Market Research

One question I always ask my clients when talking about market research is ‘who are your target customers?’ and sometimes I’m given the answer ‘everyone’.  Everyone is a customer?  Which means that everyone has the same wants or needs that your product or service satisfies?  Is that right?  Well, no it isn’t.

Market Research

First of all, market research is essential for your business to understand who your customers are.  Also, what their needs and/or wants are. This doesn’t have to be in the form of harassing people in the street and making them fill out a survey! It can be by talking to your current or previous customers or doing research online from various statistical sources.

5 Important Points

The next 5 points are to help you to understand your customer.  Therefore, allowing you to get the best from your market research efforts:

  1. Remember that everyone is an individual.  It is difficult to group people into target customers, but you need to have an idea of your target customers.  To be able to focus your marketing efforts (for example sex, age, geographical area etc).
  1. All individuals and businesses have different requirements and problems. As a result, you need to think about how your service or product solves these?  Getting that message across to your customer is essential.
  1. A good way to develop the message to your customer is work your way back from the requirement/problem.  Understand how it will satisfy your customers’ needs/wants (as point 2 states). Do this by gaining feedback from current customers or potential customers (market research).  Use the words and descriptions they use in your own marketing material.
  1. What is especially relevant is to understand that customers have different tastes, design ideas and affordability.  You will not be able to satisfy them all.
  1. Take time to do market research and understand where you can connect with your customers.  How best to engage with them and what will prompt them to buy from you.

Remember

In conclusion, (if you only remember one thing from this blog is that) your product or service isn’t for everyone. You need to spend a bit of time doing market research, to understand who it is for and then how to get in front of them.

Final Thought

Most of all, imagine a world where everyone was the same?! Boring!

Any questions get in touch.

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