One of the biggest mistakes any entrepreneur can make when first starting out is to assume that they know exactly what their consumers want without stopping to ask them at all.
To stop and take the time to get to know your target market from the get-go can not only help propel you ahead, it can save you time and money as you avoid going down the wrong road!
Market Research can help you:
- identify your current market
- identify potential new markets to expand into
- discover which competitors are doing well and where they are lacking
- keep on top of current trends to utilise
- understand customers’ perception of your brand/service
Know your objectives:
To help you decide the best way to tackle your research, it’s important to know what information you’re trying to obtain.
Are you trying to develop your brand voice, how much your services are worth, how to increase your social media following or how you are going to differentiate your brand from others?
Having a clear objective can also help when you are collating your results at the end of your research, as it helps you sort the information relevant to your objective from the rest of the results.
How to do your Market Research:
Ok, so it might sound boring, but researching is the only way to know how to push your brand ahead of the pack!
There are a variety of ways to get to know your market and competitors.
- Google search
Ideally your first step would be to type in keywords about your business and industry into Google and see what comes up. Just doing a rough search can help you to gauge who your competitors are, what’s working for them and what isn’t. It can also help you discover the latest fads and trends to ensure your offering remains relevant and interesting.
- Social Media (check out what’s popular, effective and receive the most engagement)
Using different social media platforms can provide you with a wealth of knowledge about your industry and your target market. You can keep track of what is trending and what your ideal audience reacts well to. It’s also an easy way to get information directly from consumers.
- Friends and family
Chatting with friends and family can also give you an idea of what is working and what is not. If you take the time to ask the right questions, you’ll be surprised what kind of insights they can provide!
Creating surveys are a particularly efficient way of sourcing a larger amount of information from consumers or your target market. You can create them online via a number of different programs and link them via social media, email to your client base or hand out printed copies for people to submit.
- Focus groups
Running a focus group can help you to hone in on details and key information you feel you’re missing. It allows you to collate more than just yes or no answers and gain more in-depth opinions and insights from people.
- Media (stay on top of relevant trends and information through newspapers and industry publications)
Don’t underestimate how useful media can be. Be it online or in print, newspapers, magazines or television, media can keep you in touch with what’s trending, what is new and innovative and what consumers are buying.
By gathering specific information you can use it develop a strong brand, stay ahead of your competition and offer a product or service that people want.