Market research is one of the best ways to ensure the longevity of your business. Unfortunately, Many small business owners often overlook market research. Market research is an essential and ongoing component of all successful businesses. Here are twelve ways to use market research to create more revenue for your business.
1. Discover Your Target Market
Many people make products, and then try to find a market for them. However, the truth is that you should first find the market you want to work with, then create products for it. Even if you skipped that, you can now find your target audience so that you can get your marketing materials right.
2. Get to Know Your Potential Customers
The market research that you conduct will allow you to get to know your potential customers better. When you know them better, you’ll be able to create customer personas that help with creating content and marketing which really gets results.
3. Develop New Complementary Products and/or Services
When you know what is going on in the marketplace you’ll get more ideas about products and services that your audience needs. You may get the ideas from reading industry news or from what the competition is doing. Try to add offerings that pair well with something that's already selling well.
4. Refresh Your Marketing Efforts
Sometimes marketing becomes stale and even though your audience doesn’t change who they are, they do change how they feel about things. For example, what was acceptable marketing for companies decades ago isn’t acceptable today. You need to refresh your marketing as needed and stay on top of changing social media trends.
5. Find Out Who Your Competitors Are
It’s important to identify your competitors so that you can keep an eye on them and what they are doing. Sign up for their lists and purchase some of their products. Don’t copy them, but do take note so you can be better.
6. Educate Yourself to Become an Expert
The more information you learn about your industry and the market for your products and/or services, the closer you’ll become to being an expert. Reading as much as possible keeps you up-to-date and knowledgeable.
7. Confirm Your Ideas
It’s important that when you have an idea or assumption about anything to do with your business, you do the research to determine if it’s right. Sometimes anecdotal stories are wrong; sometimes a result is an outlier and not true. Only market research can help determine what is genuinely right and wrong.
8. Discover New Opinions
During the market research you’ll also learn totally new ideas and opinions you never considered. You may find during your research that they are wrong or you may find out that they’re right. Only proper research will help.
9. Keep Up with New Technologies in Your Industry
Keeping up with market research will also help you learn about technology as it happens. Every day new technologies are being discovered that can help you with your business. Without research you won’t know about it. It’s easy to get trapped within your bubble and not realize what is happening.
10. Identify New Trends
As you’re doing your research, you’ll start to be able to identify new trends that are happening right now. These trends are things that you need to jump on because as fast as they come, they change.
11. Avoid Marketing Mistakes
Business owners who avoid market research are prone to making horrible marketing mistakes. They are at risk of believing their own biases. If you want a laugh and a cringe or two, see Ad Week’s list of advertising and marketing fails.
12. Track Your Own Brand
Many people don’t realize that during market research you’ll also be able to determine how you’re doing as a brand getting information out to the public. If you do not run into your own articles, interviews, blog posts and research while searching, then you need to start working harder.
The fact is, without market research your success is in jeopardy. Some business owners will achieve accidental success but it will be hard to keep up. If you plan for success by conducting market research for your business, you will be set up for success from day one. If you started already, it’s not too late to conduct market research to ensure that you achieve and maintain success.