How to Conduct Your Very Own Market Research

Research Is Costly:

Time is scant and resources are scarce and at times it is just not possible to carry out all possible functions with the select resources available. In this blog we highlight a few steps on how you can conduct your own B2B market research. Although it is impossible to imitate the work of professionals who have been conducting research for quite some period of time, still you will have the basic mental resources on how to proceed when you’re lacking in capital.

Step 1:

In order to know the questions pertaining to your specific industry, you would probably scourge the internet. Google is a wonderful tool for such purposes but it is not the panacea for all problems. Instead a more sensible way of conducting research would be to use the Google Analytics Keyword platform which is a great place for looking up keywords pertaining to your industry. Furthermore, in order to look up industry trends, search up Google trends which will throw up to you a whole lot of useful information as well as the current business scenario pertaining to your business.

Step 2:

Interviewing stakeholders or influencers in the industry can throw up some true market research results that is unmatched by any other resource. Detailed information, in-depth analysis, and knowledge pertaining to a wide array of industries are some of the key benefits.

Step 3:

If you are into B2B email marketing, then conducting small surveys replete with relevant questions would provide essential market details. Email surveys are a great way of obtaining information especially if you have relevant database and lead lists. In the absence of such data, conducting B2B market research becomes especially difficult. Market Quotient can help you obtain hot leads for such purpose.

Fourth and Final Step:

There are many published quantitative data available online. If you get lucky, you might obtain data that matches your industry and is relevant to your company. This information, although raw and unprocessed, can still give a basic idea of the situation prevailing in your field of interest. However, proceed with caution; as such reports might compel you to make hasty decisions. This may prove counter-productive as the quantitative data is not designed specifically for your business case.

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