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How Market Research Helps your Business

Web research or internet research means to search the World Wide Web for any topic on the internet. Researching anything on the internet, collecting data, study procedures, recruiting participants and there are innumerable topics that you search on the internet. Research means a systematic investigation which includes research development, evaluation, testing and contribution to particular or general knowledge. An additional resource was added for small businesses with the advent of internet in conducting low cost market research.  Small business  use the market research to check the feasibility of a new business, test interests in new product or services, improving aspects of  business, improve customer service, and develop competitive strategies. The most important ingredient in any market research is to build a good online questionnaire for any kind of market research.

The idea behind  market research is to allow businesses to take decisions which are more receptive to customers need and help in increasing profits. Here are a few techniques which you must always keep in mind while you opt for an online market research for your business:-

1. Accurate keyword search

To research on any given topic you must first select the correct search engines like Google and Yahoo. The first step is to use the correct keyword which will give you the accurate result. You need to search for keywords that people would use to find your type of products and services on the internet. You need to check how many competitors do you have in the market with the targeted keywords and how many existing sites already use that phrase or product.

2. Links

Search engines will give you a detailed list of your competitor’s prices, offerings and their achievements. To check on a competitor’s progress you can type the competitor’s website address on the search engine which will give you a list of how many websites are linked with the website, link development and PR campaigns. If it occurs that your competitor is promoting a service or product similar to your own you can make a strategy to launch a better product.

3. Reading blogs

Blogs are very important in a website as it gets updated at regular intervals which will give you a refined outlook about the public opinion. While searching blogs you must use blog-specific search engine as blogs tend to move much faster. The informal tone in blog conversation will give you information on new products and viewpoints of the customers which enable you to come up with a better plan to counter your competitors.

4. Online Surveys

The best way to determine public opinion is to create an online survey as it is a cost effective method to pursue a market research about the product appeal and effectiveness. Companies usually conduct online research by itself or at times outsource it to third parties and provide them with the required tools to carry the survey on their own.

There are many types of research tools and techniques such as offline and online tools which are being used by many large, small and mid-sized businesses. The questionnaires may be open ended or closed-end. While writing an online questionnaire there are major key points that a company should stick to:

• Short and crisp

Preparing a short questionnaire is the best thing to do as the questions should not be more than 25 questions and a customer should be able to finish it in less than 10 minutes. Make the first page simple and give multiple choices to a question and a status bar on top of each question so that the respondent knows about how much time is left to finish the survey.

• Avoiding open ended questions

People are always in a rush when they take a survey and including open ended questions will make them write and spend more time. Close ended questions are the best as it saves time and gives you quick responses.

• Persistence is the Key

Do not ask a customer or a vendor to take a survey more than twice and take prior permission from the customer about the survey. Sending a survey without prior permission will only invite spam from the customers.

• Patience

Many companies opt for an online survey but they get impatient if the result is not realized immediately. Online survey takes time to be designed and administered and when the results come in it takes more time to interpret the data. It is always advisable that the responsibility is passed to a single individual to carry on with the process.

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