When you’re launching a new business, all sort of exciting things are happening. Market research probably isn’t high on your list of fun things to do, and consequently, it’s easy to put it off.
However, for any business, market research is crucial. This is particularly true for smaller businesses, for whom the first six months can be difficult. A new company will need to attract customers and secure business as soon as they can, and market research is an imperative step in securing and maintaining that success.
Read on for why you should focus your attention on market research.
Market research is valuable as it helps you to learn about your target audience or, in other words, your customers. There is no one-size-fits-all method. Instead, it is a term to describe the process of learning more about your potential customers.
Some people conduct surveys and host focus groups as a way to conduct market research. However, there are easier ways to gather similar information. Here are just two examples:
For example, if you’re setting up a business selling collars for cats, speak to any of your contacts who own cats. Ask them about their experience with cat collars – what they’ve found works for their cat and what doesn’t. A quick conversation in the supermarket line could give you valuable information about your target market’s needs.
Search for groups relevant to your target market (for example, ‘cat owners’) and join them. This is a great way to watch the kind of conversations that take place and to interact with your target market. You can ask for opinions in such groups and can gain a wealth of useful information.
Here are just a few reasons why market research is so imperative to a new business:
Once you’ve conducted your market research, you’ll have a much better idea of your target market. You’ll be armed with ideas on where you can find these customers and what they’re likely to respond to. With all this in mind, spotting business opportunities will be much easier. For example, your cat owners’ forum might have informed you of a Persian cat convention coming up in your town.
If you’ve conducted your market research thoroughly, you’ll now know what your target customers’ needs are. You’ll even know what irritates them. This will make life much easier when it comes to producing relevant content for your website or social media channels. If you wish to enlist a digital marketing agency to help with your advertising and content, contact Caffeine Marketing.
Many small business owners know the difficulties that can come with a limited budget. It is a frustrating but very real part of business life. Therefore, it’s crucial that any advertising money is spent carefully and wisely. Your market research will inform you of where your target audience are more likely to see your adverts.