Market Research as an important marketing strategy

 

Market research can answer a number of questions for your company. Figuring out who your customers are is just one of the possible objectives.

All businesses rely on marketing. Even sole proprietors and small businesses rely on marketing whether by word of mouth or by placing an ad in the paper. However, before you can successfully develop a marketing strategy, you need to determine your audience, your market demographics.  Who are you marketing to?   Who is going to buy your product, spend the most on your product, or continue purchasing your product in the long term? These questions and many more can be determine by market research.

There are some main resources of market research: Primary market research is data that you have gathered yourself. The data is gathered by presenting potential customers with a questionnaire crafted specifically for the information that your company requires. This can be presented in a number of ways including, direct mail, phone interviews, one-on-one interviews, and group interviews. 
 
Using some of these research techniques and learning how to do market research on your own will go a long way in helping you save tons of money.

If you do not have the resources to conduct your own market research, a lot of information can be found through secondary sources. These are market research studies performed by other organizations and companies. Some sources of secondary market research include the Bureau of Labor Statistics, Economic Statistics & Research, and Fedstats.gov.


Starting your own market research

Performing a little market research of your own may seem a little daunting, but you would be surprised how easy it can be. The first place to perform your business research is inside yourself. You have to know what your strengths and weaknesses are before you can decide what you are good at.

 

This market research can be done by writing a list of skills, goals, interests, strengths and resources available to you. Sometimes, this process alone can give you some great business ideas. Another type of easy business research is just keeping an eye out for businesses you can take inspiration from. Many times you will see a person with a business that you would like to pattern yours after.

 

More than likely, you will enjoy some aspect of the business rather than the total concept. Keep a journal of these ideas. Market research can also be done by asking yourself what would make your life easier or more enjoyable. Focus on problems first, and then try to solve them. Many businesses are formed as a result of finding a solution to your own problem. You may have to generalize the solution so that it is adaptable to others, but many times there are people with the same problem as you.

 

Connecting with other business owners is one of the greatest forms of market research. They had to start somewhere as well and they are usually more than happy to brag. Soak it in and don’t be shy to ask questions. Remember that it never hurts to add more business connections. Networking can go along way. It may be able to help you out later on.
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