It really can’t be stressed enough how important market research is to the success of any business. Understanding your market will guarantee that you are providing the right products and services to your audience.
With the right type of market research, you’re shining a bright light on your target so you’ll be a lot more likely to be successful.
Here are a few tips on the importance of conducting market research for your business.
– Helps You Focus on What’s Most Important
When you conduct market research, it will help you focus on what’s most important to your audience and therefore to you. You cannot make assumptions about your market without confirming them by researching the situation. You might find out that your ideas are wrong or you might find out they’re correct.
– Helps You Learn More about Your Audience
You might think that you can wing it, but if you don’t know everything about your audience that you can, you may make a mistake. For instance, one-time Coke thought it was a good idea to come out with “New Coke” without really learning about what their audience would think about that. It was a colossal failure.
– Helps You Know Which Path Is the Most Profitable
When you learn more about your market, you’ll be able to create even better products and services that your audience really wants. In fact, they will think that you’re able to read minds and will clamor to buy what you’re selling.
– Helps Your Business Adapt
Even when you are marketing to the same general demographic, the morals, views, thoughts, and ideals of a demographic changes over time. That’s why companies that have been around for ages have to change their marketing plans and advertising periodically, because people change.
– Helps in Decision-Making
Having the right information in front of you will help you make a lot better choices for your business and your audience. After all, decisions made with no information, the wrong information, or assumptions will almost always be wrong. Having the right information is going to make your choices so much better.
– Helps Reduce Risk
When you know what your market is doing and what they want, you lower your risk of mistakes and failure when pushing out new products and services. Why waste time and money with shooting in the dark when you can shine the light on your work and hit your target every time?
– Helps You Develop New Strategies
The right marketing research will help you create new approaches for everything you do in your business. With market research done properly, the new things you do for your business will be more likely to work out.
– Helps Minimize Risks
The more information that you have and gather through the market research that you do, the less risk you will face as you conduct product development and marketing to your ideal audience.
Don’t just do market research once; consider it an ongoing need in order to stay competitive in your business. You’ll identify future problems faster, which will enable you to create products and services even faster too.
Gathering Primary Data for Targeted Business
If you want your business to be successful then you need to understand the importance of conducting market research and gathering primary data.
The difference between primary and secondary research is that you get primary information directly from your audience, and you get secondary information from other people who have surveyed an audience or conducted some type of research.
What Is Primary Data Then?
This is data that you’ve collected on your own without relying on someone else to collect it. You basically go directly to the source for the information. Collect it and gather it on your own. In this way you can organize the data in the best way for your business.
The very best ways to collect your own data is to conduct surveys, Do interviews, Host focus groups, and send out questionnaires:
Using software like SurveyMonkey.com to send out a survey to your audience that you can analyze using a spreadsheet, pie charts and other methods that help you to understand the data better.
– Do interviews
You can also interview people one-on-one that you know are in your audience. Use Skype, Blab.im, Google Hangout or the old-fashioned telephone to help you conduct interviews of your audience.
– Host focus groups
A focus group is a diverse group of people within your target audience with whom you’ll host a discussion answering a particular question. For example, let’s say you’ve created a sales page; you can host a focus group who will try to use your sales page, and then report back how it worked.
– Send out questionnaires
These measure various variables of the group taking the questionnaire. They can consist of open-ended as well as closed-ended questions. A questionnaire should only be formulated using positive statements, and should never make any assumptions about the respondent.
Sometimes interviews can end up biased due to how questions are formed or the perceived judgement of the interviewer, but with observing your audience you can gather a lot of unbiased information fast.
Note, before you start, learn all that you can about your audience so you are sure that you’re collecting the information directly from the right source.
Anytime you want to create a product or service, or write an article or blog post about or to a specific audience, conducting primary research can be a good way to know how to address your audience. You won’t make mistakes with assumptions if you know the truth about your topic and market.
Once you’ve determined that the information you’ve collected is accurate, fair and representative of your market, you can put it together in a way that’s easy to interpret. Using words, plus graphics and images, is often the best way to make the information understandable. What’s more, you’ll want to determine whether you’re putting the information together for yourself to use internally or for your audience.