How to do Market Research using the Internet
As we all know, Market Research plays an important role in our business. Market Research is an analytical study of the market, by gathering information about your related industry and using it in your favor to make future decisions for your business. However, there are paid and even free resources and methods through which you can do Market Research, let’s have a look at, how can we do Market Research using the Internet?
Why the Internet?
Market research through the internet saves you a lot of time which can be invested in some other productive activity. Furthermore, most of the information which you acquire through the internet is FREE! In old times, a library was considered a spot for wisdom and information, in today’s world, it is the Internet!
Quantitative and Qualitative Research
Interviews, polls, groups are all the source of information which are available on the Internet. Having Quantitative and Qualitative research is an important aspect of Market Research. Earlier, either through primary or secondary, gathering such data meant a lot of time and money, but now the Internet has it all sorted.
Online Questionnaires and experiments
As a researcher, you can use various Online questionnaires and various carried out experiments to acquire information and gain good knowledge about your topic or the product. In fact, online questionnaires are considered as one of the most widely used tools for conducting market research through the Internet.
Online panels can be considered as the surveys which are carried out to gain information and the experiences of different people over the same particular product. Nowadays, Online panels are an effective method for companies and business, where you have a group of people who agree to be a part of this panel and sharing their experiences, watch their behaviour, preferences, which aids us in our research.
Readily available surveys and reports
Just google it! That’s the term which we use for any information required. Similarly, while conducting Market research, especially when looking for lots of secondary data, you can browse through the various available surveys and reports which are available online, some for free and some for a price. However, there is one thing which has to be noted here, that whichever survey you deal with, you need to make sure that the data is not too old for you and your subject matter.
The Social Media
There are so many social media platforms out there today. You can use them to find out what is trending in today’s time and what competition you have for your own market research topic. The most commonly used techniques is going through the hashtags, for example, the Instagram hashtags directly lead you to all the similar posts related to your content, and this, in turn, can help you understand how other businesses are moving through and judge your competition in general.
This is a very easy and effective way to carry out your market research. What is keyword research? You just have to use the certain and chosen keywords of your topic and surf through the browser, this will help you understand which keywords are best suited, which are the ones which are used more by your customers or by people at large. It also provides you with information on those keywords which are not boding many results, there are various tools available online which can aid you in doing keyword research.
Just like a speculator or an Observer
Internet helps you in speculating and observing what the world has to say about your product or your concerned topic. You can join various online discussions, online groups, online events, and act as an observer. Noting down your important points regarding your subject, and act as a first-hand witness to your findings. Just like how aspiring lawyers join the court-room as listeners to gain knowledge, you can join in such discussions and forums acting as a listener and making your notes.
Here, we can conclude that market research through Internet can save us a lot of time, can teach us a lot of things for free, and also give us a good insight into the outer world, your competitors, and their strategies. Various blog posts, online polls, keyword researching, forums can always act as a good source for your research.