To uncover the most effective market research techniques, we asked 15 professionals from various fields, including CEOs and Marketing Directors, to share their go-to strategies. From analyzing competitors for innovation gaps to using one-on-one customer interviews, this article provides a comprehensive look at the diverse methods these experts employ to gain valuable market insights. Here are the 15 best practices for conducting effective market research.
- Analyzing Competitors for Innovation Gaps
- Looking to Field Trials for Customer Insights
- Treating Surveys as a Marketing Wingman
- Evaluating Sales Data for Strategic Decisions
- Leveraging SEO Tools for Market Opportunities
- Utilizing AlsoAsked for Real Audience Data
- Understanding Customers Through Ethnographic Research
- Trying a Multi-Method Approach for Comprehensive Insights
- Engaging Customers for Market Needs
- Listening to Honest Views on Social Media
- Developing Customer Persona for Precision Targeting
- Benchmarking Competitors for Improvement Opportunities
- Forming Online Community Groups for Organic Growth
- Making Data-Driven Decisions in Healthcare
- Using One-on-One Customer Interviews
Analyzing Competitors for Innovation Gaps
My favorite market research technique as a business owner is competitor analysis, with a focus on innovation gaps. I identify areas where the market is underserved or where customer needs are unmet by scrutinizing competitors’ offerings and customer reviews.
This method is effective because it identifies not only existing market demands but also opportunities for differentiation. Understanding the strengths and weaknesses of competitors guides strategic decisions, allowing my company to position itself uniquely in the market.
It also helps predict industry trends and stay ahead of market shifts. This proactive approach to market research ensures that our products and services are not only competitive but also tailored to changing customer preferences, fostering a sustainable and adaptable business model.
David Krauter, Head of SEO, Websitesthatsell
Looking to Field Trials for Customer Insights
We are in a very competitive industry, and because of this challenge, we need to know exactly what we need to do to make our product stand out. Therefore, we depend on field trials as our go-to marketing research technique.
Simply doing competitor analysis may tell us what they are missing, but not what the customers actually desire. Identifying those interests so we can fill the gaps is critical.
Field trials allow us to provide our product to customers in a manner in which we can control the information and data transfers. This allows us to identify interests, locate possibilities for improvement, and better define our target audience.
By using field trials as our go-to marketing technique, we can learn exactly how we can make our product unique rather than just learn what our competitors are missing.
Ryan Rottman, Co-Founder and CEO, OSDB Sports
Treating Surveys as a Marketing Wingman
Market research is like dating—you need to find out everything about your potential partner before committing. But unlike dating, it doesn’t involve stalking their social media profiles or analyzing their ex’s Instagram posts. The go-to-market research technique is surveying, and it’s as effective as using cheesy pickup lines at a singles bar.
Surveys are the ultimate wingman of market research because they allow the gathering of information directly from the target audience. Questions can be asked about their preferences, interests, and buying behaviors with the same level of finesse as a smooth-talking suitor at a cocktail party.
Plus, surveys provide quantitative data that helps understand trends and make informed decisions—something every good matchmaker should do.
Aayam Bhandari, Content Marketer, WireTroop
Evaluating Sales Data for Strategic Decisions
As a marketing agency, looking at our clients’ sales data helps us uncover where we need to take their new strategies. Sales data tells you all the real financial results your marketing efforts are creating, so you can see the full picture of their journey through the funnel.
You can pair sales data with other market research and watch the patterns shift to determine which actions influence which outcomes. You can also get a better idea of who your customers are by their buying behavior and how those habits shift and strengthen over time.
This data might help you design strategies to pull in new customers, but it will also help you understand your current customer base better, so you can use strategies to deepen and prolong those relationships!
Hardy Desai, Founder, Supple Digital
Leveraging SEO Tools for Market Opportunities
The landscape has seen profound shifts in our two-decade journey of running a premier digital agency and crafting high-performing copy. Amid these changes, one market research technique has remained our steadfast ally: delving deep into SEO using tools like Ahrefs’ Content Gap. What makes this approach stand out?
It uncovers what competitors are ranking for and what you might be missing. Analyzing these gaps gives us invaluable insights into potential market opportunities, fine-tuning our strategies to address unmet needs.
This isn’t just about spotting keywords but understanding audience intent and crafting solutions they’re actively seeking. When knowledge meets opportunity, that’s where true market magic happens.
Shane McEvoy, MD, LeadFly
Utilizing AlsoAsked for Real Audience Data
For market research, my go-to technique is a modern, data-driven approach. We gather real audience data using a tool called AlsoAsked. This tool uses search data to extract issues that people are actually facing, giving us direct insight into customer needs and pain points.
AlsoAsked provides us with a snapshot of the questions being asked on search engines related to a particular topic. This unfiltered visibility into customer curiosity and concern is invaluable.
It allows us to understand the landscape of the market and the challenges within it directly from the consumer perspective. We can then align our product offerings, marketing messages, and support initiatives more effectively with customer demand.
In a nutshell, the effectiveness of this technique stems from its ability to provide raw, real-world data points that steer our decisions with an accurate customer-first approach.
Matt Janaway, CEO, Marketing Labs
Understanding Customers Through Ethnographic Research
To fully comprehend the behaviors, needs, and pain points of the target audience, one must become fully immersed in their world. For instance, if you’re selling outdoor equipment, go camping or hiking with your potential consumers and pay attention to how they use the gear and the difficulties they encounter.
