Before you decide to start a new company or launch a new product it is vital to conduct some form of market research to better understand your target market, your competitors, and identify any problems or difficulties you may face as you embark upon you new venture. Similarly, if you’re looking to purchase shares in the market, it is definitely worth spending some time researching the company you plan to invest in, especially in this economic climate. If you need market research conducted quickly and efficiently, yet don’t have the time or resources to do this yourself, then utilise the services of a bespoke, bite-sized market research company such as Decision Fuel; they conduct short surveys and deliver their insights in as little as 24 hours. However, if you decide to carry out your own market research, then here are a few guidelines we suggest you follow before you commence.
If you have plans to start a new business for example designing and manufacturing of sterility testing isolators, then first and foremost, you need to ascertain the main benefactors of your business. Who is going to use your service or buy your product? You need to be as precise as possible; avoid generic conclusions such as “this product is for women everywhere!” Once you have established which gender your business is more suited toward – it could be both, of course – then identify which age group you’re targeting; what is the marital status of your consumer and do they have any children; where do they live and how much disposable income are they likely to have; what level of education have they reached; and so on and so forth. Try and discover as much as you possibly can about who is most interested in what you have to offer; this makes it so much easier to tailor your marketing campaign to those most attracted by your business.
If you already own a business, but have plans to launch a new product into the market, then you need to conduct market research to ensure you attain your desired sales targets. Markets are ever-changing and evolving; economic trends, technological advances and new competitors continually alter the shape and structure of the market that you may have once been so familiar with. You should be asking yourself, why do my customers choose my business over rival companies? Identify what it is you have that your clientele value, who influences their decision to buy from you, and what their interests and buying habits are.
Once you have collected all of your data and analysed the findings, it is time to start making informed marketing decisions regarding the launch of your goods or business. You need to consider your pricing strategies, how you are going to distribute your product or service, and the media channels you plan to utilise to raise your brand awareness. Your research may have unearthed new business opportunities you hadn’t before identified; perhaps you have discovered a poorly serviced market or changing market/consumer trends. You may be able to capitalise on these revelations before any of your competitors.
Whatever you find, carrying out market research is always of great benefit to you and your company. It may require a great deal of effort, resources and time, but the results you generate will only serve to better ready yourself for the task of trying to capture your own chunk of the market. Fail to prepare, prepare to fail!
