Are you a start-up or an established business looking to satisfy your customers with your service? Good, then your first step should include you undertaking marketing research on your intended target. Market research provides you with insight on how to connect with your customers and prompt them into buying your product, leaving them satisfied that they can repurchase.
Why is market research important?
As a business providing a service or product to customers, it’s important to know how your consumers perceive you because your service is being compared to other businesses. So Questions that would come to mind of a consumer could be how would this product or service benefit me? Why should I buy this rather than that? Or where can I buy this? Therefore, market research lets you into the mind of consumers helping you evaluate what your customers want and need, understand what your competitors are doing, and see ways where you can deliver better than them.
Where to start
You need to identify your target audience. Demographics can be used to do this, you can look at age, location, spending habits, or simply lifestyle. Next, you need to choose what type of medium to use to collect data from your audience Interview, surveys, etc. Now, identify which groups from your targeted audience to engage. Once your data is collected and analysed, come up with a marketing strategy to build the product.
Whether start-ups or well-established, every business in every industry needs to conduct continuous market research to keep up with the fast-paced environment of today. Marketing research will help you explore new business opportunities which will keep your business running long-term.
Ready to conduct your market research with I-Rock?