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7 Intelligent Ways to Gain Market Insight

by Olufisayo
Ways to Gain Market Insight

The market has changed rapidly in recent years, and so has an approach towards it. Although a change, in general, does not come overnight. In the market, at times, trends do change in a matter of days. It has become an ongoing battle to keep up with the customers.

The market research agency works day and night endlessly to stay up-to-date with the change coming in the market. Sometimes change is predictable, and in such cases, productive and successful companies prepare themselves to encounter it. Not more than often, they are not only able to come out successfully with the change, but it is they who bring this change in it.

Market research has now become a very integral and important department of any company. Their job is to help their company minimize risk, help in decision making, make the most of the opportunities and avoid mistakes. They indulge in thorough research, conduct surveys from different age groups and stay updated about their competitive companies.

Today’s age is global age, and it has changed the scene of advertisements too. Now marketers no only have to focus on their products or services but also on the ways they are promoting their services. An effective market researcher is always on toes and tries to inquire about market insights. Researches try different strategies to get into customer’s brains. Here is listing of a few intelligent ways:

1.       Data

Collecting data of customers is not a relatively new strategy, but a very effective one. Same goes about surveys. Surveys give a direct insight into a company’s target customers’ minds. Most of the people who fill out survey forms may not read the detailed questions, but they are generally honest. They give their original and unbiased opinion without any fear or favour. When a researcher knows about his core market, he is able to design a hard-hitting campaign to lure customers in.

       

Surveys are of different types, and a good researcher should know which survey would be more effective according to his target audience and his products. Conducting a survey at different stages of the sales cycle helps a researcher predict the market.  From financial data to the company’s data and customer’s budget, all information is important.

2.       Building Relationships

Successful companies focus on their old customers as much as they try to attract new ones. In fact, they would rather lose new consumers than their regular consumers. This is because they value honesty and loyalty. However, it does not mean that companies should ignore new customers.

Advertisements from a slice of life always click with consumers because they can relate to it. They are made to feel that someone is thinking about them and care for them. Same goes with the sentimental campaigns.  To build and strengthen relationships, researchers spend time with the target customers and literally get into their brains. This gives an original picture and a better insight which in turn help in coming with ideas to attract customers.

3.       Customers’ Behavior

Usually, customers take a survey before spending their money on anything. Observing them closely and watching their behaviour while they are inspecting their products helps in getting awareness of their thinking. When the researcher observes them, he gets to know about the specifications customers are interested in.

It gives a better insight into their preferences too. However, the key is to observe them in a way that does not startle them. Humans’ tendency is that they do not behave in regular ways when they know they are being observed. They tend to become a little conscious and alter their behaviour, and this will not serve the purpose. The idea is to gauge their behaviour to get a better insight into their attitudes in the market.

       

4.       Stay Updated

There is a famous English quote that goes like, keep your friends close and enemy closer. Your competitors are not your enemy, but they are not any short than that. A smart researcher does not make an enemy of the competitor; however, keeps an eye on the happenings around their companies. He makes sure to stay updated with their approach to customers, their campaigns and even gets familiar with their products. This help in raising your own company’s standard.

5.       Social Media Data

Social media is no longer used for social exchanges. It has become a very large community that encompasses all aspects of daily lives. Moreover, all age group people get engaged in it, albeit their activities would be different. Staying abreast with the ongoing trends on social media of your target audience is a very effective way to get a window of market’s insight. Social media analytics does not only revolve around Facebook and Twitter, but all Internet platform come under it. Collecting data is the key to get better insight.

6.       Feedback

Successful companies do not vary of criticism; rather they welcome healthy criticism and use it for their improvement. Working according to customers’ demands and to meet their expectations is one of their mottos. Not only they go and converse with their customers but also engage them in talking and bring out the information about what they like and would want improvement in. The key is to sustain customers and to build trust and a stronger relationship with them. For this purpose, a market researcher designs an appropriate feedback form to get a better insight into the market.

7.       Predict and Plan

One of the major reasons companies need to get a better insight is to plan their next move. Companies need to keep themselves going, and for this purpose, they are supposed to plan their strategies way in advance. Sometimes a competitor comes up with a campaign that instantly clicks with the customer and companies fear to lose their customer base. At these times, companies need to come up with sudden plans and execution.

Prediction is also a major part in planning and managing a company. In light of their experiences and observations, companies also have to predict the outcome of their strategies. This is a huge risk but a very intelligent way to get to know the market in a better way.

       

Conclusion

The Internet has brought a revolution in every aspect of human’s life. The market has also gone under transformation after the rise of it. It has made it much easy for market researchers to develop and design strategies. On the other hand, the market has become cut-throat competitive, which has made researchers work harder. When companies know their consumers’ behaviours, minds and attitudes, they are able to predict customers’ shopping list. Hence, market researchers work tirelessly to attract and sustain consumers through different strategies.

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