In today’s digital landscape, there is such an overflow of information that it’s imperative to make intelligent, data-driven decisions. Market research is a must-do to determine how your brand and offerings fit into the marketplace. Read on to learn five common market research methods for med spas you should try.
While traditional techniques like surveys and focus groups are still good, modern teams should try additional market research methods. Brands need this level of research to connect with their target market and differentiate from the competition. Here are five common market research methods for med spas we know can give you the desired results.
1. Social Media Listening
Social listening is all about tracking conversations that are happening online. Social media listening tools look for keywords to discover your target audience groups’ conversations, mentions, and sentiments.
This approach can help you identify local influencers, discover customer pain points, and see how your audiences respond to your social media marketing. You can determine what’s being said about you on the web and see what people say about your competitors.
Social listening tools are helpful but better when combined with additional market research methods. These powerful market research tools help marketers understand trends and patterns by collecting big data and determining specific issues.
2. Market Research Panels
Market research panels are a great way to connect with your target audiences. It’s where marketers create a group of consumers or businesses who voluntarily agree to complete marketing surveys, participate in focus groups, or try out new products for a fixed fee or reward.
Many of these panels employ online surveys, face-to-face interviews, phone surveys, and online focus groups. Surveys can be conducted online through websites, social media, and mobile apps. Since panelists are already part of a specific group, brands can narrow down the data they receive. Users can fill out online surveys either anonymously or on a one-on-one basis.
Market research panels give marketers the power to receive information from their target audience on specific areas. You can collect demographic, lifestyle, and psychographic data.
3. Competitive Analysis
Competitive analysis, or benchmarking, is the process of comparing your business to your competitors. It helps you determine where your business is and where it should go. This allows brands to size competitors, identify market positioning, and assess industry trends.
Competitive analysis is a handy market research tool that lets you understand your competitors’ key strengths, weaknesses, opportunities, and threats. You can assess your external opportunities and threats by looking at your competitors’ marketing, branding, and campaigns. This exercise helps you see new ways to differentiate in the marketplace and create a strong brand.
To properly benchmark, you should track specific metrics that matter to the business. These metrics should be based on business goals and include subjective and objective data.
4. Customer Journey Mapping
Customer journey mapping helps brands see the big picture of their customer experience by creating a visual representation of how customers move through a sales process. This process allows brands to identify how customers interact at various touchpoints and pinpoint key areas to improve the customer experience.
To perform customer journey mapping, outline every communication your brand sends to customers, from the first contact form to the patient visit and all follow-up communication. Customer journey mapping helps marketers identify potential inconsistencies in experiences, thus discovering improvement opportunities to deliver the most seamless customer experience.
5. Customer Feedback
Customer feedback is all about directly talking to your customers. It’s where you get actual data straight from your clients. You can collect feedback through both online and offline means.
Customer feedback lets you discover who your customers are, what they want, and how you can best serve them. Feedback helps brands understand their customer’s problems, what they love, what they hate, and what they would like to see.
Many brands collect responses through surveys, which can be conducted online, via email, or a postal questionnaire. It’s highly recommended that brands and marketers perform regular customer feedback.
By combining these methods, brands can measure customer satisfaction better and determine the strengths and weaknesses of their customer experience.
Try These Market Research Methods Today
Market research is crucial to the success of your brand. It helps you better connect with your customers, understand their problems, and find solutions. Market research methods have evolved over the years. Combining these can form a complete picture of your market, customers, and competitors, ultimately helping you succeed in the med spa marketplace.