Why Should You Carry Out Market Research?
If you are a business owner, you’ll probably appreciate it’s becoming harder and harder to make a living. The same is true of salaried employees.
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Whether you have an established business or have a brilliant idea for a start-up, you should seriously consider investing in market research. No matter the sector you are in nor the excellence of your products and/or services, success will continue to elude you if you don’t conduct some research. Not only will this help you to understand the factors affecting consumers’ buying decisions but it will also help you to plan your marketing strategy so you can reach your target audience.
What types of market research are there?
There are two kinds of market research: primary and secondary. Depending on the reasons you are conducting in-depth research, you could use either type or a combination of both.
Primary market research involves approaching consumers directly. It could be done using a random selection of your target audience through phone/face-to-face interviews and/or online surveys. Your main concern is to discover what affects their buying decisions (such as personal preferences or the impact of cultural and/or societal factors), who they buy from and why they choose one specific product/service over its rivals.Secondary market research uses information and data which is already in the public domain such as:
- Governmental data and statistics,
- Local and regional statistics such as from the Chamber of Commerce,
- Industry statistics such as from published company reports, existing surveys and professional associations.
Although secondary market research might seem easier because the research has already been done for you, one problem is sifting through all the data to find information which is relevant for your particular business.
Another thing to be careful of when using general industry research is to check the date of the report/data. Things move very quickly in the world of business. Research which was published a few years ago might already be out-of-date especially if you work in the tech sector.
How to use your market research
Market research takes time, expertise and tech skills to be done thoroughly and efficiently. If the time you have is devoted to the running of your business or you’re new to the sector, it might be worth paying professionals to do this for you and/or to interpret the results of your research. A company like nbp2.com has the solution to meet your marketing needs.
Through your research you will be able to take steps to convince your potential clientele to buy from you rather than from your rivals. This will involve a marketing plan on the best way to reach your target audience. Apart from the budget you have at your disposal, this will depend on their demographic profile such as their age and income.
By creating a viable business plan, you are taking the first step to ensuring that your company flourishes in a tough economic climate.