How do you do market research for web hosting?
We have all, more or less, heard about market research, especially for web hosting. The phrase is often used by consumers who consider all the parameters, quality features and price, before making a new purchase, in order to decide which product or service to choose. This can be easily achieved by quickly searching the internet or searching some physical stores.
But when you have a business and you want to do market research, then things get a little more complex. Fortunately, the right techniques and tools have been developed to help you get started. Here we will present you the most common methodology, and our “secrets“.
What does market research mean for a business?
Market research is the ultimate tool for your business. It will help you gather, process and utilize information needed to make strategic decisions. The main object of such research is your buying public, its size, its needs, as well as its desires and how they evolve.
Marketing research is often confused with market research. However, in this case we are talking mainly about marketing processes. Specifically, we refer to marketing research and the collection, analysis, processing of data that are intended to make decisions about the marketing strategy that we will follow or that we will reshape.
A market research can generate countless marketing processes, but in itself lacks important data, which practically concerns a separate research.
What steps will you follow?
Although the steps of a market research vary many times, we could summarize them as follows:
1. Define the problem – Find the opportunity
The first step is to ask the question you need to answer. This varies depending on your purpose. You will ask different questions if you are going to open your business or a new branch now, different if you are going to launch a new product and wonder about its impact, and different if you want to change the brand or appearance of your products. You may even be looking for new potential expansion opportunities, so you need more information on consumer needs.
Whatever the case may be, you need to define the problem in a clear and definite way, and avoid very general or very specific questions.
2. Plan your research
In the second phase you have to decide where to collect data. Your sources will be primary or secondary.
Secondary sources are information that already exists, research that has been done by others, and data that has been collected and archived. In the age of the internet, a lot of information is accessible with a simple google, but it is not always reliable. You will find more accurate data from merchants’ associations, chambers, published statistical surveys and surveys conducted at universities. The downside of these sources is that they are equally available to the competition. They will help you understand the market, but they will not give you the comparative advantage.
You will gather more innovative information from primary sources. This includes personal interviews, projection techniques, closed and open questionnaires.
In this case, you should determine the sample that interests your research, depending on the questions you have asked. Random samples are more representative of the market as a whole. You may, however, want to study only a specific group of the buying public, depending on age, gender, geographical location and interests.
3. Data collection
Data collection is the main phase, the implementation of your research. It can be done through personal contact, by phone or of course and online.
4. Data analysis
Having in your hands all the data of the market research, you pass to the most important stage: that of the analysis. You need to verify, encode and finally record the data it has collected. I would venture to say that this is perhaps the most crucial point. If the analysis has problems or shortcomings, you may need to go back to data collection or even choose another method of research.
The research findings are recorded and summarized in a report of conclusions. If the research is successful, the findings should answer the original problem you posed.
5. Strategic Decision
The essence of a market research is to devise a new business strategy or renew an existing one. Whether you want to launch a new product or renew an existing one, you now have the data to make the right decision.
Market research in the digital environment
The environment in Digital Marketing is known for the prevailing fact that we can always have data in what we do. In the field of market research, now, the possibilities and facilities are great.
There are plenty of tools to get raw data. Online questionnaires, ready-made advertising audiences to reach through paid ads, platforms, and advertising tools, to evaluate even the brand lift of a business through Facebook / Google.
In the digital environment we can find countless tools that will help us to have a to-the-point market research. And even more, if we go to the marketing research part, we can find and evaluate our buyer persona based on the existing digital channels, and target it to an extent that would not be possible in offline channels.