Market research can give you a valuable insight into your business. A well planned piece of market research can help you reduce risk in your business, identify small problems before they become big problems. It takes away the guesswork when developing new products and ideas, and replaces it with actionable facts, it get customers involved in the development of new products, and it can help you spot new opportunities for your business.
There are 4 key questions you’ll want to answer with your market research. You may think you know the answer to one or more of these questions but it’s not unusual to be surprised by one or more answers.
- Who are my customers?
- What do they buy at the moment?
- Why do they buy?
- What will make them buy from me?
Getting answers to these simple questions can have many benefits for your business. By knowing your audience and what they want you can get it right from the beginning. You can make smart well informed decisions from the start and waste less time on mistakes. You’ll also have a better understanding of your competition, which will help you discover more opportunities. Having a great product isn’t always enough to succeed, but if you know your customers as well you’ll have a much better chance of success.
You can get started with your market research yourself. Data collection is the main cost but most businesses are sitting on a lot of data already. Start with simple analysis, or ask an expert to help you sort through the data. You may also need an expert to setup data collection and customer tracking. Tools like google analytics, when configured correctly, will help you track the effectiveness of loyalty programs and marketing campaigns.
This infographic was designed by Surveygoo.