Research your market
Research Your Market
Market research allows you to effectively analyse your potential and existing customers, the market situation and your competition. By collecting and evaluating this valuable research, you’ll be able to better understand your audience’s needs and how to bring your products and services to market.
Market research is beneficial for both start-ups and established businesses looking to enter new markets or launch new products and services. Whatever stage you’re at, if you’d like to get the most from your market research you can speak to the Worcestershire Business Central team for helpful advice and resources.
Where Do I Start?
You can pay for professional market research to be carried out for you, however doing it yourself doesn’t always have to be time consuming and costly – there are a number of ways to gather useful insights from your target audience and competitors:
Think about who you’re selling to and what their interests, needs and demographics are. Ask people who fit your target profile about their interest in your products and services, as well as any concerns about your approach.
Create a sample or prototype of your products to let potential customers test them. You could form a focus group or create questionnaires to gain feedback about their experience.
Check out available market reports and other publications to research competitors’ sales patterns, turnover and profit. This can help you set suitable pricing. Also review their marketing and advertising campaigns to explore what you can do better. You could even talk to some competitors and ask them about their approach to the market.
Market Research Tips
Vary your research with both quantitative and qualitative methods. Quantitative provides statistical data whilst qualitative offers insight into people’s opinions and feelings
Be impartial and don’t discount negative feedback – all insights are useful to help you to improve and tailor your products and services to your target customers
Ensure you use a reasonable number of people and target different groups of customers
Ask specific, relevant questions which give people a choice of answers or ratings. Open-ended, opinion led questions are better than ones offering a simple yes or no answer
There are other ways to gain insight other than asking people questions; you could observe their behaviours or try out a competitor’s products and services yourself
Want to make things happen today?
Whatever market research you choose to carry out, let Worcestershire Business Central help guide you through.