How Market Research Can Help Your Business

When I worked for large companies we sometimes used to research each element of marketing to death. We also at times made the mistake of conducting research giving us the answers we expected which meant nothing really moved our marketing communication along to be more meaningful with our customers.

However it seems with market research is not perhaps used often enough by us in small businesses. Market research can help you make better business decisions and it can provide you with new or better ideas.

Why Use?

• Gain a better understanding of how customers think, feel and behave. The more you understand these areas the easier it is to meet their needs better than your competitors
• You can test customers’ responses to new ideas or concepts and even get them to be involved in the development of new products or services
• It can take the guesswork out when you are planning to do a new marketing initiative

When to use?

• When you are launching a new product or service
• Trying to improve and update customer service levels
• When you want to see if there have been changes in your customers’ problems, needs, behaviour and attitudes
• Looking for ways to get the jump on your competitors

 Today we are lucky as there are many online surveys that are free or have a minimal cost such as Survey Monkey which takes you step by step through the process of setting up a survey. Also one of the best ways to conduct market research with your customers is to talk with them. Why not set yourself a goal that each time you talk with them you find out one aspect that you didn’t know about their business, needs, problems etc.

 Do you have any tips to share?

Posted by Susan Oakes