How to do market research in an agribusiness is an important question that must be addressed to expand an agribusiness venture, get more customers, and generate more sales or leads. The more marketing that is done, the more growth there is for an agribusiness as more people will get to know about the business products/services.
Market research has its ups and downs. It needs to be done right in order not to waste resources and time with people who aren’t the right fit for the agribusiness. It’s therefore important for the business owner to first know their ideal customer; who they are, where they are found, likes, dislikes, how to reach them, and some other important demographics.
Ways how to do market research in an agribusiness depend usually on;
- What type of product is being offered; meat, eggs, veggies
- In what type of form its being offered; raw or processed
- The target audience; what they like, in what form, for what use, location etc.
- What type of service is being offered
- Business goals and objectives
Contents
7 easy simple ways on how to do market research in an agribusiness that yield great fast results
7 easy simple ways on how to do market research in an agribusiness that yield great fast results
The following are ways how to do market research in an agribusiness that yields great fast results
1. Surveys
Online and offline community surveys can be used to find out customer opinions about certain products or services that the agribusiness offers. Simple questions are usually asked and giveaways are offered to entice more people to fill out the survey forms. The questions can be about;
- How they feel about the product/ service
- How it can help them/ how to improve
- In what ways can it be best delivered
- In what format can it be delivered
- Other competitor products they’ve tried etc.
2. Agricultural organizations, boards, and government bodies
These always have large databases of information on agricultural and agribusiness-related topics and subject matter which is always free. This can help provide thorough background information on a topic not only for a piece of particular information but also worldwide. Examples include; FAO, and CGIAR.
3. Online databases
Online databases, research organizations, newsletters, articles, and blogs can also be a great way to do market research in an agribusiness. The beauty of these is that they also contain statistically proven data, summaries, and the right conclusions. This results in informed decisions and great results
4. Experimental selling; samples, freebies
When introducing a new product on the market, it’s vital to look at all the 7 points but the most important is to first make a few products at a subsidized price and experiment with them on the market. Hitting the market hard with a large number of products can result in losses if the consumers don’t like it and if there are changes that need to be made to suit the tastes of the market. Besides great feedback got from the initial set of a few products or samples given out to the consumers can be used to adjust and improve the product; quality, flavor, price, and appearance among other product-related factors.
5. Product modification; adding value to existing products so as not to veer far from the market
Let’s say the new business is selling products that are already on market and the competition is stiff. The success of how to do market research in an agribusiness of this scenario will depend on the ability of the business owner to identify which key pain points aren’t met or those that are missing from the market and address them in order to beat the competition.
Under most circumstances, existing products would need to be modified through value addition to create an entirely new but not different product that addresses key needs and tastes. This way the business owner can penetrate the market, beat the competition, create a new product, take existing customers and grow their agribusiness.
6. Online Advertising
Advertising metrics like clicks, sign-ups, sales, likes, and shares for a new product/ service can be used to determine whether it will be successful for a particular group of people. The results and feedback of the advertising campaign can be useful in conducting agribusiness market research analysis. Extrapolations and forecasts can then be made for future marketing goals for particular regions that had been advertised to.
7. Agricultural shows and trade fairs
At agricultural trade fairs, an agribusiness can conduct market research to get a public opinion about its products or services. They can get instant feedback from questions asked, product samples given out, and also get direct leads through contacts got from people who visit their tents.
Conclusion
When market research in an agribusiness is done right, it can help a business grow greatly by reaching new people, generating leads, and introducing an entirely new product on the market that can generate big revenue as a result of less competition. In most cases, a professional is needed to carry out market research or generate a great marketing strategy. The above ways can be a great start in agribusiness.