How Small Business Can Do Market Research
By Ryan Skidmore | November 23, 2018
Market research can be fascinating and is a great way to finally know what you don’t know. In other words, what are the aspects of your business and its customers that you have been overlooking? What is trending economically that your business can take advantage of? Whether you are doing primary market research that you compile on your own or using secondary market research from outside sources, there are a number of ways you can conduct your market research.
Would you believe that video surveillance is a great mode of market research? Read on to find out how you can use your security cameras, along with other research ideas, to fine-tune your business and pinpoint your target market.
Primary Market Research
Primary market research takes more work on your part but is the best source of current quality information regarding your client base. Methods you can use are:
Provide hard copy surveys at the time of sale that clients can complete on-site and leave, or complete at home. Better yet, provide online survey information on their receipt. Offering an incentive, like a coupon or entry into a prize drawing, will get more customers to participate.
Using a moderator, pull in a small group of people who will provide reactions to whatever it is you are testing. Perhaps a new product or an ad campaign.
Follow-up Phone Calls
Call past customers with a product or service satisfaction survey, or use other data sets to target new clients and determine their likes and dislikes.
Social Media Data Mining
Use your customer list to check them out on different social sites like Facebook, Pinterest, and LinkedIn. What are they “Liking” on FB? What are they pinning on Pinterest? Is there a gap between what people are looking for and what is available that you can fill? Use your own social media to compile reactions and get written input.
A high-tech video surveillance system through a company like Pro-Vigil can provide a lot more than safety and security. A quality surveillance system should also provide market research through video analytics. Video surveillance benefits can indicate:
- Peak business hours
- Mode of transportation of customers (drive-up v. walk-up)
- Customer demographics
- Reaction to displays, signage, and promotions
- Market trends
- Consumer behavior
- How do your customers shop?
- Do they browse for a while and then purchase, or go right to the needed item and check out?
- Does this vary by customer demographics like age or gender?
- Do they consult a salesperson?
- Areas of the store where customers spend the most time
- Signs of dissatisfaction
- Frustration with long check-out lines
- Difficulty reaching items
- Inability to find needed items
- Inability to find a sales rep
For example, let’s say that almost everyone who browses in your store stops and looks at a display at the back of your retail space, and that many customers pick up this item for purchase.
Video surveillance can provide you with this data, and by capitalizing on this benefit, you can move the display to a more prominent position at the entry of the store and increase sales.
Secondary Market Research
It is also important to use secondary market research to find out what competitors are doing and what might be trending. Secondary market research is compiled by someone else, and can be a great source of information, but review it carefully. There can be some misinformation out there. For more information about your market, take a look at current:
- Industry blogs
- Trade publications
- Google Trends
- Google Customer Surveys
Video surveillance benefits can even come into play in secondary market research through reviewing YouTube videos of businesses similar to your own.
At Pro-Vigil we believe that video surveillance systems are about more than protection and prevention. Our security systems for businesses are also tools for market research and will lend themselves to your ever-improving business plan. If you are ready to invest in your future and improve your business with the purchase of a Pro-Vigil surveillance system, contact us today for a free quote.
Benefits of Surveillance
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