Whatever you are marketing, your ultimate goal should be to make people buy from you.
In case you are entering a new market, you will need to learn how to ask the right questions and find out what makes people buy from you and not your competition. To help you develop your unique selling proposition, you will need to learn more about the market’s behavior. Find five tips on how to collect business intelligence that will help you understand your target market better.
Five tips on how to collect business intelligence that will help you understand your target market better.Click To Tweet1. Do Your Research
Before you would enter a market, it is important to learn as much as you can about the demand and competition. There are business and marketing reports freely available on the internet that will let you know more about your market’s current and future trends. You can find journal articles, survey results, and research published in magazines and on government websites.
2. Engage in Conversations
In case you would like to know more about what your customers are searching for, and what their most urgent needs and wants are you should be visiting their blogs, vlogs, and even social media posts. There are cool ways of tracking keywords and social media hashtags to learn more about the behavior and preferences of your customers. Use social media monitoring tools to find out which topics are hot and what are the upcoming trends.
3. Visit Blogs and Forums
You can sign up for blog updates and forums as well, to find out more about your ideal customer. However, if you don’t have the time and energy to do so, you might want to engage a user research agency. It is important to learn what your target customers want from your company to tailor your offers to their needs. You could also find out what are the needs of your potential customers that the competition is not fulfilling, so you can find a gap in the market and differentiate yourself easier when you launch your product.
4. Create Quizzes
To save money on market research, you could create your own quizes online and distribute the link through social media and user forums. Free quiz sites also offer an upgrade option to help you reach more people. You can also find different quiz tools on the cloud, such as data analysis and visualization tools. Learn what makes your potential customers open their wallet, and what it takes to make them trust you.
5. Collect Feedback
Once you have a few customers or followers on social media, you can start collecting feedback and testimonials. First, publishing reviews will boost your brand’s credibility, second it will help you understand what influences consumer decisions in your market. Make sure you ask for permission to publish information on your site, and you follow data protection guidelines and policies.
To serve your market better than your competition, you need to understand their needs, wants, and buying triggers. Before you launch a new service or product, you should find out whether there is enough demand for it, and what you can do better than other companies. Do your research thoroughly, and success will follow.
