A successful marketing campaign will never happen by just burning money; the strategic plan for each step makes a difference. Market research, known as the early stage, plays a significant role in leading the campaign to final success. Therefore, it is beneficial for New Product Concept Testing I.
To prepare for the market, we need to be clear about a couple of basic things:
- Does the market need to exist?
- Who are the consumers?
- What are their pain points?
- How to preserve your capital?
- How to protect your brand?
We can usually apply different market research methodologies to build from the ground up. Let me list some of the most frequently-used ones among SMB.
Qualitative Market Research
Focus group
Before starting an in-depth interview with consumers, you need a clear clue of what interview questions or topics to discuss during the meeting. You also need to figure out the potential issues that appear essential to the consumers but are not yet on your question list. For example, a focus group could be a casual conversation about their likes or dislikes regarding the products, providing more insights for the researchers.
In-depth interview
Once you get some fundamental insights from the focus group discussion, it’s time for you to ramp up the most critical questions and move on to the next step. To make the interview more conversational, prepare some open-ended questions to help people bring more thoughts to the table. You can collect more information in detail. However, this meeting needs to be well-structured and utilize the appropriate skills.
Observation
Observation is correlational research by observing ongoing behavior. During the behavior-studying observation, you can watch how consumers use your app to understand their logic. You can also follow up with the consumers in a big supermarket to see how they select their products.
Quantitative Market Research
Survey
Use a survey to draw meaningful conclusions statistically via data by sending questions to many responders. The study can use both online and offline. However, nowadays, an online survey appears to be more flexible. Besides the traditional ways – such as email or phone survey – lots of survey software can provide multiple selections based on demographics, interest, and other specific criteria. The structured survey questions can help locate significant business prospects from individuals based on categorized groups.
Experiment
When we talk about the experiment, we usually refer to the A/B testing, a creative ads copy, or the landing page for the specific campaign. The number of traffic can tell you which options are more likely to elicit engagement from people. The same logic can also apply to offline testing. Combined with behavior observation, the different choices among two or more samples can also tell the consumers’ preferences.
Desk Research
Desk research could be the most budget-saving solution, regardless of the result restrictions. It’s not difficult to find the related data from journal articles and results in analyses from social intelligence and some state data centers.