Rancakmedia.com – Maybe some of you are still unfamiliar with market research, and many questions arise about how to do market research online? Don't worry, you can get more information below.
It is common practice to conduct market research before a product becomes available to the public. However, due to the pandemic situation, market research has to be done online.
Doing research online is undoubtedly very different from doing research in person. There are various barriers to properly providing significant research to businesses.
To help with this, I'm going to cover a few things you should know before doing any kind of market research online.
What Is Market Research?
Market research is part of the company's strategy that focuses on efforts to learn more fully about customer behavior in consuming goods or services produced by the company.
Market research is a technique for testing the feasibility of a new service or product through research conducted directly with potential customers.
The product or brand development cycle can start with market research at any time. However, a very critical step is before introducing the product to consumers.
As part of a successful product launch, the marketing team needs to make important choices at this stage.
This research helps businesses find the right target market and find out what consumers think about the product and why they might be interested in the product.
Generally, market research is conducted to answer the following questions.
- Are the goods supplied in accordance with consumer needs?
- Is the product cost right, and will consumers be happy with the price?
- What advertising techniques are efficient in attracting consumers?
- Is the product in accordance with consumer conditions?
Both qualitative and quantitative methods can be used in market research to find answers to the above questions.
Online Market Research
Both of these research methods can mostly be done online. So far, most online research methods in Indonesia have only been used for quantitative research.
Online market research has begun to be used by researchers and marketing practitioners in Indonesia in the last seven to five years. However, a major acceleration of greater use of online platforms occurred during the COVID-19 pandemic.
People limit their connections outside the home. There are social distancing protocols that must be obeyed, but commercial operations, especially product manufacturing, must continue.
Likewise, market research activities which are important for decision making must still be carried out. Consequently, the trend of using an online approach to market research has increased dramatically since the epidemic. Market research conducted online, especially market research that uses a quantitative approach.
Types of Market Research
There are two types of online market research, namely:
1. Primary Research
Information and data in primary research comes directly from the respondents or research objectives. The main research objective is to collect information/data on current market conditions.
Primary research can be carried out in the following ways:
- Through interviews, either by telephone/video call/conference call or in person
- Through surveys (online or via email)
- Questionnaire (online or via email)
- Through group discussions, where members are a sample of consumers or potential customers to receive direct input
2. Secondary Research
Information and data obtained in desk research comes from publications/reports/things that have been published to the public.
So, the purpose of secondary research is to analyze the data that is already available, which is then taken into account when developing a marketing strategy.
Based on this secondary data, companies can identify market segments and competitors and set benchmarks for their business.
The Role And Function Of Market Research
Market research has a very important role and function in the marketing process.
The two main roles of market research in the marketing system are as follows:
- Serves as part of the Marketing Intelligence feedback process providing a wide range of data on marketing mix effectiveness. In addition, this process can also be a reference for decision makers regarding the changes needed
- Serves as a key tool for marketing managers to explore new market opportunities, segmentation research, and new product research to identify the most profitable opportunities
Meanwhile, the market research function is related to how a company uses data from research, namely:
- Planning (planning): There are several things in planning, including market segmentation, needs assessment, and environmental assessment
- Problem Solving: Market research information and data are used as a reference for short-term and long-term decisions about products, prices, locations, and promotions
- Control: Information and data from market research also helps companies to find weaknesses and monitor ongoing processes
How To Do Online Market Research
Here are some methods you might use in conducting market research online.
Doing a Keyword Search on the Internet
Searches using keywords can be done on internet search engines or on certain social networking programs. Google and Bing are the two most used search engines, and Facebook, Twitter and Instagram are three of the most used social media sites.
Open a search engine and enter terms related to the product you are looking for. For example, if you wanted to do market research for healthy food products, you could add a phrase like 'healthy food options' or 'most popular types of healthy food'.
The ability to use these keywords can also be combined with searches on social networks, because dialogue or discussion on social networks is generally more specific.
For example, if you put a term like the one above in the search area on Twitter or Facebook, then what will appear are comments from consumers about the product. It is far more practical and economical to understand what consumers really want.
Surveys are conducted on the premise of asking a few easy questions about the product or service that is the subject of your research. As a result, online surveys are now considered more successful than traditional paper surveys or the need to meet survey participants face to face.
Faster answers, lower fees, and ease of use are all advantages of taking online surveys. You can conduct this online survey using your own social network account, your company's social media account, or via the company's website.
If you are looking for information about a particular product or service, ask your friends on social media or other website users for help. Survey distribution must be guaranteed. You have to make sure that the questions you ask are really on point.
It is difficult, for example, to conduct a poll on laundry products when respondents are 13 to 17 years old. You can understand the market consumers by using the two methods listed above.
If you know consumer preferences, then you can easily find prospects for your company and determine how the company can develop in the future.
Advantages of Doing Market Research Online
Some of the advantages of doing market research online, namely:
- First of all, you can reach a bigger and wider audience than just those around your company location. So if you look at a larger area and more people, you'll get better information.
- It will take less time to collect data and analyze it due to the increasing number of people who can participate in online research. Respondents can immediately fill in relevant information online, and the data is uploaded to a dashboard that can be tracked in real time.
- The data you get from respondents will also be easier to record because of the automation of data distribution and storage. So, when we move on to the next step which is analysis, it will also be easier to generate reports.
- Furthermore, by doing research online, you can prevent or reduce problems that might occur if you do it in a more traditional research setting. Doing research online will help save money. For example, the cost of distributing research questionnaires, which requires logistics.
The Challenge of Doing Market Research Online
Although market research conducted online can give you several advantages, there are also different problems that you have to face when collecting data. The first thing to pay attention to is the attention span and ability of the respondent to complete the research.
The Guardian argues that nowadays, a person's attention span is barely more than 12 seconds.
As a result, you must ensure that the respondent has sufficient time to devote only to answering the research questions.
So you have to develop efficient queries. This is also done so that respondents do not experience respondent fatigue which causes the quality of the data provided to not meet expectations when filling out online market research surveys.
The quality of the responders on the panel is the next issue to be addressed. In an ideal world, every business would have a comprehensive list of clients. Otherwise, the market research team can obtain a panel of respondents from a reputable marketing research organization for online quantitative research.
In addition to consumer databases and response panels from third parties (such as market research companies), you can also use social media to engage consumers.
Indicators of Successful Online Market Research
So, what are the indicator signs of successful online market research?
- Response rate, namely how many respondents resulted from the research. The higher the response rate is, the better the research will be.
- Completion rate or high level of research completion. A high completion rate means minimal errors or mistakes that appear in research.
- Benefits of research, see whether the results of the research are useful and relevant for business continuity
Below we have summarized some frequently asked questions about market research, as follows:
What Is The Purpose Of Market Research?
Market research has the goal of providing an understanding of consumer behavior and knowing what consumers like, this can make it easier for you to determine an effective product marketing strategy.
What Are the Benefits of Online Market Research?
If you are forming a business, and you are doing market research, there are several benefits that you will get, namely:
- More affordable costs
- Be more focused
- Easier to manage products
Research market more online during the COVID-19 pandemic. Market research is a technique for testing the feasibility of a new service or product. Both qualitative and quantitative methods can be used in market research to find answers to questions.
This is an article about how to do online market research, I hope the article above can be helpful and useful for all of you.