{"id":"7034","date":"2021-03-01T07:00:00","date_gmt":"2021-03-01T15:00:00","guid":{"rendered":"https:\/\/www.pickfu.com\/blog\/?p=7034"},"modified":"2024-07-06T18:37:47","modified_gmt":"2024-07-07T01:37:47","slug":"diy-market-research","status":"publish","type":"post","link":"https:\/\/blog.pickfu.com\/diy-market-research\/","title":{"rendered":"Your guide to DIY market research"},"content":{"rendered":"\n

With all the tools available online for startups and small-business owners, it’s easier than ever to conduct DIY market research<\/a> without spending big bucks. <\/p>\n\n\n\n

It’s also easy to feel overwhelmed. Our guide sorts through the best DIY market research tools and techniques to use as you build your business. <\/p>\n\n\n\n\n\n\n

Why is market research important for a startup?<\/h2>\n\n\n

At the heart of any successful small business is a sincere desire to understand the needs of each customer who walks through the door. <\/p>\n\n\n\n

Think of your favorite indie bookstore, where the bookseller listens to your reading preferences and recommends a few titles, or the boutique clothing shop that understands your style like no one else. When you shop small, you feel seen.<\/p>\n\n\n

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Market research is all about understanding your target customers’ needs and desires. Who are they? What problems do they have that you can solve? How are your solutions unique? <\/p>\n\n\n\n

Market research also helps you identify your competitors and how your products and services compare to theirs. <\/a><\/p>\n\n\n

When should you do market research? <\/h2>\n\n\n

You need to conduct DIY market research before you launch. You should continue to do it throughout the life of your brand<\/a>: before you launch a new product or service, design a new logo or website, or rebrand in any way. Surveying customers after they buy a product or asking them for reviews are also beneficial.<\/p>\n\n\n\n

Times change and so do customers’ needs. DIY market research puts you in a good position to anticipate them. <\/p>\n\n\n

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Types of consumer research<\/h2>\n\n\n

Here are some of the most common and effective types of consumer market research<\/a>. You’ll probably end up using most or all of these.<\/p>\n\n\n

Interviews<\/h3>\n\n\n

Interview potential customers to define and understand your target market. What problems do they need solved? What do they think of your proposed products and services? <\/p>\n\n\n\n

You can conduct interviews using online surveys<\/a>, questionnaires, or focus groups<\/a>. See this guide to market research interview techniques<\/a> to get the most mileage out of this tactic. <\/p>\n\n\n\n

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Audience segmentation<\/h3>\n\n\n

Once you’ve figured out your audience, it’s time to divvy them into groups according to their shared traits. This makes it easier to market your product to specific customers. <\/p>\n\n\n\n

The four types of audience segmentation are demographic, behavioral, psychographic, and geographic. Our guide to audience segmentation<\/a> explains the differences between them and how to focus your messaging and marketing on different audiences.<\/p>\n\n\n

Product testing<\/h3>\n\n\n

Product testing<\/a> doesn’t have to happen only in the production stage. Idea validation<\/a> is when you ask your target customers what they think of a product idea. Would they buy it? Why or why not? <\/p>\n\n\n\n

This can save you time and money. If audience<\/a> reaction is underwhelming, it might be time to rework your idea or ditch it entirely for something more appealing. <\/p>\n\n\n\n

Once you reach the initial production stage, you can test everything from the product’s functions to its packaging on potential customers. <\/p>\n\n\n

Ad testing<\/h3>\n\n\n

Ad testing is another important element of DIY market research. No matter how necessary or effective a product or service is, it’s not likely to pick up traction without advertising.<\/p>\n\n\n\n

Before you spend the money on a Facebook or Google ad, test a few variations with your target audience to gauge their reaction. <\/p>\n\n\n\n

Check out this guide to ad concept testing<\/a> for more. <\/p>\n\n\n

Pricing research<\/h3>\n\n\n

Underpricing hurts your sales. So does overpricing. <\/p>\n\n\n\n

Pricing research shows how much people are willing to pay for a product or service. Knowing this, you can figure out a pricing approach that will appeal to customers and maximize your profit. <\/p>\n\n\n\n

This guide to pricing research<\/a> looks at three common methods. <\/p>\n\n\n

Satisfaction analysis<\/h3>\n\n\n

You have committed customers who buy your products, which means you’re doing something right. But how do they feel about their purchases?<\/p>\n\n\n\n

Measuring customer satisfaction motivates you to keep up the good work, and it tells you whether you need to adjust your products or services. <\/p>\n\n\n\n

A common way to conduct satisfaction analysis is to survey existing customers or ask them to rate or review your products. <\/p>\n\n\n\n\n

How to conduct market research on a budget<\/h2>\n\n\n

Social media is one of the best channels for informal market research, and it’s free. Use Facebook, Twitter, LinkedIn, and Instagram to put out feelers about a product or service. Ask your followers and connections for their feedback. Encourage them to be as objective as possible. <\/p>\n\n\n\n

Do keyword research on Google AdWords or via other free or low-cost tools<\/a> to see what people are talking about and what keywords you should include in your product listings and descriptions.<\/p>\n\n\n\n

Use affordable surveying and split testing tools like PickFu to help you test product ideas, pricing, ads, and more, without spending thousands or even hundreds of dollars. <\/p>\n\n\n

How to use PickFu for DIY market research<\/h2>\n\n\n

PickFu gives you near-instant consumer feedback at a fraction of the cost of traditional market research methods. Create a poll, select a target audience<\/a> from PickFu’s panel of U.S.-based respondents, and ask away. <\/p>\n\n\n\n

PickFu is ideal for every aspect of product testing. Validate product ideas. Split test package design, product images, and descriptions. Use it to conduct pricing research and ad testing, too.<\/p>\n\n\n\n

Respondents not only vote on their favorite choice, they also provide written feedback. <\/p>\n\n\n\n

In this PickFu poll, an entrepreneur tested three dishwasher magnet designs<\/a>, asking 50 respondents which one they’d purchase and why.<\/p>\n\n\n\n

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Respondents chose Option C. Here’s what they had to say: <\/p>\n\n\n\n