Market Research

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What is Online Market Research?

In a nutshell, it is the way to help a company or organisation:

- Feel consumers’ pulse and come forward with answers and solutions to their most burning questions and problems effectively and efficiently.

- Determine if a proposed idea, alongside the methods considered to implement that idea, will be accepted in the targeted market.

- Explore how their existing in-place marketing methods and strategies are performing.

 

As you can understand, conducting a market research is key not only if you want to make steady and confident steps in marketing your products or services in the current market but also if you are planning to break into a new market.

It goes without a saying that if you want to be able to know for sure if it is even worth it to market your product or service to a different market, age group, or country, it is paramount to use tools like Online Marketing Research, which will let you know exactly what works.

Why Online Market Research?

For most businesses, traditional marketing research is a time-consuming process that also takes a lot of money and effort; two things most modern businesses usually don’t have enough of.

Online Market Research, on the other hand, is:


 
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Less Time-Demanding

To conduct traditional market research, you need to perform research into your business’ demographics and then find the individuals that fit into that demographic so that they are part of the research panel. All that requires extensive pre-evaluation research and study; It may take months or even longer to conduct them. Given the lack of required time, chances are the studies are poorly conducted, which will result in inaccurate results that can be of no real use to your business.

An online market research program, however, allows you to commission the responsibility of finding research participant's profiles from around the world using the Google Data and targeted Social Media profiles that will help get the job done in a matter of a couple of days.

With tools like Reputation Monitoring, we can now know in real-time which people of a specific age, gender, and location on the planet are interested in a product or service. On top of that, utilising algorithms for Sentiment Analysis allows us to know whether that product or service is missing from the market or if there is no good-quality product or service available yet. All that saves you infinite amounts of effort and time; effort and time you can utilize elsewhere in the business.

 
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More Affordable

Besides the cost involved in conducting pre-research and then choosing the most suitable research participants to conduct traditional market research, you also need to consider the travel fees (also accommodation and food costs) your business will have to pay for your participants to come to the location of the research - selecting local participants will most likely render the research method invalid -  which could add up to a large sum.

Online marketing research requires none of the fees mentioned above. With the help of Google Adwords Data, Google Webmaster Tools Data, Google Analytics Data and other advanced products specifically created to help find more users and boost sales, we can reach safe conclusions about market trends and the interest of users in almost any product or service they may need. Google’s sophisticated technology also enables us to predict whether a product will have the biggest demand in the near future in specific markets or areas, with impressive precision and accuracy.

Last, but not least, with the use of online surveys conducted by reliable organisations, and the research of targeted groups, we can also know for sure if a product can indeed succeed in a market, before it is even created. All that combined make a great recipe for success.

 

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