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Market Research: Your Key to Success

Lack of proper planning is one of the major reasons why a number of new businesses fail. With competition on every side, only businesses with razor sharp focus in the right area survive. That's where smart market research comes in.⁣

With a bit of planning, diligence and well-timed decisions, you can put yourself in a good position to succeed. Below are two tips to get you started:⁣

Start by Conducting Your Own Primary Research:⁣

Primary research is research that you conduct yourself (as opposed to "secondary research", which you can get from others). One way to do this is by conducting a SWOT Analysis. As you know, this means discovering your Strengths, Weaknesses, Opportunities, and Threats.⁣

• Conduct Quantitative and Qualitative Research:⁣

This involves asking potential customers about the market in general and your product in particular. For example, you can go to where your customers usually gather and conduct an in-person survey. Similarly, you can use social media platforms to conduct social surveys.⁣

Proper market research not only makes it easier to adjust your product in the early stages, but it also let's you see where mistakes are being made sooner than later, and learn from them before ramping up.

If you're starting a new business, launching a new product, or opening a new location, market research is essential to your success. As you know, there are two main forms of market research; primary and secondary. But did you know that primary research has two forms of it's own; exploratory and specific? Let us explain.⁣

Primary research gives you specific results. Exploratory research doesn't

necessarily aim for this, as it usually involves interviews or focus groups with extensive input from participants.⁣

Specific research is VERY targeted in it's scope. It's used to solve problems that were discovered through exploratory research. It also routinely involves interviews and is very precise.⁣

Now, let's talk about secondary market research. Secondary market research is when you use previously completed studies and apply the results to your own situation. These studies are made easy to find via an internet search and marketing journals.⁣

If your're wondering which research method to use, we recommend that most business owners start with secondary research, as it's free and readily available.

For those launching a service or trying to improve an existing one, a critical component of your success will be your market research. A few reasons why market research is important, especially for smaller teams and businesses are outlined below:⁣

1) It's Crucial for a Better Understanding of Your Customers:⁣

Who is going to buy your product? Who are your ideal customers? How often will they buy? What do they need? What do they want or expect? The more answers that you have to these questions, the better understanding you'll get.⁣ Additionally, once you gain valuable insights like their age, location, gender & income, you'll be able to create tailored marketing and pricing campaigns based on your research findings.⁣

2) Gain Knowledge About Your Competitors, and How They Approach the Market:⁣

Market research helps assess your market to identify key players and those on the rise. Furthermore, it'll help you find the weaknesses in your competitor’s approach. These are gaps that you can utilize to gain more customers.⁣ Remember, knowing as much as you can about your competition will be pivotal to the success of your business.⁣

3) It Facilitates Business Growth:⁣

Identifying problems before they happen is crucial if you want to grow. Market research helps you comprehend the demands of your customers, detect more business opportunities, plan the perfect marketing campaign, and minimize losses.

4) You'll Know Where to Advertise:⁣

One of the problems that many small business owners face is a limited budget. Market research can help ensure that you’re reaching your intended audience in the channels where they’re most likely to see your message.⁣ For example: if your market research shows that your target audience spends most of their time on Instagram and not Facebook, you’ll know to direct most of your social media ad budget there.⁣

5) It Ensures Your Relevancy:⁣

In order to remain in business and stay relevant, you'll need to anticipate and react to change. Market research allows you to do this. By researching the evolving needs of consumers, and analyzing your competition’s reactions, you secure your place in the market for the long term.⁣

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