The objective of market research is to find out as much as possible about your market.
If you haven’t yet researched your market properly, now is a good time to start.
Market research helps answer the following:
- Who is your customer?
- Is there a need for your product or service?
- Where do your potential customers currently get this product or service?
- How much are customers prepared to pay for your product or service?
- Who are your competitors
- Is there space in the market for you?
If you want to find your potential customers and better understand their needs, here are a few simple ways:
- Ask current customers.
- Hand out questionnaires.
- Do telephone surveys.
- Run consumer competitions that can be used as a means of obtaining the required information about your customers.
- Have brainstorming sessions with potential customers to come up with ideas to improve your current products or services, or to develop new ones.
- Speak to potential customers and get their opinions of the products and services they require.
- Speak to suppliers to find out what products are selling and what trends are taking place in the market.
- Look through your current customer purchases; can you see any trends?
- Install a suggestion box on your premises so that customers can make comments and offer
Like a movie, the pre-screening can gauge viewer reaction and can help locate dragging plotlines or uncover a better way to end a movie. Do your market research for your own business and make the difference between a “straight-to-dvd and a blockbuster”.