Are you running your business in blind mode? Do you know where your clients are, what they want and how they behave? Are your marketing tactics based on a hit and miss approach?
Market research has a direct link with the success of your marketing, communication and client experience with your company. Without knowledge, you are running your business in blind mode. It doesn’t have to be complicated, and it’s quite easy to obtain much of your research through relationships, reports, analytics and online tools.
Find your “real” customers
Many businesses fail because they enter a market without prior knowledge of who might actually want their product or service. Without knowing your true customer, you won’t be able to craft your marketing messages to entice users to conduct business with you. It’s important to spend the time to develop an image of your true customer down to the finest detail (age, sex, location, income, etc) so that you may best connect with these customers on their level.
Ascertain what your customers really want
A common mistake made by small businesses is that they assume everyone is just as excited as they are about their wonderful wizz bang product. Even with the best intentions, businesses will introduce products and services that are unneeded by those within the market which often results in business failure. Always find what a market demands and needs before you enter it, and and satisfy their wants and desires through both your behaviour and the solution you offer.
Use the right marketing platforms
When conducting your research, identify the platforms across the communication mix that best suits the way your customers are likely to absorb the information. Businesses often copy the methods used by their competitors with the assumption that their competitors have done their homework. Wrong! Everyone is equally lazy, copy each other and often are all missing the target collectively. Targeting is not just about understanding who may need your product, but in matching your business philosophy, sales approach and personality to the people you WANT to do business with. Understanding the importance of marketing research will help you guide your team to find hidden and untapped marketing platforms with very little competition but with a very high return on investment.
Planning for the future
Those businesses who probe further into their market will find trends that will help them determine success drivers for future planning, and let you catch the wave before your competitors. Conduct research before, during and after you enter a business niche, as this will help you overcome barriers before they become huge issues, build relationships whilst conducting business in real time, and predict future needs.
More on these topics coming up! If you can’t wait, ask us.
- A simple approach to SWOT analysis
- Identify clear market gaps
- Include research in your sales cycle
- Everyone in your business is a researcher
- Database marketing & research go hand in hand
- Using the right research tools
Let us know how you have used market research to better interact with your clients and improve relationships.