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Market Research

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Market research is one of the most valuable methods to gain insight and data to your target market. By conducting market research, you learn exactly how your customers think, what their habits are, how much they are willing to spend, and how you can stand out from your competition.

With all of this data, you are guaranteed to create a killer strategy for your business and increase your revenue year after year. These are some of the most effective market research methods for your business.

Interviews

There is no better way to gain insight to your consumer market than sitting down face-to-face and interviewing them. Have a list of questions ready to ask them about their spending habits, where they get their news, and what they think about your product.

This insight will help you understand the wants and needs of your customers so you can tailor your product or service to meet them. It also gives you insight on how to position your brand to stand out to your customers.

While this process may be time consuming and tedious, it is worth the effort.

Surveys

How many survey opportunities do you come across every day? There are millions of surveys available online just waiting to collect data. Take advantage of the survey culture and create your own for your market research.

There are a few different ways to go about collecting data from surveys.

The first is to have an online survey with an incentive. This incentive can be a coupon for your product or a free piece of literature.

The second is interactive voice response surveys done over the phone. This allows you to reach consumers directly and gives them an easy way to answer your questions.

Lastly, send out surveys by referral to your own network and your team or employees’ network.

Competitive Analysis

Know where you stand in your industry with a competitive analysis. This type of market research studies your competitors and how they are conducting business within your market.

This data will give you insight on what you need to do for your business to stand out from your competition. Take what your competition is doing and do it better!

Pricing Research

Another essential market research method is to study the pricing aspect of your consumers. You can include these questions in your interviews and surveys or take data from studies that have already been done.

This data will tell you what your target market is willing to spend on your product. With this data, you can price your product or service accordingly to appeal to customers and increase your sales.

Secondary Research

If you are running a small business or startup and don’t have the budget to spend on large market research studies, you can always take data from secondary sources. There are thousands of studies done each year on different markets and this data is available to you either for free or for a minimal cost.

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You may not believe it but the main thing that can break a company is a lack of research. It doesn’t matter what product or service you are trying to sell to people. What does matter is how well you’ve researched your target market!

Some businesses, especially startups, are guilty of selling to a market that doesn’t exist! As you can imagine, that’s the worst thing any business can do! You might not think it, but trade shows are an excellent way to conduct some market research.

So, just how is that possible? Keep reading, and I’ll share with you an insight into how trade shows can give you an invaluable lesson! Here is what you need to know:

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Source: Wikimedia Commons

You get to see what the competition is offering

Some people assume that trade shows are just filled with buyers from other companies. In other words, your potential customers. But, many competitors in your industry send “spies” out to check out people like you are up to!

It’s one of those unwritten rules in the business world. Everyone does it, and you should too. Some firms have two sets of staff in attendance. One set for their trade show booth, and the other as “walkers”.

You should consider doing the same too if you’ve got enough staff available to visit the event. That way, they can give you the highlights of what your competitors are offering. In some ways, it can give you an advantage in your industry. Why? Because you’ll learn of up and coming trends!

You get to see which stands offer the most eye-catching designs

When you exhibit at a trade show, it’s crucial that you have an eye-catching stand design. That’s because it’s one of the first things your visitors will notice. If your design looks too plain or anonymous, don’t expect many visitors!

If you’re planning on exhibiting soon, check out www.finessegroup.com for some stand design examples.

You’ll learn more than you already knew about your industry

An interesting point to note about trade shows is that they give you a strong insight into your industry. Buyers, for example, will tell you about the things that interest them for their firms. And competitors will give you an idea about the latest trends and innovations.

Sure, you might gain some of that knowledge by doing online research. But, if you want to get your finger on the pulse, attending a trade show is the way to do it. In fact, it’s a popular marketing method.

You’ll discover which products will become doomed to failure

Trade shows are also useful for learning about competing products that are ill-conceived. The thing about the business world is that some companies cut corners. And that often shows in the products and services they offer.

It’s an opportunity for you to find out how you can improve your existing offerings. If people tell you what they hate about products like yours, you can use that feedback to your advantage.

Well, I hope you’ve enjoyed reading today’s blog post. See you later!

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