Market Research

What sort of market research is appropriate for small businesses?

• Examine existing products and services: what is currently available? How well is it satisfying customers? Can you implement any of your competitors ideas more effectively?
• Examine your target audience: who are they? What do they want? Where can you find them? Conducting surveys and polls are a fantastic way to get your finger on the pulse of your target audience so you can better serve their needs.
• Conduct demonstrations or offer free trials: getting real people to try your product is essential if you want to refine and improve it for future customers. You should consider a free giveaway, a product demo or a trial period if you are offering a new product or service that hasn’t been tested in the market yet.
• Watch the market: even after you enter your marketplace, it is wise to keep an eye on what your competitors are doing, what innovations are being created and where you could fill a gap in the market. Market research is an ongoing process that never ends.

I’ve done some market research and I’ve put together a marketing strategy - what now?

Your marketing strategy should reflect the best information you were able to find, but no strategy is ever perfect. Effective marketing strategists continue to collect data as their strategy is rolled out, as the execution of your strategy will test your assumptions and provide valuable information which you can use to refine your approach.

Whenever a customer is gained, it’s good practice to ascertain precisely where they came from and which marketing method drew them in. The more information you can get about how they found you and why they chose you, the better.