Market Research Tips
Retagging in case they missed the tag @KindEyes9789
@Sunisshiningandsoareyou thank you sunnnn, finally its in the notif, i'll put it here later plantyyyy💕💕💕💕😛😛😛😛
@kindEyes9789 yayy🤗💕
@kindEyes9789
:O Most impressive!
what is the subject for which you need the marketing research ?
@TheSoftCorner
Mostly Target Audience Analysis
also Market Trends and Forecasting
@Michael205 Planty, there are some personal stuff i need to settle, so I'll put on some tips with keywords you can look for, readings, and references tomorrow or the next day after tomorrow. Sorry for delaying, but yayyyy you gonna learn it super soonnnn💕💕💕💕💕
@Michael205 Planty, here are my first tips on Market Research, yayyy💕
1. Define clear objectives of your market research
Honestly, you've already done that when you're being asked what's the subject you need for market research, which you answered: mostly target audience also market trends or forecasting. Those are awesome objectives, but let's dive in and make a nice framework of why you want to start your market research.
Before you start your market research, you need to know why you're conducting this research. So here are the steps:
1. Identify the problem or opportunity
- You said here that you want to focus on the target audience, market trends, or forecasting. Now let's begin with that: what are the problems or opportunities in those areas? Do you feel like technology products have an advantage in gaining younger people as their market? Or do you just specifically want to explore new markets, like another segmentation of customers?
- See these images to better identify your goals or objectives: https://imgur.com/a/ZGeE7VN
- If you're still unsure on what to do, you can use SWOT analysis (Strength, Weakness, Opportunity, Threat).
- E.g., I want to understand who will be the target market of my product.
2. Set specific goals of those objectives
- Use the SMART criteria (Specific, Measurable, Achievable, Relevant, and Time-bound).
- E.g., I want to identify the top three market segments who will need and buy my product by next month.
3. Use questions to break down your goals
- E.g., What are the pain points of my customers? How will my product help the customers? How do customers perceive our pricing compared to its competitors?
4. Align with business strategy (optional)
- This one is basically if you're in business, not personal😉. If you're in business, make sure your objectives align with your broader marketing or business goals.
- E.g., If your broad market goal is to increase market share, an objective of identifying new customer segments will help.
5. Focus on actionable insights
- You need to know what decision can be helped by gaining this data to avoid collecting information that is not really needed.
- E.g., The market research will help me in identifying if my product is suitable for a certain customer segment (young generation) or not. If not, then I need to create a new market suitable for my products by researching the trend.
Those are the first tips, yayyy! Now, homework for you😝
Look at these images: https://imgur.com/a/ZGeE7VN Tell me if you still want Market Potential Research and Business Trends Research, or if you have changed your mind and decided to go on another market research instead. It will help in telling the next tips.
Good luck, plantyyy!!!!!
@kindEyes9789
Thanks for that Eyes!
I think the best thing I can do is research how to use data tools like Google Trends. This information is a good outline as to how to guide my thinking but learning what data to listen to and acting on it seems to be the the key thing for me.
For example if I were to make a YouTube channel, how would I know what YouTube title works best? What's the topic in that niche that people are talking about? How can I differentiate myself from the crowd but still create content that people ultimately care about watching to be the leader of sorts for my topic niche.
I am still deciding what business idea I should go for because being a software developer means I can do a lot more sophisticated things than simply doing YouTube. However due to YouTube's huge presence on the internet when it comes to guiding internet traffic towards other parts of the internet (the thing affiliate marketers and people with their own dedicated websites tend to do), it's still important to recognize the value of what YouTube provides and make the most of it.
Like one idea I can do as a software developer is to developer a SaaS business and if it turns out it flops then it's not big deal because I can use that as a portfolio project to showcase what I am capable of creating for a business if they did know what they were doing as a business owner.
