Today’s article is about conducting target market research. What am I talking about? Market research, that’s what. So what is target market research? Every business should be doing it, but unfortunately, they either aren’t doing it at all or aren’t doing it effectively. Without conducting detailed research about your target market, your business won’t reach its potential and will more than likely meet its demise. Oh oh, you say!
What is Market Research?
In order to tell you HOW to conduct market research, you must know what market research is. In a nutshell, market research is research that you do in order to determine what it is that makes your customers buy. Because for goodness sake, that’s why you’re in business. To make money right?
Here is a great list of things that you can do to conduct market research that will tell you what your customers want and need so that you can make more sales and grow your business. This is YOUR business purpose!
First, find the question or questions you want answers to. Be as specific as possible so that you have the answers you need. Going too broad may not really get to the answers you are really in search of. For instance, if you are thinking of adding a product to your line, is it something your target market is in need or want of? What would they most likely spend on a product or service such as the one you are asking about?
Methods of Research
Take the questions and get your answers by doing the following:
– Conduct a survey of current and potential customers.
– Visit online forums and groups that include members of your market. Remember to build relationships in these groups. Don’t just go to the forums and post your survey or question.
– Interview other business owners in your market.
– Monitor business trends in your market by reading and watching various media outlets.
– Research your competition by being a customer and/or inquiring about their products or services.
– Mail or telephone interviews.
– For those with online businesses, set up a test page revolving around the product or service you are thinking of offering. Give plenty of time to test the page and the traffic and activity of the visitors.
These are only a few of the ways you can conduct research for your target market. The key isn’t what research you do, it’s the fact that you are doing something to learn more about the habits of that market.
By taking the time to find out more about the people you are targeting, you’ll come to realize that knowing those in your market is one of the best things you can do for your business.
If you a struggling with how to figure this out, book a call with me, and let’s work on it together. Book Now