Market research will improve your target marketing and give you the power to execute a game-changing strategy.
Market research is not just for large companies. Different methods of market research can help to identify your target consumer, determine what they think about your ideas, products or brand, and gather insights and examples to help you target the right market.
This information will help enable you to make smart and strategic business decisions. Effective research can also provide invaluable information on your competitors' products and services.
Consumers' motivations and behaviours change over time, so keep up with contemporary tastes and trends.
How market research can help your business depends on what business you're in and what you need to find out. Whether you're starting a business or running a large company, it can help you:
identify your target audience
ascertain the size of the market
identify your competition
determine how well you are positioned.
When you're looking into how to conduct market research, there are two ways to go about it. You can conduct your own desk research for general insights, or employ professional market researchers to gain specific intelligence from your target market. Bear in mind that these come with an extra cost.
Knowledge gained from market research helps you decide what the consumer wants and values and how they perceive you, your business, and your competitors.
Market research knowledge gives you a competitive edge and the flexibility to change your strategy and business plan. Use market research and market analysis to identify more effective ways to target consumers and find out:
Where does your image fit in your market? Image is important, and it's what consumers buy. Understand how your image positions your business and whether it's a good fit with where you want your business to be.
What do your consumers want? Understanding your customers is essential to satisfying their needs and providing appropriate solutions. It's also crucial to building your brand.
Who are your competitors? Consumers choose between products and services, and the price is not the only consideration. Making your product or service stand out from the crowd is about understanding your competitors, their products, services and messages.
What's your positioning statement? Defining your company's direction helps to position your company in your market and directs your effort, focus and approach.
What's your tag line? Your tag line describes and differentiates your product or business. Does it resonate with your target audience?
Good market research allows you greater flexibility in making decisions. It offers you the capacity to adjust strategies and thinking when circumstances change. More importantly, it delivers the information you need to create or refine a product or service to satisfy a customer’s needs.
Market research allows you to focus your efforts, see things differently and better position yourself in the marketplace.
John Wakeling is a multi-award winning market researcher, marketer and strategic consultant, delivering game changing strategy for 20 years across many markets and industries. He is the winner of the prestigious Western Sydney Awards for Business Excellence (WSABE) Excellence in Marketing 2017.
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