Any business owner can tell you that always knowing your client’s minds is about as easy as finding a psychic who is accurate at all times; it just can’t be done. The closest we can come to this is in the accurate analysis of market research, a science in and of its own right. In this post, we will explore details of market research analysis and why it is vital to your business’ growth..!!
Get to know your Customers, their Demographics and the Market :
Barring the above-referenced psychic, a market research study is the next best way to determine your customers’ desires. A properly planned study will also include information on the demographics. This in turn gives you a much better idea of where to spend your advertising dollars, as clients for a new ebook on common household frugalities will be completely different from the ones contemplating the latest fuel economy numbers for the Mercedes A-class.
Learn the difference between diagnostic studies and curative studies :
You can set up a market research study to find out what clients like or dislike about a particular product, but this type of diagnostic study can only tell you what’s wrong, not the best way to fix it. Using the results of that study to develop several possible models of a product and then introducing them in a curative study tells you not only what was wrong with the original product, but also the best-received ways to fix the problem. A well-run study provides feedback of what your customers want, what they need, and their likes and dislikes.
A matter of interpretation :
If you have looked at raw data from a study in the past, you know how confusing the numbers can be. Statistics gives us a variety of ways to interpret or analyze study data, but unless you have a solid grasp of the discipline, you will have a hard time telling whether the upswing in your product’s sales is because of the product meeting a need, a holiday sale or a multitude of other factors involved in retail sales.
Reach your audience :
If you’ve researched your customers’ demographics, you will have a better understanding of who they are and how to market to them. While college students may be best reached by a Facebook or Twitter campaign, busy adults in their 30′s may be more easily reached by Groupon or LivingSocial offers and senior citizens may prefer a good old-fashioned mail campaign. Along the same lines, if you’ve got great sales in those same busy adults but can’t figure out whether college students or seniors would buy your product if you reached them in a different format or whether they would be moved to purchase if your product offered different options, you’re limiting your business’ potential to really take off.
Get accurate Feedback :
A market research study conducted in only one form, at a shopping mall, for example, provides limited demographics of a company’s client base; specifically, the study would only focus on individuals interested in going to the mall. This cuts out a good portion of your demographic, including people who are too busy to go to the mall, who dislike the walking and how busy it is or who prefer to shop online or from catalogs. Similarly, using feedback from your Facebook page alone will only give you the demographics and preferences of Facebook users who like your business enough to pay attention to its page. Creating a more integrated and across all customer segments feedback mechanism into your study design will help gain much greater insight into the customer.
Study your competitors :
Without a well-designed research study, your dropping sales could be because your competitor has come up with a similar product, or it could be a failure in your marketing and advertising plan, or it could be that you have many prospective clients who would buy if your product just had a particular feature which is currently offered by the competition. A well-designed study finds out not only the why, but the how, helping you solve the problem.
As you can see, market research analysis can help provide a wealth of information, ideas, feedback and marketing insight for your business, helping you make it grow to its maximum potential…. Instead of spending your time and energy trying to interpret raw data or learn statistics, why not have a proper analysis done by professionals in the field whose job is exactly that ??