Big business can always afford to have their own research and development department or can even easily outsource their job of market research to professional companies engaged in marketing research. But for smaller business, the same cannot be said to be feasible.
As a small or newly established business you may be engaged in conducting market research on your own but may be totally ignorant about the common tools of market research easily available at your finger tips.
These tools act as a source of key to obtain information about the following:
- The existing conditions in the market
- The customers whom you can target
- Future business prospects
With more and more people around the world using social networking medium such as Facebook, LinkedIn, Twitter, it becomes imperative for a company to engage these mediums to promote a business or a product.
Through the internet medium, an organization can conduct online market research surveys to capture an internet niche market at a very low cost. Customer feed backs, online questionnaires and web searches are some of the methods adopted to conduct online surveys.
Apart from the above mentioned methods there are also various online and offline techniques adopted by business houses to conduct market research.
Techniques of Online Market Research Tools
- Tracking Keywords
Typing the key words on search engines which the general public uses to find information about your product or service is a great way to know not only about the market for your products but also about your competitor.
This kind of online tracking of keywords may also act as an eye opener for you to know about the product niches which you might not be aware of till now.
- Visiting Competitors Website
A visit to the competitor’s website will reveal a gamut of information pertaining to the pricing, launch of any new product or PR campaigns by them. This will help to make necessary changes in the pricing or modifications in the product in case of very similar products or services. This will also help you to have fairly good idea about the response you might get from the public for your product.
- Obtaining information through Blogs
A very recent, informal and popular way to gauge public opinion is by going though the blogs of companies. As blogs are updated regularly by companies, any information pertaining to the product or service mainly pertaining to up gradation, pricing, discount or key changes in features and other similar information can be easily obtained.
Precautionary measures to be adopted while conducting online surveys
Public opinion can also be gauged through online questionnaires. These cost effective surveys enable companies to find information regarding the general opinion of the public with reference to a specific product or service and whether a product appeals or does not appeal to specific consumers and also the reason for the same.
Though majority of small scale and large business houses rely on online surveys to market their products and obtain information about their competitors, limiting or restricting the surveys by asking minimum questions which the consumers can answer in very less time always helps.
Open ended questions which the consumers can answer in a Yes or No or by ranking scales without having to give lengthy opinions should be adopted. Similarly being persistent and patient when it comes to online surveys always help as it takes lot of time to design and administer questions and interpret the results.