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The Power of Online Market Research

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The Power of Online Market Research

By Unimrkt 22/02/2022

"To understand how consumers really think and feel, it is vital to go beyond words." - Katja Bressette

As rightfully stated above, market research can have the same definition somewhere on the same lines. By definition, market research is the process of collecting, examining, analyzing, and interpreting about the potential market scope of a particular product or service. Market Research has multiple benefits from understanding consumer behavior patterns, competitive landscapes and markets, arising trends, scope of new products, services and acquiring first-hand market data. Market Research is also a major driving factor to make vital business decisions. To make the best of your market research, it is important to utilize and analyze both quantitative research and qualitative research.

Traditionally, market research was conducted and interpreted from the old school method of door-to-door sales or by feedback forms, surveys, or by in-store sales records. With the rise of the digital era, such forms of market research have been shifted to online market research. Online Market Research can be defined as the process of gathering, processing, and evaluating data from online resources and platforms.

Online Market Research not only helps understand your target audience better but also helps you to keep up with the ever-evolving consumer behavior pattern. Online Market Research also helps in better targeting and valuable lead conversions. Online Market Research helps in defining your consumer personas and boosts your product and service process, feedback, improvements, updates etc.

There are two types of online market research: Qualitative and Quantitative. In these types of online market research, the performance and consumer responses of products and services are thoroughly scrutinized to derive valuable marketing insights, general feedbacks, market performances etc. Such type of market research also helps to dive deep into consumer purchase history and in-depth understanding of their choices, likes, dislikes. Qualitative Online Market Research includes videos studies, reports and surveys from online market research online communities. Quantitative Online Market Research includes website feedback forms, mobile app surveys, incentive-based reviews and recommendations etc.

There are multiple ways to conduct online market research, here are our recommendations to make the best of online market research:

Social Media:

Social Media is a forest full of consumer insights, responses, behavior patterns, feedbacks and what not! With so much information on social media, the right way to get the right marketing data is to follow relevant hashtags, understand the content posted and engagement garnered. Another great way is to follow influencers and bloggers of your niche, analyze their opinions, views, conversations around your products or services.

Google Keywords:

SEO (Search Engine Optimization) is a powerful tool to generate marketable insights. Google keyword volume around your keyword showcases genuine consumer interest and the buzz around your product or service. Keyword planning and research also helps you to understand the opportunities of organic traffic to your website and SEO efforts.

Blog Comments:

A successful blog with considerable engagement is an amazing method of online market research. Reading through the comments helps you understand consumer viewpoints, consumer reactions, and pain points as well. A great way to encourage comments is to end blogs with relevant market research questions. Another helpful trick would be to read through competitors blogs and articles.

Online Market Research is a continuous process on the way to perfect your audience targeting, product, and services. Online Market Research is an essential business practice which needs to be conducted to succeed.

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