor competition
- Factor involved in decision making (to look after all the reasons that a consumer thinks of before buying any product/service)
- Risk involved (before launching any new products what are its risk are also seen & reasearched, will the product sustain successfully in the market & every small risk factors are measured)
The basic question which comes to all of our mind is that How to do Market research in appropriate way. Answer to pointwise manner :
- Survey
- Interview
- Observation
Before doing Customer research, one thing which very important is making Customer's Persona. It helps in understanding our customer better. So now we will see that how we can make Customer Persona and what are its prerequisites :
- Demographics - Name, Age, Gender, Educational background
- Goals & Values
- Source of Information
- Challenges and pain points
- Objection and Roles
For example, we want to start Tiffin service and serve tiffins to those working professional who are working outside there living city. So for that we have made one Customer Persona, let us see that :
Name - Rahul
Age - 24
Gender - Male
Education - Graduate
Annual Income - 4,00,000 Rs.
Goals & Values - To eat Healthy food, hygienic & healthy food, he can pay more for better quality food, on time delivery
Source of Information - Facebook & LinkedIn
Challenges and Pain points - Not getting variety in food, food is not hot most of the time, not healthy food, he does not like spicy food
Objection and Roles - How will you deliver healthy and hygienic food?, how much you cost?, he is the decision maker and also influence more in social circle
Now let us see that how we can make survey and get most of the Information of our targeted customers need for betterment of our product/service :
- We will use Google Forms to make our Surveys. For that we just need a Gmail ID, that's all.
- We will name our Google form as 'Tiffin Service Survey' & then further add questions we want to ask
- We will ask basic questions like their Name, Phone number, Age in some first two-three questions.
- After then we will ask some service related questions to understand consumers need in a better way. In our case we'll ask questions like do you live alone, do you eat outside or buy tiffin from anywhere, do you like you are current tiffin service & to answer this all, we'll add multiple choice questions like yes, no, maybe, sometimes etc...
- We will also add a question like 'How much you pay for Tiffin service' and make it compulsory to answer. It is an important question which we are asking & customer answering this question will help us more in understanding the ongoing Tiffin services cost.
- After completing creating survey form, we'll click on Send button and our Google Form is live now.
After receiving all the data from surveying, we will validate it now using Google Trends and Google Search Intellisence.
We will go to Google trends and compare 'Healthy food' & 'Diet food' searches in India in past few(6-8) months. We will see a detailed report on this showing what are the searches ratio, and from which region the searches are made in how much numbers. Also the related queries are shown which can be helpful for us that what other nearby keywords people are searching for. Hence, in this way we can use Google trends for Market research.
Similarly, we will take the help of Google Intellisence ie. we will go to Google & type our keyword without clicking Search button, below we will be shown multiple related searches & thus, it can be very helpful for planning our product. So in this way we can also use Google Intellisence for Market research.
The Marketing Research Process is Divided into Four Steps:
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