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Importance of online market research in the current scenario – Part 1

Published On Feb. 21, 2018 By Madhu

Market research is an organized effort to collect information about customers or target markets about their needs and preferences. The essential step that must be carried out before any business to sell a product, is market research

Market Research can be carried out either online or offline. Offline market research employs traditional face-to-face research while online market research uses internet to reach or connect with the customers or end users

Offline market research is the process of reaching targeted customers to satisfy their needs and wants. It played a wide role in the business when there is no internet facility. Marketers used to gather the information of their product by contacting the customers face-to-face. To test a live product offline surveys are perfect because you can analyze the attitude and behaviour of the customer while using the product.

Online market research is a systematic process of gathering, organizing and interpreting the information through research using online means. In the current scenario, online market research became prominent for a successful business.

Online market research can be used for following applications:

Create an online survey:

Numerous websites exist on the internet that allows creating surveys. Through an online survey, you can get free feedback from customers and other participants. Limit the number of questions which allows the participant to answer it with less time.

Examine social media:

The best way to start understanding your business volumes is to examine social media. Having a conversation in social media about your product builds a loyal customer and increases traffic to your site. Use the similar keywords and images on the social media to not get confused with your customers while searching.

Search the name of your competitors online:

This helps you to determine how your competitors are marketing online and who are promoting your competitors.

Conduct keyword research:

Keyword helps to increase your brand exposure when someone tries to search your business on the web. Google AdWords keyword help you to visualize the track of search for your business in a given period. To get the best results from search engine include all the keywords what a customer would search for.

Benefits of online market research over offline market research:

With the use of the internet, online research made it easier for businesses to gather the information. This has been used by all kinds of businesses because of its advantages over offline market research. Here are the benefits of the online market over offline market research:

Saves time:

Offline marketing research takes more time to conduct a survey as they need to train their surveyors to get the best result. You don't need to spend much time in online research.

Easy to analyze:

After gathering the information through offline surveys, to analyze the information it consumes a lot of time. But online surveys are ready to be analyzed at any time. The tools present in online surveys create graphs for reporting, export data for further analysis and allows you to share the results.

Less budget:

The strategies of offline market research are quite expensive as compared to online research which requires lesser amount of time, efforts and money.

Increase in customers:

Nowadays people spend most of the time either online or on social media. So, it’s easy to create a survey online and reach large number of customer as compared to offline