Conducting market research is an essential step to create the best strategies for making your business successful. Market research can be defined as a set of techniques used to understand a business’ target market in a better way. It provides management by understanding customers and accessing their needs. Business can use this information to create better products, enhance user experience and craft marketing message to attract quality leads. At the same time, you can evaluate the performance of competitors. It also helps in testing new products that how customers will react to them.
An effective market research strategy is necessary in the case of packaging business as well. However, the process is not much easy and every step should be carried with proper planning. Positioning your custom boxes to the target audience needs a detailed market analysis. Below are 6 ways to carry out an effective market research strategy for your packaging business.
Use a Market Analytics Platform
Using a market analytics platform for your cardboard boxes packaging business is an effective way to carry our market research. It gathers the information and monitor marketing activities across your audiences and channels. It helps you to evaluate and measure market performance. Moreover, it highlights the best marketing approaches your business can use to improve the effectiveness of current marketing campaigns. Some of the popular marketing Analytics tools include Lytics, Mixpanel, Marketo, and Hubspot.
Analyse Your Competitors
Making an effective market research strategy is incomplete without analysing your competitors. This helps you to learn what your competitors are doing. This may also inspire your organisation to go for a similar approach. As a result, you may overtake other players and become a preferred choice of all customers. Direct observation of your competitors is a promising method to gather information about what is going on in the marketplace. It is the oldest technique but remains effective, even after the emergence of new methods. For example in the case of packaging business, it is necessary to analyze the practices of your competitors. What type of custom printed boxes do they offer? Whether they work on box style or printing is their first preference. Have they specialized in creating custom boxes with logo? Gathering information on all these aspects helps you to improve your products and services. You may also go for a SWOT analysis of your competitors to know about various aspects
Nothing is more beneficial than conducting a survey of your potential customers. It provides a way to improve your products, services or marketing strategies. Ask a few questions and the related ones. Work directly on what you want to know. Spend a day in talking to people and knowing their response. If you have an online custom packaging boxes business, you may conduct a survey through e-mails. An easy way is to conduct a survey online if you have a social media page, website or a blog with followers. The customers who take part in the survey give them money off voucher for your new services. This serves as a thank you gesture for spending their time. SurveyMonkey is a good option if you have less than ten questions. There are different groups on Facebook which promote businesses, share ideas and help communities. You can conduct a quick survey there. Place a feedback button with every product on your website. Record the results and develop the ideas.
Use Social Media
Facebook, Instagram, and Twitter are the most popular social networking platforms to carry market research. Go through the comment section can provide you an insight into how your business is doing. Like, shares and the number of subscribers are key metrics to help you in carrying out a market research strategy.
Conducting a field trial is a good way to test your new products. It helps you in getting real-life responses from the customers under real-life selling conditions. After making a field trial you can make necessary amendments in the product, adjust its price or improve its packaging. You can establish rapport with store owners or website which helps you in testing your products. For packaging business, the brands to which you provide your custom boxes can help you in conducting a field trial. This gives you an idea about the changes your packaging requires to inspire customers the most.
Organise a Focus Group Discussion
Using focus groups is another useful method to carry out a market research strategy. The number of members of the focus group should be decided according to the company’s target market. Usually, there are 5-12 members. This informal discussion provides an insight to start new marketing initiatives and modify the existing ones. The main role is played by the moderator, who asks a series of questions related to the discussion from a group of people. If the case of custom packaging boxes business, the person who determines marketing activities can become a moderator. He may ask different questions relating to the preferences of people about custom printed boxes. The conversation can be videotaped to analyze the results. The focus group discussion may last for one to two hours. It should be conducted in at least three groups to get a balanced result.