Know Thy Customer: The Importance of Market Research

by | Sep 13, 2023 | Blog

Know Thy Customer. It’s the first rule of business for a reason. 

If you don’t know who your customers are, then who are you selling to? 

Your idea of who your target audience is might be much different from who your target audience actually is. 

The only way to really know your customer is to get to know them through market research. 

How to Find Your Target Audience

Lucky for you, there are a lot of different ways you can get to know your customer. Here are just a few:

  • Surveys
  • Focus groups
  • Loyalty programs
  • Online reviews
  • Community forums
  • Website data
  • Social media

Let’s dive into each method of consumer research: 


Direct feedback from your customers can be priceless. Surveys allow you to tap into their thoughts, opinions, and preferences. 

Whether you utilize your proprietary email list or a cold email list with a paid incentive, surveys allow you to learn what your future customers really want. It also helps you learn what your customers don’t like about your product, so you can constantly improve the consumer experience. 

Focus Groups

Dive deeper by engaging in meaningful conversations through focus groups. Whether you’re using an online focus group or an in person focus group, this tried and true market research method provides insights into the emotions and motivations behind customer choices. Plus, it allows you to directly speak with consumers about their actual preferences, giving you priceless insight to utilize in the future. 

Loyalty Programs

Rewarding your loyal customers not only encourages repeat business but also opens up opportunities to learn more about their habits and preferences. 

Loyalty programs help you find your brand loyalists—your customers who are at the heart of your target audience. These customers are more likely to interact with your brand, whether that’s by leaving reviews, filling out surveys, or engaging with your posts on social media.

Online Reviews

Want to get to know your customers? Your first stop should always be reading your reviews. Customers only leave a review if they want to. And honest reviews can be a goldmine of information for potential issues with your product. Most importantly, they offer a candid look into your customers’ experiences and what matters most to them.

Community Forums

These digital hubs are where your customers discuss their interests and needs related to your product or service. By observing and engaging, you can gain invaluable insights into what your customers’ needs are. 

Website Data

Which products are being bought most frequently? Where are your customers based? What products get returned the most?

You can get the answer to all of these questions through your proprietary website data. And the best part is that all the information is already there, waiting for you to uncover patterns and preferences, helping you tailor your online experience to your target audience. 

Social Media

Social media platforms are not just for marketing; they’re treasure troves of customer insights waiting to be discovered. 

Take a good hard look at your engagements with customers—see which posts and which products your consumer base interacts with most to learn what they crave. Engage with comments and keep a pulse on relevant trends so you can constantly tailor your service to your target audience’s needs.  

Turning Knowledge Into Action

Remember, there is a big gap between knowing your customer and doing something about it

You can do all the market research in the world and understand your target audience’s needs, preferences, and behaviors, but if you don’t do anything about it, you won’t see the rewards. 

Curious to learn more about how you can harness the power of “Knowing Thy Customer” to grow your business? 

Lucky for you, our sister company, ROI Rocket, specializes in market research, and our digital marketing team at eAccountable works closely with them to turn insights into tangible growth opportunities for many of our clients. 

Interested in learning more? Drop us a line here for a free consultation.