The current speed of change in which the world is moving means that many businesses no longer have a choice about when and where to do market research. It is a fundamental part of shaping your products and services to the changing needs of the people that will need them. A great market research survey is one of the best weapons a business can have.
Below are 5 ways in which market research could help your business.
1) BUILDING A STARTUP
So you’ve got a great idea and are sweating with the thought someone else will beat you to market or you are not sure how you are going to hide all the money you will make. One of the most fundamental errors that many founders make is that they build a product or service and then see if people like it. The smartest startups test their ideas on small markets to see if they have product market fit and use market research as a startup validation tool. The internet is rife with great introspections from failed startup founders and the miscalculations they made all the way to shutting their doors. Conducting surveys either face to face or online with your potential audience will open your mind to many obstacles you may not be aware of.
2) INCREASING WEBSITE ENGAGEMENT
Your website is the window into your business and understanding how people interact with it is something many businesses never bother to examine. There are very simple ways in which you can run research and watch how people click around and experience your website. Don’t forget you are looking at it everyday and can sometimes presume how clear and concise the information is when in reality a “fresh” person coming to your website for the first time may struggle.
3) LAUNCHING A NEW PRODUCT OR SERVICE
The easiest way to decide whether your old and new customers would be interested in a new product or service would be to simply ask them! People generally love giving their opinion on colour, style and many other features. If you survey enough people patterns will begin to emerge and you can make decisions based on what people want, not what you think they want.
4) DECIDING ON WHAT PRICE TO SELL A PRODUCT OR SERVICE
Test marketing early around price points can save you lots of headaches later on. Many businesses either under or over estimate what people are willing to pay for things. You may have the best product in the world but if people can’t see value then you wont sell a thing. Even worse you may base your price around competitors but your product or service might be so well designed or functional that people would pay a lot more than what you thought!
5) BUILDING DEMOGRAPHICS AROUND YOUR CUSTOMERS
if you want to understand your audience the simplest way is to start to build demographics and profiles around the customers that you do have so you can understand where your next ones will come from! People with similar habits and values often purchase the same products and services. Find out their digital and physical daily habits and routines through cost effective surveys and you will have a much better insights into how to connect with them.