Tips for conducting market research

An important part of growing your business successfully is taking the time to understand your customers and their journey. Knowing their motivations for buying your product offerings, how they found your business, which communication channels they prefer, and what your competitors are doing to lure them, is key to being able to retain your customers and develop products that they need and want. Additionally, market research will help you better understand where your resources and marketing budget should be directed in order to get a better return of investment.

Best practices include:

• Defining your buyer persona
• Checking out how customers behave in stores that offer similar products 
• Individual interviews and/or focus groups
• Processing the data into actionable steps

Learning how to ask the right questions can be tricky, and there are resources like Hubspot and Hotjar that provide information that can guide you along the way.

What are your tips for conducting market research? Share your thoughts in the comments below!