Enoch W. Kabange is a young ambitious man who is the CEO & founder of two companies, WordInspired Media and Alien Media.
Alien Media helps businesses and brands create digital assets which can deliver them higher visibility and enable them to grow like never before.
Enoch Kabange is a dream chaser who has gained a wealth of knowledge in entrepreneurship and personal development over the past years through self-education.
Enoch Kabange is a website designer, Brand Strategist/Consultant, Digital Marketer and A Writer.
His mission is to inspire millions of people to become entrepreneurs by motivating them to their greatness that resides within them.
Mr Kabange started by outlining the objectives for the session;
- What is Market research?
- Why you should do Market research
- 6 steps to doing your own Market research right now.
“Doing business without advertising is like winking at a girl in the dark. You know what you are doing but nobody else does.”
– Steuart Henderson Britt
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“I’d like to start by asking if this quote rings any bell?
Maybe you’ve winked at your crush before or did something crazy in the past. The quote has two sentences. The first emphasizes the importance of advertising. But I’d like to focus on the second part” he said.
You know what you are doing but nobody else does – Steuart Henderson Britt
According to Mr. Kabange, most businesses are operating in this manner.
They know what they’re doing but nobody else knows.
Their products and services are developed in a vacuum and offered in a vacuum.
But the market doesn’t operate in a vacuum; It is made up of markets.
“The markets determine what’s valuable and worth paying for” he added.
“So why would you spend months and even years developing something without seeking the views of the people you are making it for?” He quizzed.
We hope entrepreneurs don’t act in this manner, especially those on the Bilth Centre WhatsApp Group. This is why we bring our members these sessions.
How do you determine the language to use in your advertising?
How do you decide on a pricing structure or strategy?
How do you even tell if the millions you are investing in a new product will sell?
Market research helps you Answer all this and even more.
What Then Is Marketing Research?
According to Hubspot, market research is the process of gathering information about your business’s buyers personas, target audience, and customers to determine how viable and successful your product or service would be among these people.
“Market research can be as complex as you need spanning months or even years or simple spanning a few weeks whatsoever” Mr Kabange added.
According to him, it could be expensive or not. “My point is, you don’t need to spend lots of money to gain information from your customers. You could simply ask for feedback after service” he added.
There are two main types of market research
1. Primary Research
2. Secondary Research
Depending on your budget, goals and objectives one may be better than the other.
Mr Kabange continued by saying Primary Research is used when you need first-hand information.
Secondary Research is when you need a rough idea of what’s the state of your market.
So you basically obtain data and insights from already done research such as checking for consumer data etc.
You may have already gleaned some benefits of market research from the session so far but I’d like to bring up a few good ones.
You may be able to get analytical data from your social media, ads, and even your websites
But data can’t explain it can only tell you what’s happening.
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For instance, if you have an e-commerce business, you can get data on a drop in sales but you can’t get the exact pinpoint reason why so
You can do a research and observe that it’s because you changed your website colors. The psychology of the color wasn’t great for your niche hence you have to change.
But until you do such research, you won’t know why.
Therefore you’d keep winking in the dark hoping to get noticed.
Another reason to do research is that you don’t want to run your business based on best guesses
Sometimes even working with best practices can detail your business especially when customer needs are changing and you are acting based on old customs.
So you want to be up to date on every change in the market
The last point I want to bring up on benefits is that
How do you determine whether your crush likes a food wink or she prefers a flower? How do you even know anything up until you do some research?
Until you do any research, you won’t know anything for sure.
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Therefore research helps you plan and create strategies based on facts collected from your target market.
So how do you get started in your own small way?
As i said, market research doesn’t have to be complex, expensive or take years. This is mostly the case of big multinational conglomerates.
The internet and research methods now even allow the most sophisticated research to be done under budget.
I’ll take you though 6 steps to getting started
How To Do Market Research
1. Define your buyer persona.
2. Identify a portion of that persona to engage.
3. Engage your market research participants.
4. Prepare your research questions.
5. List your primary competitors.
6. Summarize your findings.
One thing about research is that you must speak or interact with the right person, else all that you’ve done is futile.
So you need to spend some time interacting with your customers, finding out their individual characteristics as well as their collective characteristics.
Their names, their locations, their interests, occupation and estimated income, because they need to spend from it to buy your products or services.
Depending on your objectives or your sampling techniques, you then select a portion of that base to engage
Thirdly, you engage them.
You can do it through polls
A simple Twitter, Facebook etc poll will help you understand some of the things you need.
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You can also create a survey through Google docs, survey monkey, etc
There are lots of free survey design platforms to play with
You can also create focus group discussions where you have a moderator controlling the discussion in a group of your target audience
You can use several other ways to reach them.
For ecommerce guys, you can add short questions on your pages
You’d like to check out HotJar
For determining which parts of your website gets the most attention through the computer mouse movements etc.
But of course, you need to design some questions before engaging them.
Keep it simple and short. Ask direct questions and avoid ambiguity. Ask one question at a time. A few tips to designing the questionnaire
Depending on the audience, you may need to give them some incentive like a discount etc.
So basically this is the structure of the Market Research process.
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Find out what works and what doesn’t when it comes to Market Research.