Conducting market research fieldwork is extremely important for your business if you want to have a deeper understanding of your market and customer base. This article will help you in providing essential guidelines on how to conduct market research fieldwork in the USA.
First, let us start by defining what market research is. Market research, in simple words, refers to the process of conducting researches to gather information and statistics about your target customer groups, buyers of your products, and audiences in the market you wish to dominate. The market research also helps you keep a tab on what all is new in the market and where do you stand before your competition.
Follow the steps below to learn how to do market fieldwork in the USA-
Create a buyer persona- Before diving into what your customers might like or detest, define who your customers are. A buyer persona is also known as a marketing persona, and it is a fictionalized account of what your ideal customer is like. By doing so, you would be able to visualize your audience better and be more precise about what product strategy to follow. Creating a buyer persona is the first step in your primary research market. While creating it, you must keep these factors in mind- age, gender, city, job position, income, and family size.
Also, remember there could be more than one persona that gets created.
Select your target customers- After creating your buyer persona; you will have to find out your target customers. These people should be those who had recently made any purchase. This activity will inform you of the characteristics, choices, and preferences of your customers. You may hold surveys or focus groups or even connect via phone calls to gather all relevant information. Aim for a mixed group of customers. For example- researching those customers who bought your product and those who bought your competitor’s product. This will get you a more balanced and all-round view of the market conditions.
Prepare your research questions- To prepare our research questions, you will have to be well aware of the problems your business is facing or those that it might face amidst stiff competition. Doing so will help you have a better and more precise list of questions to ask your customers or focus group members. Even when conducting an online survey, this step is of utmost importance. You must also concentration not making the interviews seem planned. They must be light and effective, without putting much pressure on the interviewees. Your questions must be open-ended and should allow the audience to think for themselves and their preferences.
Prepare a list of all your competitors- Your primary market research starts with analyzing your target customer, your secondary market research begins by understanding your competition that you will face in the market. Our idea of competition is limited to company A versus company B for a particular product in the market. The term competition has a much broader significance in the business world. At times, your company might be competing against a specific division of a company. For instance, your company could be competing against some popular blog or YouTube channel, even if there is no similarity between what you both endorse and produce.
The first step involves identifying which industry you are in and then identifying companies selling similar products or services.
Keep a summary of all your findings and observations- To gain a clearer perspective regarding what all points you collected during your market research, make sure that you prepare a summary or a list bearing all these critical points. Or you can use PowerPoint to create presentations encompassing all your findings and details.
Digital Tantra Global is one of the leading market research companies in the USA. It can help your company conduct market research fieldwork conducting market research fieldwork that can prove to be beneficial to your company and can help identify your competition and your target customer group.