Everything a New Business Owner Should Know about Market Research

Market research could spell the difference between success and failure for a new business. What’s more, it’s not as complex as it may seem. Following are some actionable tips to get you started on the right track. click here for more.

What is Market Research?

Market research is simply gathering information about your market. It includes:

  • Talking to individuals from different backgrounds to determine what types of people would be interested in your products and/or services
  • Getting to know your target market by engaging with prospective customers on social media, via your website, and while participating in exhibitions and sales events
  • Analyzing your website data to see who is coming to your site and what they are most interested in

What can Marketing Research do for You?

There are obvious benefits of market research. Identifying a target audience will help you know what forms of marketing will be most effective in promoting your products and/or services. Knowing what prospective customers need, want, and expect will help you make wise, well-informed business decisions. At the same time, there are also many secondary benefits you won’t want to miss out on. Here are these major hacks.

Market research will help you identify potential sales opportunities and business partnerships. You’ll be able to identify businesses that aren’t competitors but that also serve your target audience. Teaming up with other companies can be a win-win situation for both parties as you work together to bring in new customers and boost sales.

Market research can help you capture business from your competition. As you analyze a competitor’s social media channels, reviews, and websites, chances are you’ll be able to find dissatisfied customers that may be interested in considering your business. You may also discover an underserved niche audience you may not have discovered otherwise.

Doing market research can also help you save a considerable amount of time and money. If sales and profits slump and you can’t identify the reason why, a simple customer survey may provide the insight you need to turn your business around. What’s more, it’s much cheaper to ask your current and former customers for advice and suggestions than it is to hire a marketing expert.

Getting Started

Are you just about ready to launch a new business? If so, connect with potential customers on social media groups to identify the best target audience for your business. Check out competitor websites and reviews to get to know what people expect from companies that sell products and/or services similar to yours.

If you’ve been in business for some time, survey your customers to see what they like/dislike the most about your business and what products/services they hope to see in the near future. Offer a small reward in the form of a discount or freebie to any customer who offers their honest insight and opinion.

It’s also a good idea to analyze your website statistics. Check out who is most interested in your goods and services, where most of your prospective customers live, and what pages on your website people visit before buying something from you. See which internet pages, social media sites, or advertisements are driving the most customers to your website.

Conducting market research takes time and effort, but the results are well worth your investment. If you’re having trouble finding the time to analyze your market or collect the data you need and properly evaluate it, we can help. NetBase Quid offers detailed brand health analysis, trend analytics and a host of other services to help you discover what potential customers want from your business now and in the future. Get in touch with us at your convenience to request a demo of our services or schedule an appointment with our team of marketing experts. We have the products, solutions and resources you need to take your business to the next level of growth and expansion successfully. click here.

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