This year, resolve to do more market research.
You're in your weekly Monday meeting. "What can we do to get more leads?" the highest paid person asks.
"Maybe we could do some banner ads" someone suggests.
"Nah, I never click on those things" another voice says.
The conversation continues until either a) all attendees are too exhausted to put up a fight or b) the majority agrees on a solution they like.
What about the person buying the product or service? Don't they get a say? I find it interesting that some people will spend more time researching a stock symbol than they do on their own company. Probably because research is hard. It's expensive. It's boring. Maybe research is even misleading or worse: useless.
Research done right, on the other hand, delights customers, wins wars and cures diseases. Pretty powerful stuff!
The thing is...research doesn't have to be super expensive or time consuming. Here are some simple things you can do.
1. Google Analytics
If you have a website, some sort of tracking method is a must. I like Google Analytics because it's free and it's easy to setup. Through this technology you can learn where your traffic is coming from, how long visitors stay on your site, what pages they like most, and more. Through Google Analytics, you can learn which of your pages are most likely to result in a conversion; meaning a sale, sign-up, click, etc. Learn what customers like about your company by observing them.
2. Public Data
Recently, the U.S. Government released census data for 2010. If you are marketing to a specific area, you can look up things like: median income, average household size, marital status, and even travel time to work. It's all available on their website. In addition to census data, government organizations such as the Bureau of Labor Statistics and Center for Disease Control release data that may be of interest. You've already paid for this research with your tax dollars, so why not take advantage of it?
3. Facebook
Do you have a Facebook page for your business? Social networks can be a great way to ask your customers what they like about your company. You can even ask them for product ideas, or give them a chance to voice their opinion on upcoming products.
4. College Students
Ah, the poor college student. Young, hungry, and short on cash. Was there ever a better Guinea pig? Are you changing up your website, your app, or you ads? Purchase a few restaurant gift cards and offer them to college students willing to participate in a study. The study can be as simple as finding a specific product on your website. You might be surprised to learn how a complete stranger interacts with your website. A few $20 gift cards from Chili's could provide valuable insight on how you might change up the way you've been doing things.
In addition, many marketing classes are looking for hands-on opportunities to perform research in real-world situations. You might contact a professor to see if they are looking for a something your company could provide.
5. Online Surveys
Online polling services such as Qualtrics, Zoomerang, or Survey Monkey allow you to set up a simple survey and track results. Performing short surveys before you get in too deep can save you a lot of money in the long run. They can also be useful for evaluation following an event or activity. By following up with attendees, you can learn how to improve for next time. Remember, the quality of your sample makes all the difference. Make sure it's truly random and you are not just polling friends, neighbors, or those who may have an invested interest.
6. Potential Advertisers
If you are considering advertising, be selective. Magazines, websites, television, radio and other media should be able to give you demographic information along with reach/distribution/traffic. Use this information to find customers that would be most interested in your product. Also, consider running your advertisement for at least three months to determine it's effectiveness.
With all of these free (or inexpensive) methods of research, there's really no reason to rely solely upon the opinions of those present in the marketing meeting. Research allows you to make more objective decisions and justify your rationale. Let's all resolve to do better with market research in 2011.