How To Do Market Research (Market Research 101)

Summary

This script emphasizes the critical role of effective market research in business success, highlighting the common pitfalls of outdated methods like focus groups and surveys. It introduces a practical five-question framework to identify target demographics and consumer behaviors, advocating for modern techniques such as leveraging Google and Amazon data to uncover genuine customer needs and preferences. The speaker guides viewers on utilizing search engines and competitor analysis to inform marketing strategies, ensuring campaigns resonate and convert.

Takeaways

• 📈 Market research is crucial for understanding the market and avoiding ineffective marketing campaigns and wasted resources.
• 🔍 Many businesses either do market research incorrectly or not at all, which can lead to poor results and a lack of understanding of customer needs.
• 🙅‍♂️ Traditional market research methods like focus groups and surveys can be expensive, biased, and provide outdated information.
• 👥 Identifying the target audience through demographic, geographic, and psychographic details is essential for effective market research.
• 🗣 Understanding what customers say they want is important, but it's equally important to observe what they actually buy, as actions speak louder than words.
• 🔑 The 'who, what, when, where, why' framework is a simple yet effective method to guide market research and keep the focus on the right areas.
• 🔍 Google and its Keyword Planner are valuable tools for discovering what people are searching for and identifying trends and seasonality in search behavior.
• 🛍 Amazon can provide insights into what products people are actually buying, as well as customer preferences and pain points through book titles and reviews.
• 📚 Analyzing competitors' ads on platforms like Facebook and Instagram can reveal successful marketing strategies and offers that resonate with the target audience.
• 🚀 A solid marketing strategy is necessary to apply the insights gained from market research effectively and stand out from the competition.
• 💡 The script emphasizes the importance of not just doing market research, but doing it the right way to avoid common pitfalls and get meaningful results.

Q & A

What is the primary issue with the way most businesses conduct market research?

The primary issue is that 90% of businesses are doing market research incorrectly, with the remaining 10% not conducting it at all, leading to ineffective marketing campaigns and a waste of resources.

Why is market research considered an essential element in any marketing campaign?

Market research is essential because it helps businesses understand their market, which is crucial for creating effective marketing strategies across various platforms like social media, content marketing, video, and email.

What are some common pitfalls of traditional market research methods like focus groups?

Focus groups are often expensive, difficult to obtain in-depth data from, and are prone to moderator bias, where the person running the group may unintentionally influence the group's responses.

What are some issues with using surveys for market research?

Surveys require careful wording of questions and interpretation of results. The phrasing, order of questions, and even the description of the survey can unconsciously influence respondents' answers.

How can outdated market research techniques lead to ineffective marketing strategies?

Outdated techniques may not reflect current market trends and consumer behaviors, leading to strategies that are out of touch with the target audience and thus ineffective.

What are the three key aspects to consider for useful market research?

The three key aspects are identifying the target audience (demographics, geographics, psychographics), understanding what they say they want, and determining what they actually buy.

Can you briefly describe the 'who what when where why' market research framework mentioned in the script?

The framework involves five questions: 'Who' are the target customers, 'What' are their desires and fears, 'When' are their life events or daily routines that influence buying decisions, 'Where' do they spend their time, and 'Why' are the motivations behind their purchases.

How can search engines like Google help in understanding what people say they want?

Search engines can show auto-suggestions and search volumes for different keywords, indicating what topics people are actively searching for and their level of interest.

What role does Amazon play in determining what people are actually buying?

Amazon provides insights into popular products, customer reviews, and sales trends, which can help determine what consumers are actually purchasing in a given market.

How can analyzing competitors' ads on social media platforms like Facebook and Instagram provide valuable market research data?

By reviewing competitors' ads, one can identify successful ad strategies, understand target audience preferences, and observe which ads are consistently run, indicating their profitability.

What is the importance of having a solid marketing strategy after conducting market research?

A solid marketing strategy is crucial to apply the insights gained from market research effectively, ensuring that marketing efforts are targeted, relevant, and likely to resonate with the intended audience.