Developing Your Business: Conducting Market Research in the Virtual World

Market research is a default tool used by entrepreneurs in gathering information: current market trends, purchasing history of consumers, public and private records, and more. The data is used by corporations to stay updated in the current business wave. It also enables them to assess whether their products/services still appeal to their target market, or if they need to establish a new marketing strategy for their brand. While this approach sounds like a lot of work, companies have found a faster and more accurate method to generate feedback and results, thanks to developments in technology.

Since the advent of the internet, communication is as second nature as blinking. And with all the social networking sites surfacing and dominating online, researches and surveys can now be done with just a few clicks. The internet is this generation’s best technology, and everyone (especially entrepreneurs) are happy about it. Businesses experience convenience not only in connecting with their clients, but also in promoting brands. And with the increasing popularity of social media among millennials, it has become easier for business owners to collect data and feedback from their markets.

To further enhance your company’s market research strategy, here are some useful tips on how to generate consumer information using the internet.

Social Media

It is no secret almost everyone have various social media accounts. It is the current trend, and every human being with a smart phone and internet connection (which are both globally accessible) is hooked to it. As a corporation aiming to position your brand in the public market’s interest, utilizing social media for your company’s benefit is a smart move. Conducting polls and surveys in different platforms like Facebook, Twitter and other sites can save you both money and time, as it’s free to create social media accounts and feedback generation is done in real time.

Emails & E-newsletters

Another market research method that can be done through internet is sending newsletters and surveys via email -a good way to gather information and opinions from existing customers. Engaging in an email-based interaction with clients also helps establish a personal connection; this is to your advantage, because having a healthy customer relationship increases the rate of customer retention and potentially advances sales generation.

Online Posts & Articles

Reading market-related articles posted online is also helpful in analyzing gathered data. Collecting insights from published studies can give you a head-start in concluding what would be the best step for your company. Articles written by private and government agencies are usually the most reliable sources, citing statistics essential for your own research. Also, studying what potential consumers write or comment about certain products/services gives you insight on your next product release or marketing campaign.

While almost everything can be easily found in the internet, you still have to verify information before you utilize it. Sites delivering false information has bombarded the virtual world, so it is imperative to be careful and wise in selecting what is genuine and what is not. Always refer to data you can trace to legit sources, like official sites and pages.

Elsewhere on this blog:

Business Metrics: What Surveys Can Do For Your Business

Competitive Advantages of Offshore Staff Leasing

Should You Outsource Your Customer Service?

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