If you want your business to be successful, you need to know your industry and market well and know your target customers. To get to know all of this, it is best to conduct research on each of these factors, separately.
This is known as “marketing research” and includes the gathering, and recording of information and data, about your industry, market and target customers. It also includes the analyzing of said data and information.
Marketing Research Will:
Help to Identify your Ideal Customer; and where is best to find these customers. What type of people will be your clients, professionals, rich, middle-income, farmers, etc. and where do they reside; city dwellers, or country patrons, apartments or homeowners?
Is your products affordable, and what motivates the targeted customers to buy from you? Do your prices match the value of the services or products you offer? How do customers feel about your products and services?
Help to Determine the Best Methods to employ; to meet your customer’s needs. The answers to all the questions asked in your marketing research will help you identify all the possibilities on how to promote your business, product or services to prospective clients.
The research will also indicate where, e-mail, website, telephone, etc. what time, during the day or during the week, or during the month, and also, what type of advertising will reach your target group the best.
Marketing Research will also:
- Increase your profits; and ensure you have a good advantage over your competition.
- Ensure that you reach a large portion of your prospective clients.
- Help you identify the reasons; why a product or service is not a great seller.
- Will provide solutions; towards increasing sales of your products and services.
- Gaining you knowledge; on how and where to gather data and information when you need to do marketing research in future. For instance, when you want to promote a new product or service, or just freshen up the marketing approach that is in use.
These are all ways that show that marketing research can make a huge difference in the growth of your business through boosting sales, and growing profits.