Effective market research is a vital component of success for businesses looking to expand their Amazon customer base and increase sales. While the idea of conducting market research can be daunting, here are a few tricks of the trade that can make all the difference.
Think Like the Consumer
When it comes to market research, consumers are at the heart of everything. To collect valuable, relevant data, sellers need to view their products the way their customers would. Because sellers know their own products and brands inside and out, it can be easy to assume that consumers also have the same level of knowledge. This failure to identify with their consumer base causes many sellers to miss out on attracting more customers.
On the other hand, companies who recognize disconnect and actively work to overcome this assumption set themselves up for short-term and long-term success. Investing in market research to understand how customers think is invaluable to grow and sustain any online business.
Research What Your Audience Is Searching For
Before sellers can build their brands, they need to identify their target market and understand how they operate. Identifying your target market doesn’t just mean looking at the statistics for the age and location of your customers. This process also includes extensive keyword research to see what Amazon shoppers are searching for and why. Looking at commonly-searched phrases can give you insight into what your target market really wants.
Once sellers understand what their target market is looking for in a product, it is much easier to develop a brand geared specifically toward those needs. By implementing valuable frontend and backend keywords, sellers attract more relevant customer traffic, giving them an edge in the market.
Identify the Disconnect
Although efficient advertising and market research is a great asset when it comes to converting clicks to sales, there will always be some customers that slip away for one reason or another. However, exhaustive market research can greatly reduce the chances of this happening.
By identifying when a consumer either loses interest or chooses to go with another competing product, sellers can take measures to overcome these setbacks, increasing their overall sales conversion rate and drastically improving customer retention.
While market research can’t guarantee a 100% sales return, it does provide sellers with the best information possible to effectively market their products for extended success. These basic tips can help new sellers get started and gain valuable knowledge along the way.
To learn more about how we do market research at Nozani, contact us!