Does the word market research make you cringe a little?
The concept instantly brings on an overwhelming feeling. Which means you have no idea what’s right for your business.
I get it. Marketing is a large concept with many areas involved.
Plus any word with research attached to it seems overwhelming. Because it means there’s a lot of work involved.
But in this episode of Work Wife Wine Time, I break down the fear of the research overwhelm with bite-sized, digestible and eatable pieces.
Listen to the episode below.
Feeling the overwhelm already?
I get it, anything with the word research in it probably makes you want to squirm a little because you think there’s so much work involved.
I’m an extremely analytical thinker, I’m someone who loves collating information. But I know for many business owners it’s overwhelming.
What is market research?
It’s there to guide you and guide your business. It gives you both short-and long-term planning strategies required to sustain your business and grow your business effectively. So we need it initially, and we need it for long-term planning strategies and overall research. It’s there to keep your marketing strategy right, to keep it on track.
So the point, really, of market research is to create a marketing strategy then. Of course, we all know how vital marketing strategy is for business, especially now, as opposed to a fair few years ago, when I completed my marketing degree.
There are so many more sections and aspects and parts to a marketing strategy. With the internet, we’re encompassing now so much more copywriting and content. We have several social media platforms, websites. You have SEO strategies. There are so many parts of marketing within a business, which means you need to have it right. Or you’re going to hit a roadblock, and you may not figure out why things aren’t working for you.
Why do we need market research?
If you don’t do the research, you’re already at a disadvantage. Think about how you know where to position yourself in the market. If things are changing, perhaps your positioning needs to change.
- How will you price your product or service?
- Is your pricing competitive?
- Not competitive?
- Are you under priced or overpriced?
- How are you going to know who your competitors are?
If you’re a business already established, perhaps you have new competitors that you haven’t looked into before?
If you don’t do market research then how will you know accurate information about your target audience?
- Who are they?
- Where are they?
- What are they doing, reading and consuming?
- What do they love?
- How do they love to be spoken to?
One mistake I see many business owners make is they conduct their market research once, which is baffling.
You need to conduct market research regularly to see if you’re still competitive. By performing regular research into your marketing, it’s going to help you evolve your marketing strategy. And you need to remember that any marketplace, whatever industry you’re in, whatever marketplace you’re in, wherever your target audiences are.
Markets are constantly changing
They’re constantly shifting, evolving and moving, so you need to keep up and be competitive in that way. And people are changing and want different things. They’re ingesting information differently and require more.
So you need to keep up with these modern shifts and changes and evolvements. Otherwise, your businesses will not be fresh and contemporary and keep up, and people will not be interested. That’s the reality. And think about this as well, like, you might be thinking, ‘Okay, Gemma, that’s fine, but why do I need to conduct my research again?’
The base-level market research for your business
It will help you understand the demand for your service, offering, or your product. And from understanding the need, if there is a demand for what you’re selling, it will help you understand the market demand.
The deeper level research
It gives you such a comprehensive understanding of your clients, your customers, of overall consumers. It helps you understand that their wants and needs. What motivates them, how they make decisions, the different emotions they have, which, of course, ties in with marketing and your marketing strategy, but that’s such a critical aspect.
Do I need to conduct a competitor analysis?
Yes. You need to know so many aspects of your main competitors.
- Who’s their target audience?
- What’s their pricing points?
- How are they pricing the same or similar product and service as you?
- Do they have lead magnets?
- What are their lead magnets, and do they work well?
- What’s their point of difference?
And do your competitors have a point of difference? Compare it with yours and make sure you’re showing your point of difference as well.
If your competitors have an email newsletter, sign up to their marketing lists and get the emails. So you can see how they communicate with their clients, what they do and what they offer.
How are you different from your competitors?
I know you’re uniquely you. So make sure you get your difference and show it.
Because you know your target audience wants to see you, the real you.
So be different from your competitors. Be authentic, raw, and be you.
These are important aspects for your business to know what your competitors are doing.
Target audience market research
Want to research what’s working for you?
Go to your target audience and ask them.
Find people in your audience, go to your current clients or customers and speak to them whether it’s in a survey or email format, phone call, you know, it doesn’t matter.
- What made your decision to buy from my business and not my competitor?’
- What other competitors did you consider before they chose you?
- What do you like about my business?
- What do you like about my product?
- What do you like about my service?’
- What do you not like about your product or service, or business?
- Why is my business the best choice for you?
These are such important questions for target audience research. To see where you can improve and change things n your business to serve your clients best.
Market research will help you feel more confident in your business and its direction. It gives you goals to work towards. It’s going to help you make more informed decisions.
Market research will help you act strategically. And communicate with your target audience and ideal clients the right way.
Markets, people and things are evolving and changing. So it’s critical to make sure your business decisions are fresh, modern and relevant.