@Michael205 Planty, I'm so sorry it took a while. I've been busy lately :(
But but but, your feedback is super awesome because I get to know what specific tips I can tell you, yayyy💞
Here is my second tip, nowww:
2. Exploring Google Trends & Competitor Analysis Tools
You can try to explore how Google Trends, TubeBuddy, and VidIQ to identify trending topics, search volumes, and keyword optimization. TubeBuddy and VidIQ are specific for YouTube titles and descriptions. You can use all these tools to look for content gaps in your niche.
Honestly, it's gonna be hard to put it all in here :( but I'll try my best to drop some keywords so you can learn it later on your own.
Now let's go into Google Trends. You can use this for insights for topic discovery.
- Regional trends: Google Trends actually work as identifying trending topics in specific regions. This can be helpful if your niche can be generalized as a region or if you're looking to localize content. Mine is hard though, because if I use Google Trends, chances are that the trending topic would always be soccer, ahahhaha. Link to check trending topic: https://trends.google.com/trending?geo=ID&hl=en-US
- Use comparative searches as your keyword search: You can try to compare multiple keywords to understand their relative popularity. E.g., you can search keywords "AI tools for developers" and compare it with "AI tools for content creators" to identify which resonates more with your target audience. Link to check keywords trend: https://trends.google.com/trends/explore?geo=ID&hl=en-US
- Check rising and breakout trends: When you already search a keyword, try to check the "Rising" or "Breakout" search term under the queries. Google Trend will also identify other topics as rising or breakout. Rising queries are terms that have increased in search volume, but not necessarily at explosive rates. Breakout queries are terms that have seen the highest increase in search volume compared to previous periods. The breakout term means that there's a sudden surge in interest, and Google will label them with "Breakout" tag. It will help to highlight emerging topics with high potential. You can also scroll down to check every aspect. Link to check: https://trends.google.com/trends/explore?geo=ID&q=%2Fm%2F07c1v and scroll down if the related topics and queries have the "rising" or "breakout" label. At that link, this query is on breakout, which means it's suddenly rising as trending: How can we, as individuals and as a society, ensure that human dignity is respected and maintained amidst rapid technological developments and social change? I think that's an interesting insight. That means in my country, dignity is harder to maintain these days with rapid technological developments and social change (just asian stuff).
- Analyze seasonality (advanced): You can use the historical data on the graph here: https://trends.google.com/trends/explore?geo=ID&q=resep%20sehat to identify patterns or seasonal spikes. Those are healthy recipes in my language and my country. I'm not even sure what it will look like at your place. But if you can see the link, it's funny that healthy recipes are rising starting from mid-July to now. It's like they want to be healthy after the midyear all of a sudden. In my country, it might be because lots of festivals are coming, and we need to look good and healthy. If you're confused on why some stuff is happening in certain months, you can always search around or ask ChatGPT.
TubeBuddy and VidIQ
Honestly, I never use both of them because I'm not a content creator, YouTuber, or work in that area. I only learn SEO keywords for websites, and it's different. It's best to use keyword search tools specific to its platform. TubeBuddy and VidIQ are good for YouTube.
TubeBuddy is used for title, tag, and SEO optimization on Youtube. I heard that it can also be used to track your videos rank, and it has a competitor analysis feature.
VidIQ, on the other hand, can be used to deep dive into niche analytics. I heard that it has a "Most Viewed" feature so you can check the most performing videos in your niche. Also, it has real-time insights to know what's trending on YouTube and thumbnail testing and readability scores.
I honestly can't teach much on TubeBuddy and VidIQ, so I can only drop keywords of their usage so you can explore more about it. But I understand Google Trends, so yay!!!!
Homework for you!!!! These homework help for more tips if you need and more feedback to me.
The homework will be Rising and Breakout Trend Analysis. You can try to search a keyword in your niche and explore the rising and breakout queries. Pick one breakout term and try to brainstorm content ideas based on it. Try to explain in your note on why you think it's gaining popularity. You can use Google Search or ChatGPT if you're unsure.
