Do Market Research to Understand Your Customer and Build Your Business

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:

  1. Who is your customer?
  2. Is there a need for your product or service?
  3. Where do your potential customers currently get this product or service?
  4. How much are customers prepared to pay for your product or service?
  5. Who are your competitors
  6. 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”.

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