To succeed in any form of business nowadays needs an immense amount of understanding the needs of the customer and customizing the solution in a manner that will be beneficial for the customer and equally profitable for the business.
How Market research is gaining popularity?
New generation loves to take a risk at the beginning of their career. So, instead of searching for stock jobs, they are focusing on starting a new business venture. But it is essential to gauge the market before investing your money on any business; be it small or large venture. Let’s take a look at what market research is all about?
Market research simply researches the local market and prospect of the business model so that the owner has the basic idea that if the model would be profitable or not.
Fundamental tricks behind successful market Research:
Market Survey– Market survey defines the perspective of the business. There are different types of market survey policies-
This type of study promotes your products in busy public places. Telephone surveys are not that effective because it demands more investment than e-mail service or in-person examination.
Legacy research Solution emphasises on online reviews and such promotional strategies for their clients. Our research team is continually working on innovating new ideas to provide the best solutions to its clients.
Another aspect of new market research policy is finding exact Focus Group; suppose a new business fails to gain its foothold for lack of clients, it shatters the confidence of the young entrepreneur. If the business model clicks among local people and create a robust, targeted customer base, then it becomes easy to earn a profit after a few months.
Personal Interviews and targeting focus group work together to strengthen the idea of the market. This combination provides more subjective data rather than surveys. But few cases you may find personal interviews are not so helpful because people nit always do the same thing as they have promised to buy in meetings!
If the surveyor conducts a live question-answer session at shops, local public gatherings where people are buying the product at real-time, then it will stimulate viewers to buy the actual product.
If you have good relationships with local vendors, then you must try to push sell your product and collect continuous feedback of customers. You may ask the vendor to ask for feedback from customers so that you can evaluate your brand; it’s pricing, packaging and other things that require modification.
We can find few market kinds of research companies who have chosen as ‘one of the best’ among their competitors. Mostly they are situated at Kolkata or in nearby suburbs. For example, Legacy research Solution provides through research results to its clients and encourages them to start new ventures.
Have you ever thought that few products of your company are not that popular in the market, but your rival has profited a lot by selling the same object? Perhaps they have done the SWOT analysis before launching the product.
You have to change your market strategy and make sure that your SEO content, social media reach and online promotion is strong enough to make your brand popular among customers.
Try to Boost your Sale:
We often see in restaurants that they are giving complementary dishes to their customer. They are promoting their product and collecting feedback from their regular customers. It may cost them a little bit; in the long run, it would surely help them.
Now the question is, how is it possible? Old customers will be delighted, and new customers will promote the name of the restaurant to their friends and acquaintances.
Account-Based Marketing Strategy:
Account-based marketing (ABM) is a new strategic approach, somewhat improvised version of lead generation strategy. ABM is a new coinage in the market which helps the business to grow tremendously in less time. This particular method uses modern technology and account-related data to conceptualise the marketing campaign and prospects of the venture.
ABM tries to address the problematic issue as soon as possible to prevent wastage of time. It can give you the highest return of your investment. It is gaining popularity among clients because ABM offers personalised offers to them that satisfies them a lot.
How to use E-mail Marketing Sequence?
You can use this trick to attract your customer by sending them e-mail newsletter so that they get to know about your new product. It will relatively increase your subscribers on media.
Experiment with a new business:
You may try to experiment with new business ideas and platforms to promote your brand. But always remember your existing customers. The business owner has to involve more customers but not to lose previous ones.
Big Data Analysis:
Using big data analysis to understand the market entirely is no doubt very essential. Big data analysis is used to predict the recent marketing trend. You can easily relate to your clients with a personal touch so that they will love to buy your products as much as they can.
Conventional Marketing Strategies:
Try to use some traditional marketing strategies as well. Like old marketing strategies, you may hire a bus service to wrap it up with the logo of your company. It will spread your brand name all over the city and eventually gains profit in little time.
The magic trick played nostalgia:
Nostalgia can create more lead generation because people unconsciously falls for nostalgic moments and to relive the past. Now if you focus on this particular point, then it could easily be found that famous brands like Coca-Cola, Calvin Kline and Internet Explorer are making advertisements to rekindle old memories of the millennial and compel to buy their product and share review on social media.
Now just try to notice that on the one hand people are purchasing these products and on the other shares it so that other netizens are allured to buy it! It is like campaigning your product two times with less effort and money.
Now let’s talk about diversity marketing policies. It provides various customer layers to be it an old generation or new. Diversity marketing uses specific strategies and researches about essential aspects like cultural beliefs, nature, particular needs etc.
Word of Satisfied Customers:
This is perhaps the most primitive business model that automatically increases the star value of the said product. For example, if someone found a good food stall at a reasonable price, he will tell his acquaintances about it and recommended the stall for hanging out whenever possible.
This idea needs no investment to promote your brand, but all you have to do is nothing but cook delicious dishes at a reasonable price!
Transactional Marketing Strategy:
You may try this policy to add value to your market research team. Transactional Marketing strategy includes discount coupons, scratch cards etc.
All you have to do is to wait for the right time when customers shops most like at Christmas, Durga puja and similar festivals. If you temporarily reduce your price tag to some extent, then it will help to profit you a lot.
Relationship Marketing Strategy:
You must try to make a good relationship with your customer with a little touch of personalised care.
How to imply it?
You can create a database of your clients’ birthday and message them manually with best wishes. It will give your business a new boost. Satisfied customers are always individual who will remember your product or brand as much as possible.
Some big names in the industry tend to link their companies’ name with a social cause. For example, HUL takes the initiative to donate some money for the orphanage so that they can have basic amenities like food and clothes.
Undercover marketing technique works silently from the background in a subtle way. This strategy does not look like advertising process. It is almost following the stealth marketing technique. Market researchers have found this strategy very useful as proves to increase the market value of any new or unique brand.
If a famous liquor brand wants to promote their name in the market, they can hire a group of people who will buy this brand at local bars and urges other people to buy it as well. Now people have no clue whether it is promoted to them or people or just making a buzz about it!
It also acts as a word-of-mouth campaign and eventually provides a great result. This method is beneficial for the new business venture. If a newly launched bike shop uses this method, they will surely get a boost among local people.
To wrap things up, we can summarise our points at the end of this article. You must remember at the first place that your product or brand needs to be good. Not only useful, but it also has to be best rather than your competitors so that people will choose your brand among all other products. Only marketing strategy is not going to help you.
You must excel at your quality as well as quantity. If you are launching a new food chain in your town, then it is necessary to provide a tasty variety of food or else all marketing strategy can no longer help you to gain profit.