How to conduct market research online

Market research for your business should never be underestimated! Successful start-ups are surviving in the long run because their owners are investing in market research to understand their target market, identify consumer problems and overcome competitors. Regularly conducting market research also allows you to identify trends, opportunities and potential threats in the market. Find below different ways you could conduct market research to suit your Business.

Customer Feedback
Online polls and surveys are a great way to understand customer experience and your position in the market. You can structure your research more effectively and collect specific information needed in your marketing campaign. Polls and surveys collect information that is more reliable as it explores several aspects relevant to your business. Also, be careful to keep them simple, as most online users may not have the attention span to answer lengthy or time-consuming questions.

Social Media 
Social media is a great way to start recognising conversations and mentions around your business idea. This will help you understand the language of your target customer base. Follow hashtags related to your business on social media platforms such as Instagram or twitter. This keeps you up to date. You can discover latest trends and use these for your product descriptions, blog posts, ads, social media, and promotions. Using the dialect of your target audience will help drive quality traffic to your site, build a loyal customer base, and spark conversions.

Keywords
Search for "keywords" that people would use to find your type of products or services on the Internet. See how much interest there is in these keywords, what competitors are coming up? Is your Business at the top of the list? Keyword searches can also help remind you of product niches that you might not have considered. Using Google Ads helps you to discover keywords that have the highest search volume with the lowest competition. It also allows you to browse recommended or related keywords, so you can find a whole new group of terms that improve your search engine optimisation.

Competitor analysis
Don’t be afraid to keep track of your competition. Follow them on social media or check up on their online website. Take note of how they operate, maybe there is a weakness in their business that you can take advantage of. By learning what your competitors are up to you can also make decisions on which products to roll out and how to differentiate themselves in the market. It is important to know who your competitors although try not to get too caught up in their business that you forget about your own!

For more information about the support available to help with your market research, contact Enterprise Hub on enterprisehub@thewo.org.uk