Eg., The breakout query in my country is "How can we, as individuals and as a society, ensure that human dignity is respected and maintained amidst rapid technological developments and social change?" One content idea would be a podcast or video series on how to balance innovation of technologies with integrity: society and cultural ethics in my country. Or maybe I can create a social media campaign, like #TechForDignity. Another one would be a webinar or workshop on how to navigate the ethical challenges of the digital era.
The reason why this query is gaining popularity in my country would be because of the rapid technological growth, social media influence, and cultural and religious values in my country. We have very strong cultural and religious values in my country, and some stuff is happening due to the rapid technological growth, which is not very demure and very mindful in an Asian country.
Good luck, planty!!! Let me know if you have trouble with your homework. This video will help you a lot: https://www.youtube.com/watch?v=1b_uz1kVGAw
You can look at 1:44 How to find product ideas with Google Trends for your homework.
@Michael205 Case Study of the Day:
McDonald's Market Research to Adapt to Local Culture.
1. McD's Global Adaptation Strategy
- Basically, McD has a business strategy to adapt and respect the local culture. Therefore, McD needs to adjust its menu and dining experiences based on market-specific preferences.
- Market Research in India: McD conducted market research with the goal of identifying and implementing customer preferences.
- Findings: Religious beliefs influence food consumption in India. Therefore, McD removed beef and pork to align with the dietary practices of Hindus and Muslims and introduced vegetarian options: McVeggie Burger, McSpicy Paneer, etc.
2. Operational adjustments based on research
- Indian McD's have separate kitchens for vegetarian and non-vegetarian food to respect the practice.
- Vegetarian-only restaurants are opened in some areas.
3. Business alignment
- McD manages to retain its global brand image while respecting local cultural nuances.
4. Global operations
- Over 80% of restaurants are owned and operated by independent local entrepreneurs, facilitating local adaptation.
5. Key Takeaway
- McD demonstrates how effective market research allows global businesses to maintain a consistent brand identity while embracing cultural diversity and local customer needs.
Source:
Book: Malhotra - Marketing Research
@Michael205 Case Study of The Day - Johnson & Johnson: Motrin Ad Controversy.
Company Background:
- We all know Johnson & Johnson produces products like Band-Aid, Tylenol, and Motrin.
- Motrin targets pain relief, including aches experienced by mothers using baby carriers.
Trigger Event:
- A YouTube ad for Motrin implied negative sentiment towards mothers using baby carriers.
- The ad questioned if "moms who wear their babies cry more than those who don't."
Community Reaction:
- Moms felt judged and offended, interpreting the ad as dismissive of their parenting choices.
- Outrage led to collective action, primarily on Twitter.
Social Media Impact:
- Within 21 hours, the ad gained 27,000 YouTube views and sparked massive discussion on Twitter at that time (now X).
- Twitter trends analysis showed a spike in mentions of Motrin, surpassing other major brands like Apple and Microsoft during the controversy.
Public Backlash:
- Mothers expressed their anger through tweets and discussion, some calling for a boycott of Motrin.
- Comments revealed deep dissatisfaction with the brand's message.
Company Response:
- Johnson & Johnson promptly removed the controversial ad following the backlash.
Moral of the story:
- Social media has power. Platforms like Twitter (X) amplify consumer reactions, influencing brand perception.
- Consumer sentiment matters. Ignoring customer perspectives can lead to significant reputational damage.
- Quick response for crisis management and listening to consumer feedback are critical in managing such situations.
@kindEyes9789 You seem to know a lot about market trends. I am really impressed by your wealth of information.
By any chance are you a Professor at a College or University?
If not, I feel you should be.
You have a lot of information to offer others, if they are willing to ask for it and if they want to learn more about it.
@kindEyes9789 😛😛😛😛😛🩷🩷🩷🩷
@pinkWalker7121 pinky, I might be the ci a, knowing all these stuff😛😛😛😛😮😮😮😮😮