Market research is a key feature of business. You can't avoid it.
While it might be a tedious task you can almost guarantee a strong ROI. What would be your ROI...money and time? When done correctly - with maximum effort - research marketing can be highly effective in boosting the growth of a business. So, if you're looking to retire to a luxurious beach in the Bahamas, whilst your company pumps passive income into your pockets, then this is the article for you!
If the above still isn't enough to sell the idea of performing market research, then maybe the following will.
Market research allows you to cover the full spectrum of your specific market. Your audience such as their gender, location, age, income to actual competitors and how they are dominating the market.
To continue, it allows you to fully understand the market you are pursuing, which is an essential process when creating the right foundations to optimise growth. Some markets can be extremely bloody, everyone is fighting over the same fish! So instead of jumping in blind, do some market research and figure out how you can own the market. You could possibly be innovative and create your own sub-market, which will be clear of any competitors - don't get too comfortable, we can assure you, this won't last long.
Furthermore, not only does market research allow you to perceive existing competitors it also allows you to see upcoming potential competitors seeking to dominate the market. By analysing their approach, you can tear apart their strategy to fully perfect your marketing technique!
Understanding your audience is also another essential factor. Your audience are the ones that will be buying the product or service you provide; meaning it is crucial to identify who that audience is and what their needs are. Some of the types of data you need to take into consideration are the frequency of their buying habits, what do they need? Meeting consumers needs is highly effective when done correctly, plus you don't need to think of an idea for a business your audience is already providing that for you... you just need to execute it perfectly.
To elaborate, making sure your product/service is executed perfectly is crucial. It determines if a business will rise or fall. Without a perfect plan and product/service, your business is destined to fail. A good historical example of smart planning is the war between Constantinople and Mehmet the conqueror. Mehmet understood his opponent well and took time to figure out where the best location for his fort would be. This was the best strategy to implement to defeat his opponent and reach his set goal - to take ownership of Constantinople (known today as Istanbul). Mehmet gained control of the waterway which disrupted communications to the Black Sea, it also provided the passage for the Ottoman troops. Cannons tore holes in the walls protecting Constantinople, this allowed the Ottoman Empire to gain access to the city and move methodically throughout it, thus allowing him to gain leadership of the city.
If Mehmet didn't thoroughly plan his attack, he would have set himself up for failure as he was going against competition, that was already well established.
Leading on from this, staying up to date with the market is key to success. Most people look into the present too much, with market research you need to look into the future. How can you use the upcoming technology? How can you utilize the upcoming service? These are some of the questions you need to be constantly thinking about when carrying out one of the most important processes of your company!
An iconic example of staying up to date with the market is Blockbuster vs Netflix. Blockbuster had the chance to buy Netflix for $50 Million in 2007, they turned down the offer and even laughed at it. Now Blockbuster is bankrupt and Netflix's net worth is $157.7 Billion.
Market research can be tricky. We know. But to ensure you don’t miss opportunities like Blockbuster with Netflix, contact us today to see how you can get the most out of your business!
Published by: Vast Digital in Uncategorised