Market research is crucial to understanding your customers, audience and who you want to speak to. Whether you’re an established business or just getting started, you can always re-visit this process to hone in on the business direction and tailor your offering to the right people.
What type of research should you plan?
You don’t need to go making book like reports and hiring companies to spend weeks analysing your business. A bit of research on the internet, conducting business and personal profiles of other businesses, looking through phone directories and reading articles on the industry can all be really beneficial to your understanding of the market.
You can also do more direct research by talking some people in your prospective markets. Conducting interviews, sending out questionnaires, creating online surveys and creating a test market.
Why are you doing your market research? Think about some of the following reasons:
- Build a customer base
- Establish business in a specific area of your industry
- Explore possibility of producing own range or creating own service.
- Analyse where there is a niche in the market for your product or service in your industry
- Choose one aspect of your offering or products to specialize in and use this as a key selling point.
Then you should look into taking the following steps:
- Talk with your team/ partner/ manager to define clear direction and interested sector of the market
- Research the market for a niche
- Anslyse the competition and discover possible position within the market.
- Conduct interviews and send surveys to find out what consumers want
- Put together promotional material advertising services
- Test the promotional material on sample market
- Questionnaire to guage the response to the promotional material
- Define business direction and market towards this.
This is a detailed list of ideas and suggestions for market research but certainly gives you for for thought.
Do you know your market?
How will you get to them?
What’s the best way to connect?
We would love to hear how you have in the past conducted market research to best reach your audience and understand who you want to speak to!