3 Readily Accessible Sources for Market Research

First, let’s start with a definition from the American Marketing Association:

Marketing Research:Marketing research is the function that links the consumer, customer, and public to the marketer through information–information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications.(Approved October 2004)

Now that we’re clear on what it is, let’s discuss 3 readily accessible sources for market research:

1. Current customers – Your current customers are a wealth of information and great resources for gaining insight into current and future needs and wants. Use customer surveys to learn more about how your customers use your service, what they want to see improved, what they really enjoy, and what keeps them buying from you.

2. Competitors – Don’t shy away from this valuable source. Find out who’s doing what you do and how they do it. Learn what makes you different and better. Get a good understanding of why your customers prefer your product or service over someone else’s. Use the information you gather to improve marketing efforts.

3. Social Media – Sure social media is about engagement, but its also about listening. What you see and hear via social media allows you to Identify prospects, understand customers and see what your competitors are up to.