When you have a small business, it’s crucial to use the market research to develop your business. This is actually a piece of advice that can be followed by all the business’ owners. You might not know what do to, especially if you’re at the start, so we’ve gathered these tips to give you an idea on how to do it.
Know the objective of your research
Before starting to do the market research, you should think about the reason behind all of this. Think about why you’re doing it. Maybe you want to increase sales or perhaps the traffic to your location. Maybe you have the idea to make the one-time buyers become regulars.
If you know what the object from the very start is, it would be easier to go after the market research and the marketing materials. This way, you’ll need the kind of info you have to get for your business.
Get to know your targeted customers
What you need to keep in mind from the very start is that your company gets hand in hand with one specific kind of customers. If you know the customers from the beginning, you’ll understand, for example, what kind of language to use, what kind of marketing materials you need to get for the company and, most importantly, how to make the client-seller relationship work best. If you take enough time to do this, you’ll also find the best services and products to sell – all according to their needs.
Try to find out as much info about your clients as you can. You can do some digging and find out more about the customers that are regulars to your business. For instance, find out first their age and their salary. Ask them about their job and education.
Who you serve
For instance, you’re opening up a bar which also serves burgers. It’s a clear thing that you will not serve vegetarians. And by knowing this, it will be easier to do marketing messages which would be more appropriate for your targeted customers.
You won’t serve all the people – that’s for sure. And that’s okay, but it’s advisable to know from the very start who to choose. Especially if you have a small business, you might want to connect with a specific part of the market. You need to keep your paying customers happy – the ones who actually spend money at your place. If you try to please everyone, you’ll lose the credibility of the company. You need to be focused on how to keep your targeted customers happy.
Competition = enemy, but you might learn something
It might actually not be a bad idea to do some digging and find things about your competition. If you can, even go to their shops. You’ll find new things about the perspective of the clients and you’ll make the difference between what’s good and what’s bad for your business. This way, you’ll be able to make comparisons and find out what’s not going so well for your company – what’s wrong with the products, for example.
Also, don’t forget to pay attention to the market segment. Find out who’s patronizing their company and if they walk in the same shoes as you do. If you keep all of these aspects in mind, you’ll understand your selling position and better offers will come for your clients.
Listen to your targeted customers
The most important thing about the market research is the opinion of the customers. You’ll be able to understand their thoughts and vision on your business. Also, keep in mind that not all the feedback will be a positive one – people can be harsh – but it’s the best way to learn what’s good and what’s bad about your business.
It’s not a hard job to create a survey. You simply need to ask some basic questions about your company, that’d be easy for the customer to answer. You can also include a question that asks the client to say what kind of product they’d like to see on your service and which product they love of your current ones. You’ll see that your clients will be pleased to answer the survey, as it will show them that you care about their opinion.
Author Bio :
Prisha Gupta is an experienced writer on topics relating to digital marketing agency, she also writes on trends that make you & your business more successful online.
This is an article provided by our partners’ network. It might not necessarily reflect the views or opinions of our editorial team and management.
Founder Dinis Guarda
IntelligentHQ Your New Business Network.
IntelligentHQ is a Business network and an expert source for finance, capital markets and intelligence for thousands of global business professionals, startups, and companies.
We exist at the point of intersection between technology, social media, finance and innovation.
IntelligentHQ leverages innovation and scale of social digital technology, analytics, news and distribution to create an unparalleled, full digital medium and social business network spectrum.
IntelligentHQ is working hard, to become a trusted, and indispensable source of business news and analytics, within financial services and its associated supply chains and ecosystems.