How do you conduct market research?

I am looking in to building an online business and allot of references tell you to conduct market research but I don’t know how to. My business would revolve around making youtube videos and making money through affiliate marketing.

Step1
Identify your research goal. Ask yourself if do you need to improve customer service or increase sales? Or are you looking for the right market for a new product?

Step2

To determine the demographics of your market use trade journals, marketing magazines, government reports and chamber of commerce market profiles.

These publications are helpful in providing data on purchasing trends that serve you a clue on the buying habits of your target market.

Step3
Be able to conduct mail and telephone surveys using randomly selected addresses and telephone numbers in your local area.

Step4
You should collect information from your existing customers. Using questionnaires, personal interviews and focus groups to get feedback on your products and services are of great help. If you do have a Web site for your business, start a chat room or message board and encourage customers to participate.

Step5
Try to observe customers at various points of contact in your business, including reception, sales, and customer service. Be watchful for glitches in your business operation and at the same time how your employees interact with the customers.

Step6

You should take time to analyze your sales records. If you know your best customers and most profitable products this can help you to better focus your marketing efforts.

Step7
Organizing the research data you have collected and be able to determine – or reevaluate – your marketing strategy based on the results of your research.

2 Responses to “How do you conduct market research?”

Read below or add a comment...

  1. kemperk says:

    since I have taught this:

    a; write your biz plan,
    b; take each assumption [statement] and see how true it/they are
    by asking applicable "stakeholders."
    1. vendors
    2. possible clients
    3. possible competitors
    4. possible employees

    analyze probably amount of sales and what you plan on doing
    to achieve same

    determine start-up capital needs and defend same

    you need to do both PRIMARY AND SECONDARY
    research;
    primary is asking people
    secondary is reading data from any source.

    Hope this is a good start. Get hold of me for more
    helpReferences : biz teacher

  2. healthwise357 says:

    Step1
    Identify your research goal. Ask yourself if do you need to improve customer service or increase sales? Or are you looking for the right market for a new product?

    Step2

    To determine the demographics of your market use trade journals, marketing magazines, government reports and chamber of commerce market profiles.

    These publications are helpful in providing data on purchasing trends that serve you a clue on the buying habits of your target market.

    Step3
    Be able to conduct mail and telephone surveys using randomly selected addresses and telephone numbers in your local area.

    Step4
    You should collect information from your existing customers. Using questionnaires, personal interviews and focus groups to get feedback on your products and services are of great help. If you do have a Web site for your business, start a chat room or message board and encourage customers to participate.

    Step5
    Try to observe customers at various points of contact in your business, including reception, sales, and customer service. Be watchful for glitches in your business operation and at the same time how your employees interact with the customers.

    Step6

    You should take time to analyze your sales records. If you know your best customers and most profitable products this can help you to better focus your marketing efforts.

    Step7
    Organizing the research data you have collected and be able to determine – or reevaluate – your marketing strategy based on the results of your research.References : http://www.sitesource101.com

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