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Doing Marketing Research: Understanding the Unknown

March 24, 2014

Doing Market Research is usually one of the very first steps that needs to be done when creating business strategies. This helps you set prices; pave the way for all of the services you decide to offer and figure out the best way to provide them, among other things. Research is one of the most critical phases of the process to fully understand your company and meet needs in the market. As there are many different methods to research, it can be quite a varied process. Some companies can invest more time than others, while others can invest more money. These include the deciding factors as to how in-depth it goes. As Market Research comes with tons of very detailed questions as a way to dig into exactly who you are as a company and other related areas, it often leaves many business owners baffled. The good news is that there is a simple way to get to the root of what you are trying to achieve.

A few questions that one may ask when doing a evaluation of their business would be:

  1. What will I be offering?
  2. To whom will I offer it?
  3. What problem am I trying to address?
  4. What price would someone pay to acquire my product or service?
  5.  Is my product new or an improvement upon one that already exists?
  6. Where will I promote my product or service?
  7. How will get this information to my prospective clients?
  8. Where are my prospective clients or customers located?

Knowing if you can supply a certain demand is necessary. Here are three ways you can get some good feedback from your target audience:

  • Surveys
  • Polls
  • Focus Groups

After you have decided which route you will like to go, be sure to pay close attention to the analytics. The feedback you receive from your survey, poll or focus group will be your window into what your target market really wants. A few questions you may want to ask to get insight on what others think about your competitors and the industry itself may be:

  1. What do you like most about (add your competitor’s name here)?
  2. How valuable is their product or service to you?
  3. What keeps you loyal to their brand?
  4. As a customer, what else would you like to be offered in terms of services and products?

By asking simple, yet effective questions such as these, you are enabling yourself to gain insight on what others candidly think of the industry and your competitors, ultimately giving you a head start on how to bridge the gap. This information would be your ticket to the top.

Let Sunny Day Marketing help take your business to the heights of success we know you can achieve. Contact us today to schedule your consultation.

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