Market Research - what is it and why you need to do it.
Market research. It’s that phrase that we often associate with annoying phone calls, taste testing and boring online feedback forms.
But really, market research is just the term for the gathering of information to help determine how you should be marketing your business.
How it will help your business:
Plan your new business
Know what you should be charging for your products and services
Discover how you should be positioning your brand
Create a brand strategy
Really understand your audience and consumers
Confirm your competitive advantage
Learn what you’re doing wrong and right
Be confident in what you’re offering
When it comes to branding, market research is a must. Here’s are some easy ways to market research.
Create & share a survey
A great platform for this is Typeform. For the most accurate results share it with your target market. You might email it to friends, post it in a relevant FB or community group, share it on Instagram or post it on your website or blog.
Competitor Analysis
Research and analyse your competitors - what they do well, what they don’t, how you compare.
Customer/client feedback
Request feedback after someone has purchased your products or engaged your services
Instagram questionnaire
Use Instagram story questions and polls to gain insights
Check out some stats
Find data and statistics from relevant reports, articles or commercial bodies in your field.
If market research something that you need a bit of help with, please get in touch! We’d be happy to help.
