Every business will not succeed and the truth is more businesses fail than succeed. Before starting business, remember one thing that the success and failure of a business depends on their planning. That’s why people say that planning and market research are necessary for new businesses to reduce the chances of failure, without market research it’s impossible to understand the users. If you cannot research everything, so focus on the information that will give you the best result.
There are two main types of market research that conduct your business.
- Primary Research
Any type of research that are collected by yourself, in this research meaningful data is more valuable than gold. Because businesses need highly accurate data to make decisions and this is the reason, why the organizations are very proactive about their data. Primary researches are used for the purpose of solving specific problems. Here are some methods that used for the collection of data.
Through interviews, it’s the most popular research method from ages.
Online survey, Using Email or web for conducting survey
Observation, The researcher make notes for observation, after the reaction of subject.
- Secondary Research
It’s also known as desk research, the method of research that involves using already existing data. In Secondary research the researcher does not need to move from one place to another, they use internet, organization reports and libraries to access the data. It can be complete in limited time because the data already exists and does not need to invest time. Secondary research is used for the purpose of collecting research materials that may not solve the problem.
It describes your customers who they are, what challenges they are facing, their days are like, how they make decisions. Buyer persona, help businesses to understand their customers and to know from buyer that how can they make their jobs better.
You have to create a discussion guide, set a clear goal and ask questions from customers that will boost the business into next level. Questions must have this type
- What made you to choose us?
- Where did you hear about us?
- What problem does our service or product solve for you?
- What you like the most in our product or service?
If you want to learn more about How to Carry out Market Research. Check out Internet Business School’s Market Research Course