📣 5 steps to market research, applicable to all business groups.

📣 5 steps to market research, applicable to all business groups.

when the business owner Want to drive deeper marketing strategies creating a business plan It is a ladder that leads to success. which components of an effective business plan It depends on a lot of things, and here are 5 steps to develop your marketing strategy to achieve your goals and grow your business.

What is market research?

Market research is a way to answer various questions about the state of the industry. But acquiring customer insights that we can trust is not an easy task. So market researchers can take several weeks. or months of storage and explore data to get the most accurate information

Market research is the process of investigating buyers. What are the products these buyers want? and where they usually buy their products and where is the service which participation and collecting data with the right people enabling businesses to use this research to position yourself in the market and predict which markets will go well in the future

To give you more market research insights. You must consider that you will use qualitative research. or quantitative which depends on the study you undertake. and what you are trying to learn about your business Qualitative research is about public opinion. and market surveys how consumers feel about the products available in that market; quantitative research involves data. and finding relevant trends This information will be collected from the public as well.

📌 Primary Research What is secondary research and how are they different?

Market research is divided into two types: primary research and secondary research.

1. Primary Research

Preliminary research is the study of direct business customers. The research methods used were Focus group interviews, open-ended conversations, and specific questionnaires. specific This type of research is very good for building a group of people who buy a company's products/services (Persona) or targeting customers.

2. Secondary research

Secondary research or stage 2 is the collection of survey data. Questionnaires and other marketing that have not been analyzed by themselves This information may include various statistical records such as trend reports or articles related to business, market statistics, etc. It can be found online such as the Federation of Thai Industries, the Thai Chamber of Commerce, the Office of Foreign Business Analysis. or a large marketing agency I often do market analysis reports of various business industries. continually Most of them are annual including our business feedback information such as website visits company social media can be used as well

📌 5 steps of market research, applicable to all business groups

The first question business entrepreneurs should ask themselves is who our customers are. Who do we sell to? Because it will be important that we can recognize the needs of that target audience. and can respond to those needs immediately This is the basis for determining the marketing mix such as Product, Price, Place, Promotion for the business.

1. Identifying the target audience

This can be done by defining the “Customer Segment”, most of which are defined by gender, age, income, occupation, education, place of residence, which is defined as a large group and bring that Customer Segment to be broken down again to make it more clear. By choosing from the interests or behavior of the target audience.

for example Oil control cushion products The target group is 18-30 years old, earning 15,000-20,000 per month, living in Bangkok. and scope to be clearer as well interest in makeup like makeup and behaviors such as online shopping from 19.00-22.00, etc.

Or if it's a business with a Niche target audience or wanting to have a more clear goal, this segment can be more specific. By using the “Buyer Persona” or “Customer Persona” tool to enable us to respond to customers more precisely.

2. Collection of information from the target audience

Once we have set the target audience We should do random data collection to help us understand our target audience and get more insights of our customers. Data collection methods can be done as follows:

- making a questionnaire It is a basic data collection. To help us find target people quickly. But it depends only on how the questionnaire is designed to serve the purpose we set.

Interviews – Interviews can be randomly asked of the person taking the survey, someone who looks like a defined Persona, or an existing customer base. To talk to give opinions on that product or industry. Conducting an interview to get real insight should be done by using “Why Why Analysis”, which is to keep asking why, such as why use cushion. So why use it as a control? So why face it? This will allow more in-depth information to be collected.

– Observing consumers in everyday contexts or real situations There are several methods of observation. from sitting and watching self-observation Or use observation through devices such as surveillance cameras or have technology to help, etc. This will allow us to get the most real information. But it takes time to get the information you need.

3. Market survey and competitor analysis

If we already know what industry our business is in. We should identify our competitors. and then analyzed The commonly used tool is Swot Analysis or SWOT, which stands for Strength (Strength), Weakness (Weakness), Opportunities (Opportunities) and Threats (Hards). It is used to assess the situation in doing business within the organization. and outside the organization This will allow us to see where we stand and what other impacts can occur.

4. Determine marketing strategies

When there is enough good quality information We should define a marketing strategy. Plan the work to meet the objectives. It is considered a competitive tool strategy. Use to determine the marketing mix to suit the target audience. It is also the basis for meeting the needs of the target audience as well.

5. Summarize the data and results obtained from doing items 1 – 4.

from all the past The market researcher or marketer will have information about the behavior of the target audience. until you know how to reach them know who is the competitor what do they do Now it's time to put all the information into a clear report.

The report should mention the goals of the reporting. information and its origin and analytical summaries of all available data This is whether it is doing market research to know the overall business or used to launch a new product. made a report with the same topic Or can add more topics according to research needs.

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Details of online marketing services

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Examples of various brands that we take care of online marketing

>>https://www.chatstickmarket.com/portfolio

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