ONLINE MARKET RESEARCHWHAT IS IT AND HOW IS IT DONE?

WHAT IS ONLINE MARKET RESEARCH?

Online market research is a set of strategies used by companies to determine how their products are performing on the market and with individual customers.

It also provides trends in the market that may be helpful in selling to a wider or more targeted audience.

Research is completed online, particularly with online sales and websites.

WHAT ARE THE GOALS OF ONLINE MARKET RESEARCH?

Create more leads

Improve sales processes

Generate opportunities

Increase sales

Maximize profits

Beat the competition

HOW TO PERFORM ONLINE MARKET RESEARCH:

Step 1: Determine your target market Identify who your prime customers are

Investigate your market

Complete preliminary research on target audience

Create an ideal client profile including age, position, and available resources

Step 2: Collect a market research sample Use online tools like keyword searches, interviews, questionnaires, etc.

to collect relevant data

Step 3: Analyze data Compile and decipher data from your research

Use your own team or hire a professional analyst

Look specifically for client behavior, habits, and demands

Step 4: Compile a market research report Put all your findings in one place

Make recommendations for changes in the company

Allow room for future research findings and recommendations

Step 5: Use research to make changes If you are going to go through all the effort to research

and analyze your market, do something with the information

Interact with clients using new processes

Your market will continually change—be open to making more changes in your processes later

Recognize other challenges

ADDITIONAL RESOURCES

For more information on online marketing research see these helpful links:

http://www.sprintmarketing.com/online-market-research/

http://tennicut.hubpages.com/hub/How-to-Use-Website-Intelligence

http://www.inc.com/guides/biz_online/online-market-research.html