How to do Market Research Online
Market Research is a new Market in itself. In many cases it is a new business adventure and perhaps one of the most important tools that your service will have. The investigation.
Research can be done in two ways. One is using the resources you have at your disposal, free of charge in most cases. Let’s call it passive investigation. And another is specifically designing and identifying what is the doubt that you want to solve, what data do you want to contrast; this would be active research.
Market Research Online
Market Research is a new Market in itself. In many cases it is a new business adventure and perhaps one of the most important tools that your service will have. 🛍️
For both passive research and active research you have a multitude of electronic tools, and even machine learning or Artificial Intelligence tools. Everything is online, everything is on the internet, everything you may need for your research, at your disposal and in most cases, completely free.
Among the first sources, the most notable, the most basic, is the website of your competition. Do you want to investigate how they are doing it or what they are doing? There are no secrets. Make a purchase in one of the sites, in one of the e-commerce stores of your competitors and there you will see how the processes are. What offer do you have selected? What do you sell the most? Why? Because it is the highlight, it is what they will put first. Stronger images, more impressive headlines. What are they selling best?
Free Market Research Tools
But it is not only to observe on their website and make a trial purchase. It is to subscribe to their newsletters, to their email distribution lists, so that every day or once a week, or as they decide, you have in your email a selection of their products, of their offers that you can study. If you are interested in imitating it you can imitate it and if not, overcome it, which is the idea of a new e-commerce business.
As there are expert blogs in every business area, you have many means of communication. All of these are wonderful free market research tools. In addition, if you have identified what is the area of knowledge that you want to investigate or what are the doubts that you want to resolve, you have other additional tools linked to the use of Artificial Intelligence. These include search engines.
Measurement in the Ecommerce era
You can go to Google, start an anonymous search and investigate and reformulate this question or question in different ways so that it gives you the answers it would give to a local person.
You can go to Google, start an anonymous search and investigate and reformulate this question or question in different ways so that it gives you the answers it would give to a local person.
But not only the competition and the products and the customers are investigated. Also on the internet you have sources and tools to investigate laws that can affect you when investigating candidates: Who does your competition hire? Who do you need to hire? Who are those people? What have they done before? What types of link building strategies do you use? You can research and identify suppliers, new technologies, because suddenly your business has grown a lot and you need to invest in software or hardware. Who sells that? What references are there? The digital market is a very transparent market, but research is complicated work and requires practice and a learning process. The sooner you start the better.
Benchmarking strategies... Learn from your competitors.
The best way to establish the pillars of electronic commerce, as in any market, is to look at the big market leaders. There is no point in continually reinventing the wheel. You may be facing doubts and problems right now and you can learn from others who have had those problems before. This information will help you with the problems and decisions you are going to face.
This strategy is known as Benchmarking. It is nothing more than the comparison of the most important aspects of the market leaders and comparing them with your own strategy.
How to simplify a purchase process? And who are those sources that you should go to consult? Who are those great players that you should imitate?
“Benchmarking is a measurement tool for gauging a company's operating performance against that of competitors for the purpose of identifying best practices and making improvements.”
The Market research process can lead you to track your top competitors over time to see what their workflows are like and how to adapt them to your own.
Many of these companies familiar to you, Amazon, Zappos, Google Shopping, eBay, have invested a lot of time, a lot of money and a lot of resources in creating workflows in the best possible way.
When you are thinking that there is something wrong with your purchasing processes; because your customers are lost, or in the selection of the offer, or who are your allies in your marketing campaigns to attract customers, these companies have already been through that. See how they do it, shop, but don't make purchases like any other customer does.
Make purchases and track them to learn from the processes. In the large electronic commerce, every act of purchase is analyzed, studied and measured. Why? Because it is profitable. In this way you will sell more and you will sell better. You are accessing a WORKING formula.
All of these companies have distribution lists and you have to be subscribed. Being subscribed to those distribution lists is a wonderful way to passively investigate. They are the ones who are going to tell you what they are doing and how they are doing it.
Study everything, measure everything, why? Because it is profitable.
Studying and knowing the processes and the choices and product demands of their clients, makes sales grow between 8 and 25%. Because they know who the people are, they know they like it, they know, with a very high percentage of success, what they may like, once they have bought a book, in the case of Amazon they will recommend similar books. Maybe you have not bought this type of book before, but people who have a purchase profile similar to yours have done so, and there is a very high percentage of hitting that offer.
Promote your Online Store with us!
Market leaders know a lot about electronic commerce, but the key to electronic commerce, the most important thing, is how you interact with your customers. In this interaction there are two important points: one, the product and two, how are you going to promote your offer? Images, three dimensional graphics, if your product is complicated, who is going to talk about it? You will gain a lot in this process if these two points are defined from the beginning.
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