How to conduct effective market research?
A clear algorithm of actions in one post
Understanding the market is the foundation of a successful strategy for any business. But how do you collect relevant data to make informed decisions?
We'll tell you more, and you take notes
Why is market research important?
Imagine you're launching a new product or updating your business or recruiting strategy. Without clear data, it's like moving in the dark.
What the statistics show:
- 74% of companies that conduct in-depth market analysis demonstrate a higher level of customer and employee engagement (source McKinsey)
- HR departments that use labor market data in their work close vacancies 40% faster (source Deloitte )
So how do you collect information effectively?
Step 1. Analyze open data
Analytical platforms that will simplify this process:
✔ DOU, Djinni, LinkedIn Insights - to analyze salary trends and candidate activity.
✔ Statista, Glassdoor, Work.ua - to research demand for professions.
✔ Google Trends, Ahrefs - to assess the popularity of labor market-related search queries.
Advice from Anybusiness Consult recruiters: Compare data from multiple sources to avoid a one-sided view or duplication of data.
Step 2: Surveys and interviews
Have you ever encountered a situation where you needed to understand the motivations of candidates or customers, but the data you received was vague? Instead of relying on assumptions, use:
✔ Google Forms, Typeform - for large-scale surveys.
✔ In-depth interviews with candidates and recruiters - to collect quality information.
✔ Focus groups - to find out the opinion of your target audience.
Life hack from Anybusiness Consult recruiters: Gamified surveys increase response rates by 30%!
Step 3: Competitor analysis
Watch what other companies are doing, but don't copy them, adapt them to your needs.
What is worth evaluating?
✔ Employer brand (Glassdoor, employee reviews).
✔ Communication channels (social media, career pages).
✔ Recruitment model (anonymity, speed, vacancy format).
According to statistics from Anybusiness Consult, 63% of candidates carefully study a company before submitting a resume.
Step 4: Use digital analytics
Data instead of assumptions!
✔ Google Analytics - for analyzing user behavior on job sites.
✔ Hotjar - for tracking the actions of potential candidates on job sites.
✔ LinkedIn Talent Insights - for labor market research.
Experience of Anybusiness Consult recruiters: Using A/B testing, you can understand which strategies work best.
Did you manage to write everything down?
So let's summarize the principles of effective market research:
- Use open data.
- Conduct surveys and interviews.
- Analyze competitors.
- Apply digital analytics.
- Draw conclusions and implement changes.
This is not a one-time action, but an ongoing process. If you want to stay ahead of the curve, you need to constantly update your data and adapt your strategies to new trends.
