What are the best ways to gain insights into new markets and customer segments? (2024)

Some way to get started:- Industry Reports and Market Analysis: IBISWorld, Euromonitor.- Government and Trade Association Data: U.S. Census Bureau, Bureau of Labor Statistics.- Academic Journals and Publications: Journal of Marketing, Harvard Business Review.- News Aggregators and Media Analysis: Google News, Factiva.- Syndicated Research Reports: Nielsen, Kantar.- Competitor Analysis: Study of competitors' marketing strategies and product offerings.- Market Segmentation Studies: Demographic, psychographic, and behavioral analyses.- International Market Databases: World Bank’s Open Data, IMF’s DataMapper.- Consumer Panels and Survey Data: Existing consumer surveys and panel data.

Get started with (SaaS industry Practices):- User Surveys: Using tools like Typeform or Qualtrics for customer feedback.- Customer Interviews: Direct conversations with key clients or decision-makers.- Virtual Focus Groups: Organizing online focus groups with Zoom or Microsoft Teams.- Product Usage Analytics: Analysis of user interaction data with tools like Google Analytics or Mixpanel.- Beta Testing: Inviting select users to test new features or products.- Feedback Loops via Support Channels: Gathering insights from customer support interactions.- A/B Testing: Using platforms like Optimizely for testing different versions of a feature or webpage.- In-app Feedback Tools: Tools like Hotjar or UserVoice for real-time user feedback.

I have seen that one can use social media tools to initiate primary data collection and validate there hypothesis. LinkedIn Polls, WhatsApp Surveys, Google Forms etc. Gather direct feedback from potential customers from your network! To get deeper, one can opt for telephone surveys or focus groups, and conduct in-depth interviews with individuals representing different segments of your target audience to understand their needs, wants, and pain points.During the interaction, observe how people live, work, and shop to gain deeper insights into their behaviors and motivations.If it's a physical product, present a prototype, and collect early feedback.

I spoke about social channels in the comment above, here I would like to talk about the analytics side of the social data. Analyze data from your social channels to understand what content resonates with your target audience and where they spend their time online.Use website traffic data to understand how potential customers are discovering your brand and what interests them.It is important to analyze the existing customer data to identify patterns and trends that can inform your understanding of new customer segments.Always better to take a step back before you leap further!

Network with industry experts!One way to do this is to attend industry events, conferences, and meetups to connect with experts and gain insights into new markets and customer segments.Another is to partner with local businesses and collaborate to gain access to their knowledge and understanding of the local market.

There’s no ‘best way’ to do this. Each approach has its own pros and cons.BUT, one great way to test the market, is to speak directly to people you’re selling to.To achieve this (without having to go to networking events or spend hours trying to find out where your ideal customer hangs out), use prospecting and outbound marketing techniques to contact them directly. Email or DM them (in a non-annoying way) with your offer, elevator pitch and what’s in it for them. Then ask them if they’d be interested in a quick chat.And then, use each discovery session as an insight gathering session.

Focus on actionable insights! Prioritize insights that can inform your marketing, product development, and business strategies.Also, to encourage healthy participation offer incentives such as discounts or giveaways.