This hands-on method provides deep, practical information, revealing subtleties that focus groups or polls can miss. Ethnography enables the seamless alignment of marketing plans with the tastes and lifestyles of clients, ultimately resulting in more effective and profitable campaigns. It’s an engaging method to close the communication gap between brands and their customers.
Matt Magnante, Head of Marketing, Fitness Volt
Trying a Multi-Method Approach for Comprehensive Insight
When deciding on market research methods, the best thing you can do is talk to and observe real customers. Common ways to do this are surveys, in-person interviews, focus groups, and more, depending on your specific research goals, resources, and target audience.
Online surveys are a popular choice for their wide reach, cost-efficiency, speed, and ease of data analysis, but they lack personal connection. In-person interviews, phone interviews, and focus groups provide direct, personalized insights, fostering deeper connections with respondents.
Person-to-person communication also helps you dive deeper into answers by asking follow-up questions and having a dialogue. Observational research allows real-world behavior observation, while secondary research offers cost-effective access to existing data sources.
The choice of technique should align with research goals, resources, and target audience, and combining these methods can yield a comprehensive market understanding.
Nicole Moughrabi, Marketing Coordinator, Achievable
Engaging Customers for Market Needs
My go-to-market research technique is engaging with potential customers to discuss their pain points. This direct interaction helps in understanding the real challenges faced by the market, aiding in tailoring solutions that address these issues effectively.
This method is effective because it provides first-hand insight into the market needs and fosters a customer-centric approach to developing and positioning products or services.
Through such engagements, not only is a better understanding of the market achieved, but it also builds rapport with potential customers, who may see the willingness to listen and address their concerns as a powerful indicator of the value the business will provide.
Chris Stott, Director, Seven Marketing
Listening to Honest Views on Social Media
My go-to-market research technique is social media listening. The scope of social media in the marketing field is expansive. Thus, I try to capitalize on social media in various aspects of marketing, including market research.
I believe we can get honest and unsolicited views of customers on social media. They express their thoughts on products and services freely. With the help of AI, I can use keywords to search for their opinions.
For instance, I use the name of a product as a keyword. Then, AI delivers all results comprising social media posts mentioning the products. This helps me to analyze the strengths and weaknesses of the products from the customers’ perspective.
Daniel Thompson, Co-Founder, Saltwaterdigital
Developing a Customer Persona for Precision Targeting
Our go-to-market research technique is customer persona development, and it’s the most important point because it serves as the foundation for all our marketing strategies and campaigns.
Customer persona development involves creating detailed profiles of our ideal customers based on real data and insights. This technique is effective for several reasons:
Precision Targeting: Customer personas help us precisely target our marketing efforts. By understanding our audience’s demographics, behaviors, pain points, and goals, we can tailor our messaging and content to resonate with them. This precision ensures that we are not wasting resources on reaching the wrong audience.
Content Relevance: With well-defined personas, we can create content that addresses the needs and interests of our target audience. This relevancy increases engagement and conversion rates, as customers are more likely to engage with content that addresses their specific concerns.
Bruno Gavino, Founder and CEO, CodeDesign
Benchmarking Competitors for Improvement Opportunities
I conduct competitor benchmarking every quarter to check for any internal improvement opportunities on my end. I do this by running data analytics to evaluate the performance and market positioning of my industry competitors compared to mine.
In doing this, I see which of their approaches work well with customers and which ones need improvement. I can then make these adjustments to my strategy, which makes my process more accurate and efficient.
This is one thing I always do to make sure that I am a step ahead of my competitors and never behind them.
Carolyn James, Consultant and Trainer, Website Insights
Forming Online Community Groups for Organic Growth
In 2018, I joined CubiCasa as an intern, tasked with promoting our app in the fiercely competitive PropTech industry. My approach? Using online community groups on platforms like Facebook and LinkedIn.
Despite concerns about Facebook’s relevance, I found thriving real estate communities. I actively engaged in these groups, sharing valuable insights. This positioned CubiCasa as a trusted authority and effectively reached our audience.
Transitioning from participants to leaders, we achieved organic growth. Creating our own group nurtured a community while maintaining a presence in others expanded our network. This led to significant increases in app usage and sign-ups.
Beyond metrics, it built authentic relationships, not only with customers but also with power users and influencers. Today, the CubiCasa app spans 172 countries.
This approach connects directly with our audience, understanding their needs and offering solutions. It’s more than market research; it’s building a trusting community.
Anastasia Corjan, Senior Marketing Manager, CubiCasa
Making Data-Driven Decisions in Healthcare
At Webserv, we love using real, hard data to guide our decisions, especially since we work in healthcare, a field that’s unique and specialized. We explore the world of healthcare deeply to really understand what both the service providers and the patients need. By doing this, we can make strong and smart plans that really hit the mark in healthcare.
Using these plans, we look at trends and habits to keep refining our marketing methods. This approach isn’t just about collecting info; it’s about turning this info into steps that push our clients to the front. It’s a game-changer, helping our clients stay in the lead in the fast-moving world of healthcare.
Kevin Hall, Marketing Operations, Webserv
Using One-on-One Customer Interviews
Direct Customer Interviews: There’s nothing quite like hearing directly from the source. Regularly conducting one-on-one interviews with both potential and existing customers is a valuable approach.
This allows for a thorough analysis of their pain points, preferences, and expectations. Over a cup of coffee, customers reveal insights that no survey could ever capture. Their candid feedback has often been the guiding light for product improvements and innovations.
Adil Advani, Digital PR and Marketing Director, AnySoftwareTools
