Why is market research so important towards the success of the business?
Market research will provide you detail on your competition, understand your customer's pain points, their preferences, and their buying behavior.
Successful businesses make use of this data to develop or boost their business strategy.
You can also make use of the research to prove your company is viable, and also to ensure your business stays relevant.
Dan Zarrella, award-winning social networking scientist, says
“Marketing without information is like driving together with your eyes closed.”
You wouldn't drive cross-country without directions, right? It is the same task running a business.
Operating your business with no latest research on your clientele and industry can leave your company lost.
The purpose of the study would be to ensure that your online marketing strategy is making sense and you're simply offering the right services and products for your ideal client.
There are a couple of kinds of researching the market:
Primary Research
Primary Research means you're speaking straight to the clientele. This can be in the form of interviews, surveys, questionnaires, focus groups, etc.
My recommendation would be to have variations of your surveys in line with the client demographic.
Send one survey variation to a client who you almost closed an offer with. This survey should be different then laptop computer than you signal to clients that did close. Inquire to arrive at the root of what stopped them from pulling the trigger.
Don't forget to include your team when you are performing the primary research. They are fully aware better than anyone exactly what the common issues are and could have some ideas on how to solve those problems.
You should conduct primary research in 2 different ways.
1 – The research ought to be on-going, and then also conducted yearly. When it comes to on-going research, monitor review sites, incorporate a survey after profits process, etc.
Keeping tabs on how people feel in the moment is paramount for your success. By delivering a survey immediately after an offer is won some loot you'll understand the gut result of the customer. With out time for you to mull it all over, the client can give you honest and direct feedback.
2 – Also send out market research once a year to your clients. These clients have had an opportunity to get to know you and your business. They know how you work, they've seen your ads, been on your list, etc. and they can provide you with honest feedback about how exactly the entire year went.
This is also a wonderful time to check on in in your business's web stats. Take a look at website traffic, social networking stats, website flow, etc.
Really learn how your consumers are interacting with your brand so that you can tailor the knowledge to suit their demands based on what they let you know, metaphorically speaking, and not the way you think they would like to experience your brand.
Secondary Research
Secondary Research means gathering already published data; meaning, you need to look for things on the Google machine.
Look at competitors' websites, social networking, etc. Check out their reviews from third-party sources.
Look at industry related news and changes to make sure that your company is, at the minimum, staying on par.
Schedule a while for Research and Development. I attempt to create time daily to see what's happening in the realm of marketing and online lending, that is my company's section of focus.
Spending just a couple minutes each day learning about your industry can greatly impact the efficacy of the business.
While secondary scientific studies are more cost-effective and less time consuming, both primary and secondary research are crucial to your business success.