Some marketers don’t recognize the importance of market research. In this article, you will know the importance of market research and how to do it well.

Market research is a process of collecting, analyzing information about the product or service. It’s aim to understand the problems of the product or services and the desired solutions.

How to do Market Research?

• Define the target audience (customer persona) by classifying them into three categories, demographics, psychographics, and geographic.
• Demographics mean (Age, Gender, job, and income).
• Psychographics mean (political & religious views and hobbies).
• Geographic means (place of residence “location”).

This is a simple guideline for marketers to determine the real audience of the product or service.

• After defining the target audience, start by focusing on people who have these characteristics.
  For example, aim for 10 participants, You will choose them according to who have recently interacted with you, within the past six months or up to a year.
• Prepare research questions for your market research participants.
  For example, ask them what their ideal buying process would look like.
  How would it differ from what they expect?
• Create A SWOT analysis template, (Strengths, Weaknesses, Opportunities, & Threats), which looks at your internal strengths and weaknesses, and your external opportunities and threats within the market.

Once you have done the market research about the product or service you will know:

• The target audiences.
• The competitors.
• The trending topics in the industry of product or service.
• The challenges you want to achieve.

In conclusion, completing the study will likely uncover new channels and messaging tips to help improve your interactions.