So it’s time to do some market research… It might be part of a SWOT analysis or it might be down to some pricing policy decision making.
Here are a few simple pointers that we think will help you with your market research.
- Consider the reasons for your market research. What do you want to achieve? Are you just being nosey? Do you want to stay on top of your competitors and keep a competitive edge? Or, do you want to make sure that you are more competitively priced? On the other side of the coin, do you want to know what your client’s think or what prospective clients may think? This might help you to strengthen your brand.
- Consider what your clients are looking for. Think about how they might find you or your products and if it’s on the internet then what search terms they will be using. This will help you plan website wording or content.
- Don’t be afraid to find out what your customer thinks about you. Getting feedback is an incredibly popular way of building a more successful business. Restaraunt chains encourage feedback and this is also very important to retail chains. I can think of many businesses that provide codes on receipts for you to give feedback on a visit. This can help you strengthen your brand. Bear in mind that the number of people that will complete feedback forms will be minimal. Consider incentivising your feedback. When asking for feedback ask the questions that you would like to know about and don’t make the questionnaires too lengthy. Another example of how feedback can be obtained is to take well known online marketplaces like Amazon or eBay, both of which give you the opportunity to get/give feedback based on experiences.
- This might sound daft but from reading or watching the news and taking serious tips from what other companies are doing you can use this to benefit your business. When a company is found to have done something that might impact on their corporate or social responsibility then watching how it is managed. Some valuable lessons can be learned from this.
- Look at the possible channels where people might speak about you and your business. Remember social media channels, comparison sites etc. Respond positively to all feedback and work on feedback that you do receive.
Using some or all of these tips should put you in a better place when it comes to market research. None cost a fortune (just some of your time) and work for the SME.
We set up The Business Ninja to create a hub where people from different backgrounds and businesses could share their ideas and expertise.
Hopefully, there are some articles on the site that you find useful, and will help you flourish in your area of business.
Of course, if you have some words of wisdom you want to share, please get in touch and we can add you to our growing list of contributors.