Teamwrkr Wrkshop - Greg Kohs on Affordable Market Research

Introduction

This tutorial will guide you through the essential tips and tools for conducting affordable market research, as discussed by Greg Kohs in the Teamwrkr workshop. Market research doesn't have to be expensive; with the right strategies, you can gather valuable insights about your target audience and competitors.

Step 1: Understand Market Research and the 5 Senses

• Market research goes beyond numbers; it involves understanding customer experiences through:
  • Sight: Visual branding and packaging.
  • Sound: Brand voice and advertising tone.
  • Smell: Product scent and its emotional impact.
  • Taste: Product flavor and consumer preferences.
  • Touch: Product feel and quality.
• Combine these sensory insights to create a comprehensive view of customer experiences.

Step 2: Explore Different Market Research Methods

• Assess your needs and choose appropriate research methods:
  • Surveys: Use online tools to gather quantitative data.
  • Interviews: Conduct qualitative interviews for deeper insights.
  • Focus Groups: Facilitate discussions to gauge reactions to products or ideas.

Step 3: Determine How Much Market Research is Enough

• Avoid over-researching. Focus on:
  • Key questions that need answering.
  • A balance of qualitative and quantitative data.
  • Setting a timeline for research to keep it efficient.

Step 4: Identify Common Limitations

• Be aware of limitations in market research:
  • Budget constraints.
  • Time limitations.
  • Potential biases in data collection.
• Plan for these limitations by setting realistic goals and expectations.

Step 5: Conduct Competitive Intelligence

• Evaluate competitors through various methods:
  • Website Evaluation
    • Analyze competitor websites for design, content, and user experience.
  • Mystery Shopping
    • Experience competitors' services as a customer to identify strengths and weaknesses.
  • Customer Reviews
    • Examine online reviews to understand customer sentiments and pain points.

Step 6: Measure Customer Engagement and Satisfaction

• Utilize specific metrics to gauge customer feelings:
  • Net Promoter Score (NPS)
    • Ask customers how likely they are to recommend your product on a scale from 0 to 10.
  • Churn Rate
    • Calculate the percentage of customers who stop using your product or service over a given period.
  • Satisfaction Surveys
    • Regularly survey customers to measure satisfaction and gather feedback.

Step 7: Leverage Online Platforms for Research

• Use platforms like Mechanical Turk to conduct surveys and gather data efficiently.
• Consider using social media for quick feedback and insights from your audience.

Conclusion

Conducting affordable market research is achievable by utilizing various methods and tools discussed in this tutorial. Focus on understanding your audience through sensory experiences, competitive intelligence, and direct customer feedback. By implementing these strategies, you can refine your offerings and enhance customer satisfaction effectively. Start exploring these methods today to level up your market research game!