What’s your best market research hack for new entrepreneurs?

Without robust marketing research, your startup will ultimately collapse, no matter how much you have invested in it. In order to scale your business, you need to market your products and services effectively. We have asked different entrepreneurs to share their best market research hacks for budding entrepreneurs. Here’s what they have shared:

One of my best market research hacks is to use Google trends to keep an eye on your industry and its players. Google Trends is an excellent tool that can be used to monitor what is happening in the market. For example, how are your competitors faring? What are your customers looking for? Whether there is demand for your products or not? Marketers can extract a plethora of information by looking at trends for specific keywords. All of this can be done through a simple analysis of graphs and figures. With Google Trends, marketers can also find new events and local opportunities to target. 

Jessica Kats, Soxy.

The best market research hack for new entrepreneurs is to use a brand evangelist. Basically, they are people who spread the word about a product or service through their personal reputation and network. You can also call it word-of-mouth marketing. In this digital age, self-promotions are sneered at and considered outdated and ineffective. In reality, though, things are different. Word of mouth works as the perfect instigator for new startups. Recently, Forbes labeled brand evangelists as the most effective social media tactic. Even during an age dominated by Twitter, Pinterest, and Facebook, word of mouth still prevails as a superhuman strategy. 

Dan Shepherd, VEI Communications.

The best market research hack is to spy on competitors. Nowadays, one should focus on working smart rather than hard. So, you can use spyware to retrieve information from rival companies regarding past campaigns. This data is run on predictive analytic software to forecast future market trends. You can leverage these valuable insights to your advantage by making data-driven decisions. As a result, you stand out from the crowd with top-notch marketing strategies. You’re one step ahead of the competition as you closely monitor their performance. 

Amira Irfan, A Self Guru.

Making short surveys and questionnaires for your market research is the best hack. Brands often think that the longer a survey is, the better. But that’s not the case at all. Lengthy and confusing surveys will only make your customers feel frustrated. Worse, they’ll just write random answers in hopes of finishing the questionnaire. This is a recipe for disaster. You’ll never get accurate results or fully understand key market trends. So, all your resulting business strategies will go down the drain.

Elisa Bender, RevenueGeeks.

Online surveys are the most effective method for market research. You can reach people with a form link in an email where consumers can fill in the information. Surveys can gather a large amount of data for analysis. Data serves as the base for any successful strategy. You can even use the collected survey data to divide your audience based on demographics. This will make it easier to run future campaigns for specific products. The more information you have, the more chances you can convert visitors into customers. 

David Clark, Basement Guides.

The best market research hack for new entrepreneurs is applying problem-solving skills. You should handle each project individually. There’s no need to stick to the strategy of ‘one size fits all. You should conduct personalized research and apply critical thinking when faced with a problem. When creating and distributing surveys to your target audience, you should set a goal about what you want to achieve from this technique. Ideally, it would help to segment your target audience into different groups. This would allow you to create a personalized strategy that helps you get better results.

Patrick Smith, Firesticktricks.

The best market research hack for new entrepreneurs is to build a social media community. These communities can be leveraged to promote your brand, interact with industry influencers, and receive market feedback. You can create a Facebook group where your target audience can engage with your brand. It will ensure your customers that you are creating value for them through that group. Furthermore, you will be able to gather valuable information from prospective customers about what changes they want you to make in your product range. Thus, resulting in successful and effective market research.

David Lee, Neutypechic.