How a good Market research can improve your conversion rates.
I want to start this article with a question:
What is the most important factor when we talk about conversion rates?
- – Ad campaign?
- – Communication?
- – Funnels?
No my friend, the point you should focus on is: TARGET
It’s really important for you to know what your customers are looking for in order to meet their needs. The best way to identify what your market base wants is a good Market Research. Thanks to market research you can set your campaign on the target you are looking for, you will easily reach and attract your potential customers. The natural consequence will be an improvement of your conversion rates.
Continue reading and you’ll find some great tips to make an efficient Market Research.
TIP 1. Gather information from your customer
A good point to start from is a basic research by finding your customer opinion and feedbacks about your product or service. You can do it by e-mail or maybe by a survey they have to answer to. Write them that it will be important to improve your product and that it will be a benefit for them too. Start from your subscriber list, try to gain information about what they like or dislike and about how they would like your product to be improved.
A primary market research it’s the first basic way to have indication from who already have experienced your product, in other words from your target. It is also useful to get free information to develop or update it.
TIP 2. Secondary Market Research
Now that you’ve got information from the customer that you already have, it’s time to do it from other sources. Please pay attention now. First you have to look for report related to your industry in order to find out what was the total sales in your industry the previous year and to know who are your competitors. If you do it, you will exactly know what percentage of the market you’ve reached.
Why is it important?
First of all, you will know how much you can potentially grow in the market. Secondly you will find out concrete market trends, that are really useful for your business’ development.
TIP 3. Put your Market Research Result’s together
Once you have done primary and secondary market research, it’s time to put all information together. My advice is to use a word document. Find the most common responses to your survey and verify how much they match with the trends you have identify in the reports. If you do it, you will find out really concreate and reliable trends. These are the two areas you have to compare: trends from surveys and competitor common practices.
TIP 4. Needs and Interests
Now that you know what your target wants, create call to action or headers that will attract them in order to meet their needs. With your marketing research’s data, it will be easy for you to create a catchy campaign that appeal to your market base.
TIP 5. Competitor’s Leads
It does not mean to avoid you competitor’s actions. Study them to understand if you are using a good marketing channel or strategy. For example, if you see that your best competitor is getting better results by an e-mail campaign compared to your strategy, then turn on the same marketing channel.
TOP 5. Not one time: do it regularly!
If you want to improve constantly your business, then you should do market research regularly. Markets are dynamic and trends can easily change in a really short time, especially on social media. To be always on the right track you should keep your strategy fresh.
I know that it can appear complicated, but believe me when I said that market researches are only a bit boring and takes a bit of your time but they are fundamental to make your online business grow. They help you to find your target and at the same time to improve your product or your services, your advertisement will become more effective and successful: you will see your conversion rates grow fast.
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