How to research my market online?

This article was translated using AI technology from the Spanish edition. This process may cause errors.
Entrepreneur contributors do not necessarily agree with the opinions expressed.

Online market research is a great option if you are looking to learn more about your client, or to ensure that your product or service succeeds. There are many benefits to this method: you don't have to hire staff to complete questionnaires or process information; project times are shorter and the cost is much lower.

It works like this: This service is offered by companies via websites. For a fee, or an annual fee, you can access a variety of tools that allow you to create surveys, email them to a database and analyze the results.

This system is perfect for small and medium-sized companies with low marketing budgets, as well as for traditional market research.

This type of analysis is usually commissioned by a consultant or study, but you can do it yourself using the following techniques.

Interviews with experts to find out the most important aspects and trends in the industry.

Focus groups are used to understand the opinions of potential customers about a new product/service.

These surveys reveal potential customers' purchasing habits.

Once you have the results you can:

Research hypotheses can be generated that can be quantitatively tested.

For the preparation of surveys, generate useful information.

Evaluate new products.

Create innovative ideas for existing products

Interpret quantitative results previously obtained.

Learn and understand the different emotions brands can evoke.

Once you have all of the data from your quantitative research, you will be able to estimate demand and project financial statements. You can then present the information in histograms, foot graphs, or bar graphs.

It is crucial to highlight the objectives of your research or survey. The results of the market survey should answer all the questions and provide the basis for more precise decision-making.

An annex can be added to the business plan that contains the objectives, methodology, and results from the market survey.

Do it yourself

1. Design. Design. The portals offer predesigned probes that can be used to help you do this.

2. Send. Send.

3. Analyze. These pages allow respondents to display their responses in graphs, since they are mostly quantitative studies. This statistical data will allow you to do a deeper analysis of your clients and potential markets.