You may know that market research involves gathering information on your potential and existing client base- but why do it?
Market research is essential for all businesses- no matter how established or big, and should not be undertaken as a one-off job but rather an ongoing activity. Successful businesses continually conduct research to keep up with changing market trends as it is the best way to stay ahead of your competitors. It may be that you’re just starting out your business, or expanding but either way to understand your target market is vital in increasing sales.
So why do it?
- Identify who your potential clients are. Who are the people who will use your products or services? It’s good to know everything about them from gender, level of education, income and everything else inbetween.
- Get to know your existing clients. Why are your current customers choosing your services over your competitors? It’s useful to know what it is they value about your business, whether that’s your customer service, quality or prestige and also what it is that influences their decision to choose you.
- Use your results to set targets. From the information you collect you’ll be able to set realistic targets for areas such as growth, sales and the introduction of new products/services.
- Develop effective strategies. Your research will enable you to make informed marketing decisions about pricing, distribution and which marketing channels to use to reach out to clients, which media channels to use and whether you need to come up with new services.
- Solve any problems. Research reveals problems with your business and how to fix it. For example, if sales are dropping, your brand awareness may also be decreasing so this is something you can work on.
- Expand your business. Market research will help reveal which areas of business to build on, and even the location/distribution which will be most profitable.
- Identify new opportunities for your business. The market research you do could reveal new business opportunities. Changing trends in the market such as population, or increase in leisure time could mean a wealth of opportunities.
There is much, much more to discover about how market research can improve your business! Do you want your brand to benefit from market research but don’t have the time, resources or know how? At FACE Marketing, our experienced research team know exactly how to get the results to boost your sales and client base. We will work closely with you to identify your market and following our in-depth research we will formulate strategies for your business progression.
Why miss out on countless sales and potential clients? Call or email FACE Marketing TODAY and we can get started on boosting business!