Can you imagine taking a road trip to Cape Town from Johannesburg without a GPS, map or any road signs to guide you? Not only would you inevitably get lost, but the chances are high that you’d land up somewhere where you do not want to be. This can be likened to market research – without it, your online enterprise is simply a costly experiment that has no true direction.
Market research is the ideal way in which to ascertain whether or not there is a market for your product, and at a later stage, whether or not your product needs improvement. At some point or another, we’ve all been proud of a brainchild that has the potential to yield insurmountable success – and the best way in which to gauge the public’s response is through exhaustive research. The last thing that any online entrepreneur wants is to develop something that receives little to no reaction from potential customers. Before you shift into high gear, take a moment to reconsider your market research strategy. If you have yet to schedule your research, be sure to take a look at the following tips:
The Importance of Customer Market Research
Customer market research gives you an idea about the types of people who will respond to your product or service offering. It will assist you in providing the type of information that you will need to make a success of your online enterprise – how much money people are willing to spend on a specific product, necessary demographics, direct and indirect competition, the needs and wants of the customer, and the degree of desire for your product. Without this information, you could be setting yourself up for disaster. The importance of customer market research stretches beyond your product, and delves into what customers deem most important about their online shopping experiences. A simple and user-friendly site that contains a secure payment gateway, offering numerous payment options, is often what customers want to see. Not only do potential customers want the assurance that they are able to make secure payments, but they also want to know that their details will remain forever confidential in your database.
When conducting your market research, there are two or three steps to the research process. The first is that of ‘Primary Research’ where the use of interviews, surveys, questionnaires and focus groups provide the first set of important information. This is followed by ‘Secondary Research’ to analyse the data that has already been collected. It is in this stage that you will identify your competitors and your target segments. This information, once collated and analysed, will ensure that you have a firm understanding of your potential customers.
When conducting your market research, you will not be able to gather all of the relevant information on the internet. However, you will need to conduct thorough resource-driven research to determine what your online enterprise is up against. Take a look at trends, reviews of similar products and online stores, and gather your information from what is available on the internet. Be sure to compare this information to that of your primary and secondary steps, and conduct more research based on your findings.
To ensure that you’re on a path towards success, be sure to conduct adequate research before pressing play on your enterprise. If you’re looking for a place to start, why not invest in an online payment gateway from a service provider that you can trust? Contact PayU today and take the first step towards online success.