Are You Researching Your Market?

Market research is very important to success. After all if you don’t really know what your target audience is looking for it’s hard to give it to them. According to Entrepreneur.com, market research is:

“The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service.”

If you have done the research, you should have the information you need to assist you in getting the jump on the challenges of marketing your products or business. It will help you segment your customers by identifying the people you are trying to reach through your marketing campaigns. It also helps you differentiate your product in ways that will separate you from your competition. It’s tough to really differentiate this without doing the research first.

The great thing nowadays is it’s much easier to get the research you need. The internet is full of information about marketing, how to market, etc. There are lots of report by everyone from individuals, the government and trade association.

You might also want to look at getting information directly from your customers as to their likes and dislikes, their demographics (name, age, etc.) and psychographics (hobbies, feelings about your products, how they spend leisure time).  It is easy to create a three or four question questionnaire that asks your customers for their input on what they like and don’t like about your products, service, quality, events, etc.

Keep the questionnaires short so that your customers will complete them and always leave room for comments – you never know what pearls of wisdom you will get from the respondents.

If you wish you can offer those who respond a perk for completing the questionnaire.

Knowing to whom you are trying to sell, will make hitting your goals a lot easier, as you will be sending out the type of information that will appeal to these people.

A tip of the glass from me to you!

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