Do you have a business idea with doubts as to whether it will sell in the Nigerian market?
Have you considered carrying out a market research in Nigeria?
Nigeria is a land of opportunities and there are so many businesses that can thrive when given the right approach.
Before you embark on the journey of setting up a business, it is advised to carry out market research.
The major part of market research is the feasibility study. This gives a whole lot of information for businesses to work with. Below are steps on how to conduct market research in Nigeria:
Once you have an idea about a product, you can establish a rapport with supermarkets or ecommerce outlets.
For example, the supermarkets and e-commerce outlets can help you display samples of your product and then you will be able to gather information on how to improve the product. This is applicable to pricing and packaging improvements based on customer comments and observations.
This is another tool that can be employed for market research. It is designed to capture the opinion and views of the target market regarding the product you have.
Surveys can be done by creating a simple questionnaire with fill in the blank spaces or multiple choice questions and information can be gathered via one-on-one interviews, online surveys or telephone survey.
Sometimes, the only way to capture the true impression of a consumer about a product is to visually observe them.
This can be achieved by mounting cameras in stores, so you can observe the buying behavior of the consumers.
Study within Focus Groups
Here, a facilitator presents a guideline for discussion to a group of people at a neutral location and they are allowed to brain storm for about an hour or two. There is often a video recorder mounted to record the discussions. After about three discussions from different groups, a fair perspective regarding the discussed issue can be determined.
Trade Publication Report
In every industry, there are trade publications that report the trends and issues in that particular industry. This can serve as a guide and source of information during your marketing research.
They often have published data on survey results and this can be used to improve upon the product creation or marketing process.
Some trade publications are offered for free to members of the association of the particular industry. You can become a member of the associated in your industry to gain access to marketing research publications.
Secondary Marketing Research
In this form of research, it involves making use of established information and method.
For example, if you want to launch a particular product, take a look at what your potential competitor with a similar or same product is doing. As long as you have proof that their method works, you can simply model what they do. Use this retail point of sale software if you want to improve your business marketing strategy.
After conducting your marketing research you will be able to come up with a marketing plan based on the information acquired from your feasibility studies. Once this is done right, it will lead to a successful product launch.