A Simple Yet Great Way To Find Out What Your Customers Want
To succeed in business, you need to identify a reachable marketplace that wants and needs the products and services that you sell. Here's how.
One of the best ways that you can use for understanding your market better is through research. Market research is a great way to find out what your customers want and what you can do better to make sure that they get it.
Simply put, market research is the gathering of information that tells you how to improve your marketing efforts.
Let's go over 6 of the actual methods of market research that you can use.
1. Personal research.
You spend time personally trying to find out more about your market. You can simply talk to people that you know and maybe ask them to get opinions from people that they know.
One of the ways that this is often done is by hiring a group to go door-to-door in an area where you think that those in your market might live. You can also do informal interviews with your current customers and you can even poll your own employees and get their opinions. Benefits: people have a lot more freedom to speak their mind . They can tell you things that you might not have thought to ask.
3. Focus groups.
A focus group is a small group of people, as few as three or four and usually no larger than ten, who are getting chosen to give their opinions about a specific product or service. Benefits: you get the opinions of several people at once, which can give you a much clearer picture. In addition, you usually save money by doing a focus group instead of an individual interview.
4. Competition based.
When you are new in business, then your competition has the advantage over you. But if you can take advantage of their knowledge and use it to improve your own marketing efforts, you will be able to turn the tables. The way that your competitors market their products or services will tell you a great deal about the market in general.
Telephone surveys used to be one of the most popular ways to do market research, but with the Do Not Call List and everyone carrying mobile phones instead of a landline that is listed in a directory, they have become less effective. Telephone surveys do cost money, and you usually have to hire a firm to do the surveying for you, but if you come up with the right questions, it can be an extremely effective way of understanding your market.
There are companies out there that have experience in researching markets using advertising, internet polling, email campaigns and a huge number of other methods. This kind of research can be more effective than some other methods like focus groups or telephone surveys, because many people feel more comfortable expressing their options through writing rather than verbally.
The bottom line is that guessing about the market is not enough. If you are investing money into a business that provides a particular product or service, it only makes sense that you should research beforehand if there is even a need for that product or service.
You can choose whichever method you want, depending upon your budget and your particular needs, but a market research should be conducted regularly and you should analyze the use the information gathered to base your business decisions on.
You will be much better off for it than someone who simply plunges forward without any idea of how the market will respond...