>> “Businesses that aren’t growing are dying”
So to keep yours healthy you must sell more and make bigger profits.
As you know, this is much easier said than done.
Which is why you need to know what your prospects and customers actually think – not what you think they think.
And to do this, you have to invest in market research.
Here are six benefits of investing in market research
1. Identify new customers
Your new customers will be like the ones you already have.
But who are they?
Amongst other things, you must know:
- Who uses your product or service?
- How old are they?
- Are they married?
- How much do they earn?
- Where do they live?
Researching your existing customers will give you all the answers you need.
2. Better understand your current customers
Want to improve your products and services…
…or potentially identify some upsell opportunities?
You need a better understanding of your existing customers. To get started, ask them these five questions:
- Why do they choose you instead of your competitors?
- How do they use your products / services?
- Does what you offer solve a challenge?
- Who or what influences their decisions to buy?
- What do they like to do, watch, read?
Don’t stop there – think of other questions you can ask to gain insight.
3. Set realistic business targets
Thanks to the first two benefits, you now know more about your existing customers…and, therefore, about the new customers you’d like.
Use this information to set realistic goals for improvement and growth within your business.
Pay close attention to:
- Segmentation: who do your products / services appeal to by age, where they live, etc?
- Targeting: how do you reach these people?
- Positioning: how do you position yourself as the right choice for your customers and prospects?
4. Develop new, successful strategies
Proper data – not your “best guess” – helps you make informed decisions.
These can include:
- Should you expand or not?
- Could you diversify?
- Are you actually targeting the right people?
5. Solve your biggest challenges
Spotted a problem with your business?
Perhaps a new competitor, declining brand awareness, or something else which is choking your sales.
Maybe it’s something you didn’t know about before, now revealed by your initial research?
Let (more) market research help you find the root of the issue.
Depending on what’s been flagged up, you might need to consider:
- Brand research
- Consumer research
- Product development and usability testing
6. Discover where to expand
Market research lets you pinpoint areas to grow your business.
For example:
- Is there room for a new product or service?
- Where is the best place to open a new store?
- Are changing market trends providing opportunities?
Work With An Expert Partner
Please remember: it doesn’t matter how big or small your business is…
…whether it’s a startup or established…if you sell a product or service…how much it costs…
…market research helps you sell more and make bigger profits.
If you’d like our help with any part of your market research – please get in touch here.