Grow with Great Primary Market Research
Data for market analysis and planning has changed a lot in recent years. In today’s fast-moving technology and telecom markets, it’s increasingly common to analyze CRM data, web traffic data, and point of sales data for predictive trends. After all, data-marketing is not just a trend. It’s here to stay. But with very new products—which is pretty much the rule in technology – primary research is the only choice for researching personas or analyzing markets. Follow a few easy tips to grow with great primary market research to juice your marketing campaigns.
Nothing like great market analysis to yield marketing campaigns that deliver qualified leads.
Four potential pitfalls can spell doom
Wrong sample set.
Let’s say your new product app is aimed at companies with at least $10 million in revenue and you want to see if your brand resonates. Test your brand with the market of companies with at least $10 million in revenues, not with just your customer base. Your customer base is not the market. Get this part right or the whole project can steer you wrong.
Respondents don’t really understand emerging tech.
Surveys tend to ask questions about technologies that are still “too visionary” to get trustworthy answers. This is probably news to you, but most just do not understand the technology the same way you do. So take the time to figure out language, especially for product features.
Most research is usually focused on verifying and validating what we already know (Marketing can be the culprit). Research that neither seeks to break new ground nor enlighten marketing departments for better decisions is worthless.
Language is too Techno-speak (or Techno-babble as it’s sometimes known).
Finally, terminology around new and emerging technology lacks a common understanding. For example, cloud computing might mean something different to each respondent. Definitions emerge and evolve over time. If researchers don’t make sure respondents understand questions and terms as intended, then you’ll fail. So you have to ask a question that people can answer, which means asking questions differently.
Sometimes, primary research is truly the only option for greater market understanding. Many new technologies can easily prosper and grow with great primary market research – done the right way.
Four Keys to Grow with Great Primary Market Research
A defined research target that represents a defined market or universe will get your the right sample. If you have a small market, make sure the universe is large enough to get reliable answers.
Clearly identified next market moves.
Get clear on those near-term “next market moves.” When trying to survey topics related to the bleeding edge, focus on the steps toward that vision. Put in it context of today. Ask survey respondents about those steps. Let’s take an example. Instead of asking about cloud computing, try asking virtualization and software as a service. Enterprises of various levels of sophistication can easily gives answers.
Tightly couple research goals with go-to-market or product development goals. Start by asking yourself about what are you going to do with the information once you get it? If you can’t answer this question, you don’t need to collect it. Instead, start at the beginning. Next, write down your hypotheses – what you expect to prove or disprove. Finally, get a clear idea of how results will be used. Will results tie to demand generation? How about inform channel partners to changing buying habits?
Test, test, and test.
Lastly, get friends and colleagues who might be buyers of your new technology to take your survey. Aim for six good tests where you talk to test takers about the survey. It’s is the only way to make sure you are communicating to them the way you intend.
In sum, if you faithfully follow these four keys, you’ll grow your understanding of the market, your buyers, and their buying journey. Your campaigns will be more fruitful. You’ll have more qualified leads and thus, you’ll grow with great primary market research.