market research Archives - Grow A Business That Fits Your Life
Grow A Business That Fits Your Life
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Do You Know What Your Customers Really Want?

A quick question for you … how well do you understand your customers and what they 004_282want?

Keep in mind that what your customers want is not necessarily what they need and you’ll often find that people are more inclined to buy things or to use things that they want, rather than what they need.

There are some exceptions to this and sometimes people really don’t know what they need… or what they want for that matter.

But the important thing is that, as a business owner, you may not really know what they want.

Sometimes you might come up with this great idea or a great product and you love it and your friends and family all say that they love it too so you think it’s going to sell well … and it doesn’t.

Quite often it’s because although you think it will sell, your customers don’t want it.

Maybe it’s something you think they need – and maybe it’s something they DO need. Maybe it would be a huge, huge benefit for them in their lives, but if they don’t want it it’s going to be a hard sell.

So how can you find out what your customers really want… and how they want it?

Watch this week’s video to find out:

(Watch this video in YouTube here)

When you can provide products and services that your customers WANT that’s going to make your marketing a whole lot easier.

What Is Market Research And Why Is It Important?

What Is Market Research And Why Is It So Important?

These are important questions to answer for any small- and medium-sized business (and indeed large companies as well). Unfortunately, many small business owners disregard the importance of market research or otherwise know little about it. It is not at all uncommon for small business market research to be ignored or not completed fully. This often spells the downfall of small businesses, as they are out of touch with the wants and needs of motivated buyers.

The Danger of Assumptions

Many small business owners assume that they understand what their customers want and what motivates them to buy. But without accurately testing the market you can never be sure. There is a danger involved in assuming that you know what your client-base wants and what motivates them to choose one supplier or provider over another. The danger is in missing your target audience and not connecting with them. That loss of connection means a loss of business or sales, and for many, ultimately business failure.

Rather than assume you know what your core target group wants, be sure! The only way to be sure is to test your market through thorough market research, and find out precisely how to incite them to action and excite them about your business.

What is Market Research?

One of the greatest reasons small businesses fail to effectively complete market research is that they are unsure about what it is.

In simplest terms, market research is finding out what people want and will buy (whether that be services or goods), and how much they will pay for it. Thorough market research consists of testing and evaluating the market through different means to determine the demand, usefulness and likelihood of acceptance of a product across different demographics. It answers very specifically who will purchase a product or service based on characteristics such as:

  • age
  • gender
  • location
  • income
  • other variable characteristics.

Armed with this data, business owners can very narrowly target their audience and clientele, and thus can commit resources, product development and advertising to connecting with this audience and very specifically serve their needs. Market research helps small businesses plan for every aspect of promotion and sales, including:

  • price
  • advertising and marketing
  • product features and development
  • improvements and modifications

Small Business Marketing Research Downfalls

In regards to market research, the downfall of small businesses often comes from nothing more than a lack of it. In other instances, the downfall comes as the result of business owners who become too personally ‘attached’ to their ideas. It is essential to maintain objectivity in marketing matters and use the research to support the most effective strategy.

Understanding market research and its importance is the first step towards taking full advantage of it. The next step is to learn how to perform it effectively and accurately so that you can capitalise on this very important business tool. Know where market research falls into your business strategy, and learn how to make the connections with your core group that will translate into business success.

What Is Market Research And Why Is It Important?

What is market research?  Why is it so important to success in small business? 

These are important questions to answer for any small- and medium-sized business (and indeed large companies as well). Unfortunately, it is not at all uncommon for small business market research to be ignored or not completed fully. This often spells the downfall of small businesses, as they are out of touch with the wants and needs of motivated buyers.

The Danger of Assumptions

Many small business owners assume that they understand what their customers want and what motivates them to buy. But without accurately testing the market you can never be sure. There is a danger involved in assuming that you know what your client-base wants and what motivates them to choose one supplier or provider over another. The danger is in missing your target audience and not connecting with them. That loss of connection means a loss of business or sales, and for many, ultimately business failure.

Rather than assume you know what your core target group wants, be sure! The only way to be sure is to test your market through thorough market research, and find out precisely how to incite them to action, and excite them about your business.

What is Market Research?

One of the greatest reasons small businesses fail to effectively complete market research is that they are unsure about what it is.

In simplest terms, market research is finding out what people want and will buy (whether that be services or goods), and how much they will pay for it. Thorough market research consists of testing and evaluating the market through different means to determine the demand, usefulness and likelihood of acceptance of a product across different demographics. It answers very specifically who will purchase a product or service based on characteristics such as:

  • age
  • gender
  • location
  • income
  • other variable characteristics

Armed with this data, business owners can very narrowly target their audience and clientele, and thus can commit resources, product development and advertising to connecting with this audience and very specifically serve their needs. Market research helps small businesses plan for every aspect of promotion and sales, including:

  • price
  • advertising and marketing
  • product features and development
  • improvements and modifications

A common mistake made by many small business owners is that they may become too personally ‘attached’ to their ideas. It is essential to maintain objectivity in marketing matters and use the research to support the most effective strategy.

Understanding market research and its importance is the first step towards taking full advantage of it. The next step is to learn how to perform it effectively and accurately so that you can capitalise on this very important business tool. Know where market research falls into your business strategy, and learn how to make the connections with your core group that will translate into business success.

Here’s to your success in business,

Donna-Marie